Rent to own is a little tough to find. I have one client that has a house in far west Fort Worth that he is willing to do an owner finance on. Give me a call and I will be happy to talk with you about it. Also, keep in mind a real estate agent can help you find something, but you will need a lawyer to draw up and or review the contract.
Keller Williams Realty
Rent money doesn't apply towards the down payment. Rent is what you pay to live in a house when you can't qualify to buy one. Why should the Landlord give you any rent money back??
Lease it or buy it.
It's best to call a Realtor to get some truly good advice.
Be aware: A Realtor cannot even WRITE a "rent-to-own" contract in the state of Texas. It is against the law! And most attorney's won't touch it with a 10-foot pole either.
ULTRA Real Estate Services
Certified Instructor in Credit Repair
Note to Justin: Get a Real Estate License before you get on here and try to give people advice.
You are desperate!
Your Credit or Finances, or both, will not allow you to go the conventional route:
You need the Seller to help you out!
The Seller will know it, and you are going to pay dearly for this service:
There aren't too many altruistic Sellers out there.
The terms that can be written into a Lease/Option can be dangerous to you:
How long is the Option period?
How much money are you putting in to the Option?
What happens if you are not able to execute the Option?
How do you know what your financial situation will be 2-5 years from now?
How much is the rent in the meantime?
Who will be responsible for maintenance and repair in the meantime?
What will be the Market Value of the home in 2-5 years?
What will be the Selling price 2-5 years from now?
This is the Ultimate Caveat Emptor!
I will support you in whatever direction you decide to take for that is your right. Please however note, rent to owns have a great deal of risk. You open yourself up to alot of chance. Contract for deeds are a thing of the past in many states. In fact within the last 10 years there has been many cases opened up of insurance fraud in regards to rent to own. Brief overview: Tenants living in estate having massive hail damage to their property, rightful owner/landlord pockets the insurance settlements and ghosts. This happens move times then you would ever guess. Contact me today so we can explore your options together. I will try my hardest to keep you safe in your investments. If your not interested I will just say please reconsider the idea of rent to own unless it is a close friend/family member.
Keller Williams Realty
Real Estate Consultant
Rent to own is very tough to find in Texas, and the reason for that is that the laws in Texas have made it virtually impossible to do. Your best best, as John pointed out, is to look for owner financing opportunities.
Best of luck to you,
B&B Realty Group - Keller Williams Elite