On many parts, I use a relatively "simple" rusted effect that can be achieved in three steps with paint alone.
First, a base coat of burnt umber or other suitable dark brown. Brown seems to be the predominant color in most rust. Second, apply a light wash of rust, leather, or other "orange" colored pigment. You can vary the wash as strong or light as you choose. Third, add a wash of black to blend the browns and oranges together and darken the recess and other low areas.
With practice, these three steps alone can achieve satisfactory results, particularly on smaller parts. You can always add a final dry brushing of lightened burnt umber to blead everything together if it's necessary.