In some cases, you can buy land with no down payment from an owner who is willing to finance. Some savvy business owners make a living by selling land this way. From their perspective, it is a brilliant business model. Land does not depreciate like other tangible assets, so even if a buyer defaults, they can still sell it for the same price, essentially gaining a whopping amount of interest by letting someone rent to own and then selling it to a new buyer. It could almost be better for them if you default, but a high interest rate on the balance ensures that they make money either way.
From a buyer’s perspective, rent to own land can get you the satisfaction of land ownership when all other options are unavailable. When all other doors are closed, that high interest rate is well worth the price if it means you can have the freedom of your own place. Most rent to own land companies do not report to credit agencies either, so if the unthinkable happens and you must forfeit the land, your credit will not be compromised.
Rent to own land is not the ideal solution to owning your own property, but it is an option to consider when all others fail.