Rentals in Santee>Question Details

Cristina, Renter in North Park, San Diego,...

I would like to look at a lease option so that I can clean up my credit score and buy with in a year span. Any credible agents that do this?

Asked by Cristina, North Park, San Diego, CA Fri May 6, 2011

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Hi Cristina,

As Cory is saying a lease with the option to buy is not recommended, see my blog in the link below to learn more. Also consider seller-carry-back loan another blog I wrote.

Ben Altman
Centery 21
(619) 890-1063
0 votes Thank Flag Link Fri May 6, 2011
Hi Cristina,

You won't get many agent answering here, as they don't do this type of thing generally, but I at least wanted to give you a little information on the subject.

Lease options are an investing technique. I've always heard about them, but first learned about them at an investor's club meeting here in San Diego. The reason investors like them, is because the buyer rarely exercises the option. Plus, the renter pays more up front for the option, and the investor will try to give you as short an option period as possible so you can't qualify in time; they know that buyers with credit issues are the renters they'll get. It's not like you'll pay normal market rent, then get to buy a house for below market value, especially in a market like this one, where prices could still settle a bit depending on where you rent. Some areas are actually inching up, and you'd be stuck at the price you and the owner set.

I don't know what your credit score is, so I can't know if you'd qualify for a loan now. But do know that FHA loans aren't so credit score driven. They'll go as low as 580, although many lenders will want to see 620. They mainly look at your payment history for the last 12 months, and the down payment is only 3.5% too.

Instead of making an investor richer, take the year to improve your score yourself. Pay ALL of your monthly payments on time: rent, cell phone, utilities, credit cards, car payment, etc. Then when you have a down payment and a bit extra (you'll want to buy new stuff for your house, and you might need a little for closing costs), then consider looking for a property of your own.

I have some really good information on building credit, how to write dispute letters when you see mistakes in your credit report, and other good info. Just email me privately and I'll send it to you. You can always contact me along the way with any questions, and I'll be here when you're ready to make the jump!
0 votes Thank Flag Link Fri May 6, 2011
Hi Cristina,

I'm not personally experienced in that field but do know quite a bit about them. I also work with a gentlemen who specializes in Lease Options. Feel free to get in touch to discuss your goals and see if I can be of service or at least point you in the right direction.

Best,

Marcell Zamora
Cell: 619.985.3785
Email: marcell.zamora@gmail.com
0 votes Thank Flag Link Fri May 6, 2011
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