Increase Your Lease/Option Buyers Ability

For any investor who focuses on using Lease/Option as a means to sell their property, having the tenant/buyer actually purchase the property seems to be of concern.

Regardless is if you purchased the house with No Money Down or own the house outright, financed or converting your rental property into a sale. Converting the tenant/buyer into an actual buyer is not as hard as it may seem.

This does though require you to utilize some additional tools or additional team members. The two main concerns are going to be a service like Clearnow.com and your local and very intelligent mortgage broker.

Clearnow.com offers you as the owner of the house to have the payments automatically debited from the tenants checking account. This is helpful to you because it is very easy to maintain, you don't have to make trips and wait for checks to clear and it offers the tenant a helpful solution.

Clearnow.com also offers the tenant some advantages as well. First is an easy payment solution. The biggest solution is the automatic rent payments are reported to PRBC: Pay Rent, Build Credit, Inc. which is an online solution to building the tenants credit by reporting the on-time payments.

I'm not sure if either company offers any type of affiliation, if so, it might be worth looking into and refer your friends/investors and possibly earn a % of the profits.

Now that we know there are viable sources out there that are meant to help us in our goals of selling the house, or just in collecting rent on-time every month. We also need to make sure we have another resource readily available on our team and at our disposal. Mortgage Brokers.

Mortgage Brokers are usually wearer of many different hats. One of these hats are credit repair. I'm not talking about the standard run of the mill 'deny your claims and hope they get removed'. I'm talking about legitimate brokers that know what it takes and what the tenant/buyer is going to need to qualify to actually purchase the home from you.

Mortgage Brokers day in and day out deal with 'qualifying' prospective buyers. They know what the lenders are looking for. They know what items matter and what items can and are look past by the prospective lender(s).

They are great to have on your team for many other reasons which I'll blog about later, for this topic make sure you have a broker on your team that 'gets it' and will help your tenant buyers qualify for a mortgage to purchase your home from you.