Quote:
Originally Posted by Dueller
At least look at lease with option to buy. Then sock away as much as you can for a downpayment.
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Those are surprisingly difficult to find. I've been looking for about two years and all the ones I've seen are horribly overpriced by dreamers/idiots who got in trouble by over-buying during the bubble and who are now looking for a sucker to dump their dumb mistake onto - at close to the price they paid.
I'm actually quite surprised that RTOs haven't appeared in a meaningful way yet. There's probably quite a market for it. If I had a ton of money to get started (unfortunately I don't), I'd buy up a few REO or short sale properties, then turn around and offer them as RTOs for people who might want to look at getting into their own place, but don't want the risk of getting stuck with an "anchor" in the current economy (i.e. if they end up unemployed and having to move, etc.) LOTS of people in this situation and it's probably one of the biggest things holding back any sort of housing market "bottom out" and eventual recovery - there's simply too much fear of getting stuck out of work in today's economy. RTO gives folks the flexibility to get out if they need to.
And here's the best part - if this happens, I (as the owner) would get the place back and be able to re-rent it to another person, all while continuing to have them pay my bills/mortgages. If it doesn't happen and they decide to exercise the option to buy in 2-3 years, then I've still made money and I've done a good thing for people (I've helped people to get into their own homes at a reasonable price and without gouging them for a commission or any B.S. like that). And I'm a friend of the community because I've put people into an otherwise vacant house. Everybody potentially comes out ahead.
Seems like there's a heck of a market for this and I'm fairly certain I could get it to work, but for the fact that one needs the money to get started. I ain't independently wealthy or from a trust-fund family or anything and right now the money guys won't play ball (financing is nigh impossible). Might be worth a few phone calls to see if I can find someone to say "yes" though... I really do think there's $$$ to be made here.