Posted by Max W. on April 18, 1999 at 13:48:30:
The B-C lender will determine the LTV for the buyer. You should “screen” your potential buyers for the easiest one to work with as far as obtaining a high LTV loan in the near future is concerned. This is the beauty of having a mortgage broker look at their situation BEFORE you do the deal with the renter / buyer. Once you understand the criteria, you will be able to evaluate their situation on your own.
Mortgage Training? - Posted by Brian and Therese
Posted by Brian and Therese on April 17, 1999 at 21:55:21:
Hi,
We are in the process of studying Bill Bronchick’s L/O course, and have a question or two.
In order to provide the best service possible to our tenants (and to assure that they will be able to purchase the home before the end of their option) we would like to be able to provide a loan brokering service as well. (We’ve read of horror stories where something like 50% or more of tenant/buyers are unable to purchase their home–we want to be the comapny that makes a difference!)
We were wondering if anyone here on the board provides this type of service & what your experiences are. Also, we live in CA–does anyone know what the license requirements are & are there home-study courses available to fulfill them & become licensed?
Any feedback would be really appreciated!
Thanks, and continued success!
Brian and Therese
Look for ED Garcia - Posted by PBoone
Posted by PBoone on April 18, 1999 at 12:12:11:
Keep your eyes peeled in this newsgroup for a gentleman by the name of Ed Garcia he is the most knowledgeable Mortgage Broker I have met. He also is in CA.Email him I am positive he can help you qualify your L/O people or at least point you in right direction.
Pat
Re: Mortgage Training? - Posted by Brian and Therese
Posted by Brian and Therese on April 18, 1999 at 11:41:15:
Hi All!
We would like to thank you for posting back to us so quickly and with such great ideas and wisdom! We think we will spend our time looking for a solid broker to help qualify our tenants. It’s so exciting to think that we may be able to not only make a living doing this, but also help people realize their dream of owning a home.
Thanks again!
Brian and Therese
Re: Mortgage Training? - Posted by Ralph VA
Posted by Ralph VA on April 18, 1999 at 11:37:05:
I agree with the notion that you should concentrate on the rei side for now. There is a lot to learn and comply with on a daily basis when you are a mortgage broker.
For now, find a good bcd broker and have all your tenants prequalified and educated on how to get a loan in 12 mos even with bad credit.
Ralph C in VA
Re: Mortgage Training? - Posted by Max W.
Posted by Max W. on April 18, 1999 at 08:41:00:
I would concentrate on doing the lease options first and then branch out only after you can do them well. Seek out a good B-C mortgage broker that can locate a lease-purchase mortgage product for you. Some lenders have a niche product that will work for your B-C clients after 12-18 months of good lease-purchase history and give them a decent LTV(90%+). The broker can show you what they need to do to qualify and how to document / verify your rent payments from them. Then you can spend all of your time doing the profitable thing …deals!
Re: Mortgage Training? YES! - Posted by Kevin Abbey
Posted by Kevin Abbey on April 18, 1999 at 06:18:32:
Ron LeGrand, in his book “Fast Cash With Quick-Turn Real Estate” has said he makes “a large portion” of his income from brokering loans. On page 116, he mentions offering a course entitled “The Money Tree”, which is his training on the subject. May be just the info you’re seeking.
I picked up this $15 book (Fast Cash…)based on what I had read on posts here at CREOnline. Other folks had recommended it and I have to stop and lick my chops every few pages! Seriously, it has a wealth of info, and if his course is still available (Ron has articles posted on this site) I imagine it would be excellent as well.
Kevin Abbey (OK)
Mortgage Training? No. - Posted by Marvin
Posted by Marvin on April 18, 1999 at 24:28:50:
Hello Brian & Therese,
Halfway thru you post, I wondered if you were
experienced in the mortgage broker field. Since
the answer is no, I would recommend the you
concentrate on one area at a time (In this case,
lease options.).
Spend time finding a good broker to work with
who can explain (to you and your tenant buyers)
precisely what has to be done to qualify for
a loan. That broker can refer lease option
candidates who have not been able to get a loan…
then you can refer your tenants - at a later time -
right back to the broker to cash out your l/o.
I appreciate and admire your attitude. There are
(no doubt) investors who loose sleep at the notion
that a lease optionee would excersice the option.
Regards, Marvin
President of American Heritage Financial… - Posted by raelynn mitchell
Posted by raelynn mitchell on April 18, 1999 at 22:34:19:
his number is 909-944-0199.
Currently scheduled to teach a course called How 2 Have Lenders Fighting to Give You Money with Terry Vaughan. Excellent course. Click on the banner for further details…
raelynn
Re: Mortgage Training? - Posted by Dilbert
Posted by Dilbert on April 18, 1999 at 09:08:30:
Please explain in more detail about how best to give the tenant buyer a decent LTV on the property they purchase from the owner.