Searching In Chesterfield, VA
I have a serious situation here. I have bad credit and no funds, and 4 kids. My sister has bad credit and funds, and 2 kids. (Going through a divorce) Since we both just got out of the military, we thought it would be a good idea to get a 4 or 5 bdrm place and split the rent. Are credit is so bad, we can't get agencies to rent to us. So I decided that maybe if I searched rent to own possibilities, then maybe our problem would be solved. But when I suggest it to home owners in this area, they look at me like I'm crazy. (Not very many poverty level income earners in this county at all) They all want pre-approved bank financing just to see the property. Is there another way for me to approach this problem? Should we wait till we have a really fat deposit or something? Right now, we are all at my parents house. (3/2 1/2) That's 3 adults, and 6 children! Please Help!!!
What about your VA entitlement? Other than that, I would say you are contacting the wrong homeowners. Place an ad to sniff out motivated Sellers. BTW, plenty of Landlords will rent to a Tenant with bad credit if they pay an extra deposit (usually equal to an additional month's rent). This is very common with apartments.
Making payments on a
house that won't sell?
Call 555-5555 lv msg
VA requires bank approval, and as far as I understand it, the banks still want what they call "resonable credit". My credit score is lower in the mid 400 range, and sister isn't that much higher. I'll try they ad next time I have 2 dimes to rub together. Thanks for the quick reply
Get a co-signer. If things have not changed recently, the VA will accept a co-signer, but they won't hold that co-signer liable if the loan is defaulted. I know that sounds ridiculous.
Stating Biblical scriptures, my family won't co-sign for a burger off the 99 cent menu.
[addsig]
There are professional co-signers (believe it or not) who will co-sign on VA loans for a reasonable fee (unless the VA changed their policy).
Bigwill...
The Richmond Sunday paper real estate section always has several rent to own adds. Five bedrooms may be scarce, but it is worth a look.
Call some ads. Lease Option investors know each other. You may get referred.
I wish you well.
You might also check with the Richmond Creative Investors Association, who's link is on this site under the GROUPS menu.
Dan
BigWill,
Apprentice2Him is correct about the Richmond Group at www.ricaonline.com. I am a member of the group and there are lease/options posting almost daily. It's a great network of investors. Good Luck!!