All Forum Posts by: Jose Rodriguez

Thanks Ali Boone and Jose Garcia for the warm welcomes.
Ali- I haven't done a lease option yet with a tenant and was looking for some fair level ground where I could possibly help them qualify for a mortgage in case needed. I haven't been able to find a program to allow that yet, except for owner financing which is not possible for me currently as I need to maximize cash flow. That is one of my areas of interest so hopefully I can find more sources of information at BP. I live in Virginia Beach and thus my area of investment is within a 50 mile radius in what's called the Hampton Roads area. I'll be happy to share with you any furher information I find on the subject of creative financing. Let me know if you're interested.

@jose garcia- I have a great relationship with a real estate agent but I'm open to collaboration with other investors andand would like to look at your deals in case they are of interest. I'm sort of a bottom digger, I look for deeply discounted properties with little repair needed for rental purposes, with the intent to maximize cash flow.
Thanks
Jose

I was wondering if anyone has had any experience in guaranteeing a loan for a SFR tenant?
I have 4 properties and would like to be able to sell one house to a tenant with a lease option contract. After reading some of the templates and getting feedback from real estate agents, I found that usually the burden of qualifying for a mortgage is put on the tenant. If they don't qualify they end up losing their deposit. While that makes perfect sense and protects the investor, it leaves little choice for people with not so great credit, that can otherwise afford to make the payments.
I read another post for seller financing but what I'm interested is in helping the tenant qualify for the mortgage, and if necessary, guaranteeing the payment in case they default. I also have existing mortgages on these properties that would need to be paid off upon the sale.

The easy answer would be for me to sell the property in the open market, but it would be great if I can help my tenant become a property owner at some point. Is there any mortgage program that allows me, as the property owner to guarantee the loan in case the tenant doesn't qualify? if so, can I put a lien on the new mortgage for a certain amount to safeguard my interest?

Any ideas or comments are greatly appreciated.
Thanks,
Jose

Hello to all- I'm really glad to have found BP. It really fills a void for the real estate investing. I've been doing buy and hold investing on rental properties for the last 3 years but aside from reading books and articles on the internet, really haven't had the opportunity to interact with other investors or to bounce ideas with a much bigger audience.

Upon my areas of current interest are creative financing options for tenants. As a property owner I like to make a profit obviously but also would like to make the properties available to my tenants for purchase down the road.

I'm looking forward to establishing lasting relationships with other members and sharing our experiences.

Jose