I've Got Prospective L/O Tenants - Now What?
We've recently moved to NC and have just opened our own mortgage office in the Raleigh area. Though I've been doing mortgages for years, I consider myself a newbie within the real estate investment arena.
We run an ad for our mortgage co. that pulls in a fair number of distressed situations - people who can't keep up with payments, pre-foreclosure situations and people with such poor credit that they can't qualify for a mortgage but want to buy a house. Right now I have people who would be interested in getting into lease options, but don't know of any lease option opportunities.
I see these clients' situations as investment opportunites, but outside of the mortgage realm, really don't know what to do with them. From reading these forums (Lease Options, Short Sales, Subject to, etc.), it's obvious that viable options do exist which would allow me to both help out these people and to make $$.
I guess what I'm trying to say is I know I have something to offer, but am not quite sure what or to whom. Any Suggestions? 
[ Edited by smack67 on Date 03/04/2004 ]
Sounds like you have a great resource for finding motivated people. That's the hard part usually
Here's one example of what you could do.
Find someone who is facing preforeclosure - if you can't help them out any way see about buying them out if that makes sense for that particular deal. Then take someone who can't qualify for a mortgage and lease option that property to them. The possibilities are endless and you have it all lined up to go. Make a note of the most common types of distressed seller that calls you and figure out what creative ways you could use to help them best. Then read up on that technique and use it.
Roger
Smack67,
Maybe you should go to the investor meetings in your area, and talk to the one's that do sub-2 and l/o deals. You have the people, they have the homes, win/win for everyone. Maybe you can make the deal that ever person you bring to the investor, after 12-18 months, you will get the mortgage. Hope this helps...
Prosperous investing,
td