Today, I’m talking with Jesse Mills and Paul Ritter about how to find good tenants for lease option deals. I’ve known Jesse for a long time, and Paul is a friend of Jesse’s, I’ve just met.
Jesse is in Minnesota and Paul is in Pittsburgh. They got together because they learned through the grapevine that they were doing complementary work. Interesting, right?
Jesse is a mortgage broker who got in to lease options in 2011. He deals more with investors and Paul deals more with the credit side of the business and the tenant-buyers.
It is imperative that you use a knowledgeable mortgage broker for lease options. I’ve decided to go with this team of pros.
Have a listen and you’ll know why.
- The main goal of a lease option: everybody wins
- Why you want tenant-buyers who will qualify for a mortgage in 6 to 12 months
- Dodd-Frank banking law and lease options
- The reason people don’t currently qualify is important
- Know FHA loan requirements; loan level price adjustments from Fannie and Freddie
- Credit enhancement services for tenant-buyers
- Discussion of rent credits
- Avoid payment shock between rent and mortgage payments
Mentioned in this episode:
- Joe’s podcast on iTunes: Real Estate Investing Mastery Podcast
- Joe’s Coaching Program: Joe McCall Coaching
- Real Estate Investment Mastery
- Podcast Hotline: 636.255.8815
- Prequal Team
- Tenant-buyer checklist: REIMpodcast.com/jesse
What are you thinking?
First off, we really love feedback, so please click here to give us a quick review in iTunes! Got any thoughts on this episode? We’d love to hear ’em too. Talk to us in the comments below.