Posted by Russ Sims on January 21, 2000 at 17:55:42:
Marty;
I think the idea is that consistantly cashed personal checks speak better of one’s credit worthiness.
Russ
Attn: Newbies doing L/Os - Posted by Russ Sims
Posted by Russ Sims on January 21, 2000 at 24:41:20:
Had a great meeting today with a lender who finances a lot of lease/option purchases. If you control a home with a l/o tenant/buyer in it, or if you ARE a l/o tenant/buyer, listen up: The best way for a t/b to pay their rent is with a personal check, paid on time of course. The reason for this is that it creates a paper trail of timely payments. The landlord/seller can make copies of the checks for the t/b’s file, and when it comes time for financing, these copies can be shown to the lender proving without a doubt that the t/b is a righteous dude (70s flashback). Avoid the understandable temptation of accepting cash. I know that goes against the grain, but try. If you are a t/b who pays by check, hang onto the canceled ones and keep them in your file.
The other thing that was suggested was to give your new t/bs a loan application from a reputable lender when you sign them up for a home. Have them fill it out and get pre qualified. The reasoning behind this is to impart a sense of home ownership to the t/b. Once the lender pre qualifies, he/she can chart a course of hoops that the t/b will need to jump through in the coming months/years.
Re: Attn: Newbies doing L/Os other forms of trails? - Posted by Marty
Posted by Marty on January 21, 2000 at 11:17:03:
Could a T/B use cashiers checks,bank check or money orders and save their receipts to show lender or does it have to be personal checks?