Opportunity To Get My Feet Wet?
I have an aquaintence who is looking for a house. The problem is he can only come up with about $5000 down and can afford $800 (maybe more) a month payment. He's doesn't have his Green Card yet and his credit is new. I called two mortgage brokers and they said there was nothing they could do.
I'm wondering if he's a good candidate for a lease option? I can't seem to help him as a conventional Realtor but I'm hoping maybe there's more creative way to get him into a home until his credit gets stronger.
I've been lurking and studying for quite some time and would like to know how I can work something out. Maybe this could be my first deal?
What's the best way to go about making this situation mutually beneficial to all?
I'm a newbie, so take my notes with a grain of salt, just thought I would share some limited insight. I think you are in a great situation to pick up your first Lease Option deal, you have the tenant buyer, now just need a property. You can pick up a property through a lease option from a motivated seller, (you can probably find some that have expired MLS listings since you are a Realtor) or just purchase one yourself as an investment. No reason you can't solve your firends problem, and make a small monthly cash flow. There is a wealth of information on these boards, just take some time to read through the prior posts, and use the tools area, there is a great tool there to figure out cash flow. Good luck!