You may be able to find one the way you describe: Identify a property, then have an investor buy it. The problem there is that it may not be a particularly good deal. That is, the seller may not be particularly willing to negotiate on the price with the investor. Here are a couple of hypothetical examples:
Example 1: You identify a property you'd like. It's priced at $200,000. The seller wants to sell, but isn't too flexible on the price. He's willing, perhaps, to reduce the price to $190,000 (5%). The investor pays $190,000 for it. The investor will want a 12%-15% return on his investment, maybe more. Assuming the investor paid all cash--his cash--he'll need a return of $28,500. That would be a payment to him of $2,375. Actually, a bit less once you've paid him an option fee. Assume a 3% option fee. And assume a markup on the house price to $225,000 in 2 years. That means you'd pay an option fee of $6,750. So the investor, looking for a 15% return on $183,250 ($190,000 minus $6,750) will need $27,487 a year, or monthly payments of $2,290.
In today's market--assuming decent credit--you'd be able to buy a $190,000 property with payments of about $875 a month. (That doesn't include taxes and insurance, both of which would be pretty low.)
So: $875 on your own, or $2,290 with an investor buying it, paying retail price, and needing a 15% return on investment.
You'd get a better deal if the investor located a property with a retail value of $190,000 that he could purchase for, say, $145,000. In that case, the option price might be $200,000. You'd provide an option fee of $6,000. The investor, needing a 15% return on his out-of-pocket cash of $139,000, would need $20,850 a year, or $1,737 a month. You're still paying a lot, but it's less than if you choose a property that has to be bought at a retail price.
I really like lease-options in the right situation. But if you'd be able to clean up your credit and buy within 9-12 months, it makes more sense to do that than to do a lease-option.
Hope that helps.
Specializes in working with people who are in your situation. Solving and working with buyers to help them through issues that prevent them from conventional financing. We have a lease with option to purchase program. We help you through the process of leasing and making a offer to purchase. Many times we will purchase a property specific to a buyers needs.
Ceno Wilson Managing partner
Wilson Real Estate Investment
Also, if you find a home that interests you speak to the seller. If they are a Realtor then you will have found an agent in your area who works with rent to own houses.