Find Rent To Own Homes in Portsmouth, VA
Are you looking for a rent to own house in Portsmouth? If so, then browse the featured listings on this page, or signup to access our complete guide and listings for all lease to own properties in the Portsmouth area.
Featured Rent To Buy Houses in Portsmouth, Virginia
Browse the following featured properties in the Portsmouth, Virginia area, or click here to get access to the complete listings for Portsmouth rent to own houses.
How Rent To Own Real Estate Works
Also known as a lease option, rent to buy homes are a type of owner financing tor real estate properties.
While the terms of the agreements can vary from house to house, the typical scenario is one in which the owner is looking to sell the property but is willing to accept payment over a period of time, rather than an up front settlement.
In this case, the buyer and seller both agree on the selling price of the home, and the terms of the purchase agreement, specifying things such as payment terms, interest, and length of the agreement.
Usually, owner-financed properties are paid off much sooner than a traditional bank mortgage, but by allowing the renter time to accrue equity in the house, the renter can often roll over that equity into a traditional mortgage after 1-3 years, if the need arises.
Every month the renter/buyer makes a payment to the seller. Typically, part of this payment is credited as rent, while a second part is credited towards the interest on the loan and/or equity in the home. Over time, the renter can then buy out the seller, even if the renter didn’t originally have a large downpayment or the credit needed to qualify for a traditional mortgage.
Portsmouth Lease Purchase Homes and Houses: 23701, 23702, 23703, 23704, 23705
While there are many advantages to lease option, or lease to purchase homes, one of the main difficulties can be in locating the currently available properties.
Many rent to own listings are never uploaded to national or local databases, since it is common for sellers to work independently and not go through a real estate agent for these transactions. It is also common for sellers of owner financed, rent to buy properties to sell their homes casually, meaning that they are interested in selling, but are in no hurry to do so, meaning the listings are not widely publicized.
To find the full list of rent to buy properties in your area, you need to sign up for a dedicated listing service, which works to identify all of the relevant opportunities within your target geographical area.
Without a reputable listing agency, finding these properties can be extremely difficult!
Click here to get access to one of the most comprehensive rent to own listing services in the country.
Listings for Rent To Buy Properties in Portsmouth, Virginia: 23706, 23707, 23708, 23709
Looking for a house that allows a rent to own situation can be a challenge anywhere, and Portsmouth Virginia is no exception in that case. The good news is that there are only a few places you need to look to find out what your options are at any given time, and then you can enjoy everything Portsmouth has to offer. First as a renter, and then eventually as a proud homeowner.
Place #1: Search Google
Is there really any other place to start? Generally speaking even if you can’t find properties that are specifically rent to own, a Google search will help you get the names of individual renters, property owners, and property management companies that at least gets you a list of names and numbers to contact so you can continue your search.
After all, the more options you have in the beginning, the more likely you are to find the perfect fit by the end.
Place #2: Craigslist & Backpage
While these two websites are known for a wide variety of things, there usually are rental notices from people who own single homes, or repair and flip houses but rent them in the meantime. This means that you are going to find the properties most likely to be rented out homes where the owners actually do want to sell them.
Place #3: Local Classifieds
While not nearly as many people look at the papers as they used to, local classifieds are still used by those small time property owners who rent homes or fix up homes, but don’t know how to market to a younger generation. These are the types of properties where people are more likely to allow renting to get a cash flow and return on investment going, and then are willing to sell down the line.
Local classifieds can be a gold mine for finding available properties that you have no other way of finding (unless you literally happen upon “For Rent or Sale” sign in the front yard).
Place #4: Property Management Companies
Property management companies don’t just deal with apartments, they often rent condos, duplexes, and even homes. By contacting them up front and telling them you’re interested in a rent to own scenario they can give you a list of properties, give you a reference if they don’t do that, or at least give you a lead on where to go next.
If you look in these four places your search is sure to be a stunning success!