55’ Pontiac station wagon Chevy 350/350
Anyone ever heard of renting to own? I’m kinda in a pickle. I’m 34 with a beautiful wife and 2yo daughter. My wife and I have so so credit. Recently my daughter’s babysitter who is just awesome is getting married and moving away. Her parents are retired, built a second home down the street and are wanting to downsize in the new home and sell their larger home. So the sitters dad approaches me and says, “Brian, you should buy our home.” Haha I laugh and say “I’d love to but I’m in no position to be buying a home at the moment. Thanks tho!” After a couple days of kinda joking around about it he finally comes to me again and says, “look, I think your family would be a great in this home. We love your daughter and you guys, and think you should buy this home.” Then he says, “we can work whatever out like a rent to own deal.” So I haven’t had a full on sit down with him on how this rent to own deal would play out. We’ve only walked through the house and chatted about the idea. Anywho, the house is 4 bedroom place, garage, built in the 70’s on a lake 10 miles from my work. It’s beautiful. And very well taken care of. I guess I need to have a sit down and get more info, but prices in California are insane. I’ve worked construction my whole life but now I recently just got into a water district as an operator. The house is on the market for $650k. Is renting to own something to stay away from? They are close family friends with a good track record. Totally solid people. Would I be missing out on a great opportunity if I said no? should I just keep throwing my money away where were renting at now and wait for the market to drop eventually? Thanks!