I received an email from my mortgage borker this morning. He also CC'd a few other people, so it wasn't just directly to me. Seems he has two people who want to buy a house, but they can't qualify for a loan, and are wanting to do a lease/purchase. The first is a single woman whose mother stole her identity (nice, huh?) and ruined her credit. She is now in the process of getting her credit cleaned up, but can't qualify for a 100% loan. She has an excellent rental record and would like to lease a home with a period of 24 months, while her credit is re-established, and then requalify to purchase the home. The second person is a man and wife who are having a hard time getting a loan, because they cannot satisfy the lender's documentation of income. They would like to do a lease/purchase in order to build more equity and/or provide better documentation to the lender.
Both of these sound like excellent lease/purchase candidates. The main thing to note is that I would have never gotten these leads if it weren't for the power of networking. I'm kind of leaning towards the first person, but I emailed my contact back and asked him some more questions on each. We'll see how it goes.
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Well, it turns out both parties are interested in specific homes in specific neighborhoods that are WAY outside my farm area. They just want an investor to buy the house and then lease/purchase it back to them. Still might not be a bad deal for someone, but I don't feel like sticking my neck out that far just yet.
That's too bad. But, hey, doesn't it give you an idea? Why don't you start contacting mortgage brokers in your area and see if they have anyone in the same predicament? You never know--there could be a buyer out there who's interested in your neighborhood.
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