I have a buyer who wants to purchase a home on a lease option or owner finacing. He can’t get a loan because he gets paid cash at his job and his wife only works part time. He does have 10k to put down and can afford $900/month. Can I get this guy done or should I pass on it?
You have 30% chance if he is putting 50% down plus closing cost.
maybe I can outsource this lead to someone with more experience.
You might want to look for an Equity Lender which does not look at income but qualifies the property which is being purchased. I cannot remember if you mentioned a purchase price or not. You can ask the lender if they would allow for any owner carry terms in which you could carry a small 2nd on the property.
You do run a risk if they foreclose on the property, you have to payoff the lender with all the late fees added on to get the propery back. Email me if you have questions and I do have a nationwide equity lender for deals.
I would not pass this up, worst case you take the property back and repeat the same process. Take it cash, record it, notarized the agreements, make the deposits, and collect the 900. IF NOT send him my way. lol
I think you have a couple of choices, and what you choose all depends on what your financial situation is right now. If you prefer not to wait and need some cash in your account, then consider assigning the deal to someone who is looking for a tenant/buyer on a lease option basis could work. Investors like me who sell on a rent-to-own basis looks for people like this. Second, if you have a lease option or some other deal where your exit is on rent-to-own basis then you can do the same thing. But the important thing that MUST be done is to make sure this dude who wants to get a house is properly documented as far as his income goes starting TODAY. No bank that I’m aware of (not even sure if private lenders will approve the guy) will grant this guy a mortgage without seeing a few years of documented/stated income. So he has to get that straightened out. The other option is that this guy get a co-signor. Since the guy has some money down, simply use the co-signors good credit or documented financials to get this guy into the home. So that would work too.
Don’t pass on it get that guy, as i read your message i see that this guy can pay you in exact date and amount.
Do a owner finance and for you and the buyers protection make sure you record the buyers name on the deed as the buyer.