Need a Good Mortgage Broker to Work with for Lease Options

[Tim Ivory]

I’m about to market for tenant buyers as part of a lease option strategy and need to be able to set them up with a good mortgage broker so we can see exactly how long it will take for them to qualify for a mortgage and buy the property they have leased through us with an option to buy. Ideally, I anticipate a third of them to eventually qualify and get a mortgage before their 3 year lease is up, though I have no first hand experience to corroborate this estimate. The payoff will be long term, so I’d need need a special kind of broker in it for the long haul and a forward thinker.

I will be continuously marketing for people who want to buy a house soon but don't qualify for a mortgage at the moment (as far as they know). As such, I need to know exactly when they will be able to qualify for a mortgage. Moreover, and perhaps most importantly, for a good mortgage broker to be willing to work with them to let them know what they need to do in order to qualify for a mortgage as soon as possible. My business plan is simple; I’m collecting a lease option fee from a tenant buyer after assigning to them the contract I have with the seller. I need to know they are on their way to qualifying for a mortgage before I refer them as a prospect to the seller.

I'll be contacting my local group of mortgage brokers soon, so the purpose of this thread is to reach out at the national level to any other mortgage brokers who would be interested in a lot of referrals, whether they are from a national chain or own their own business. Forgive my naivety if this doesn't sound like a good deal, but help me see why. I'd be very happy to find anyone willing to give it a try so I can get this project moving and focus on the hardest part -- talking with FSBO's!

Feel free to reach out anytime if you are a broker, or if you know of one who might be interested.

All the best of good things,

Tim