Hello my name is Bobby j, I live in Cleveland Ohio, me and my wife were thinking about buying a home for the first time, however we don't have a1 credit, and the money to do a down payment, does anyone think renting to own is a good way to become a first time homeowner and why?
@Bobby J Price Jr. Rent to own is not bad. However, with the financing options in this time period FHA 3% down to mortgage a property I feel is a better scenario. Personally I would not buy a house with a poor credit history especially on land contract. Most land contracts require higher monthly payments than a 3% FHA on a 30 year monthly payment plan. With that said, the combination of poor credit history and land contract doesn't sound good. Unless the deal that you are getting is worth it the gamble.
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you
Create Lasting Wealth Through Real Estate
Join the millions of people achieving financial freedom through the power of real estate investing