General Questions

[timmym22 0]

Hey Everyone,

I have some general questions for everyone to get some input on what services you use and some of your techniques.

1. do you show a tenant buyer the home before or after they fill out application, or what is your process?

2. how do you set up an automatic bank draft from tenant buyers account to sellers? is their a service you have to use or will any bank do this?

3. How do you report payments made by tenant buyer to the credit bureaus so that it will rebuild their credit faster? what service do you use? or can you do this yourself or does credit repair company do this?

4. I am thinking about putting my tenant buyers in contact with credit repair company? which ones would you recommend?

[MichaelC 160]

1. do you show a tenant buyer the home before or after they fill out application, or what is your process?

Before. How would they know if they're interested in the property if they haven't seen it?

 

2. how do you set up an automatic bank draft from tenant buyers account to sellers? is their a service you have to use or will any bank do this?

Google automatic rent payments. You'll find many companies offering this service.

 

3. How do you report payments made by tenant buyer to the credit bureaus so that it will rebuild their credit faster? what service do you use? or can you do this yourself or does credit repair company do this?

Again, Google report rent payments and you'll find your answer.

 

4. I am thinking about putting my tenant buyers in contact with credit repair company? which ones would you recommend?

Can't recommend any company from personal experience. Perhaps someone will come along with a recommendation. In the meantime, there are thousands of companies that offer this service. Many are scams, however. Due diligence is required.

[jhanson8 0]

Good answers from MC. Here's my $0.02...

 

1. do you show a tenant buyer the home before or after they fill out application, or what is your process?

Before. If I'm showing it myself, I have the application with me and I encourage them to fill it out there. While they complete the application I can chat with them and get some background. Once they're done, I give it a quick skim and ask any questions. I expect people to lie to me, and it's easier to tell if they're lying when you're talking to them.

 

If you have several interested buyers for one property, arrange to have them all view the house at the same time. Having other interested parties there creates a sense of urgency and makes the property seem more valuable. I have done this twice and it worked out great.

 

4. I am thinking about putting my tenant buyers in contact with credit repair company? which ones would you recommend?

In my experience, the local services are best. There are a lot of national companies you can find online that do this, but take the time to call some local banks and ask a loan officer. They may have a specific person or company they work with, or they may even have some services in-house. Either way, it will expend your contact list and may even bring more leads.

[vazjo64 0]

Ohhh boy , if I am you I will recommend the tenant to read " Debt Cure$ " by Kevin Trudeau , and do not , I mean DO NOT recommend anybody use credit repair companies , they do the same thing you can do negotiate with creditors only need to do is get in the phone and explain you situation and negotiate payments , is the same that those companies do and you save a lot of $$$ ohhhh and is an old debt maybe don't have to pay!!! Is call "statute of limitations" trust me works!!! I did one time to a credit card com. The lady don't call me again! ..Maybe it take some time but if they have money trouble they can save money...

 

Hey Everyone,

I have some general questions for everyone to get some input on what services you use and some of your techniques.

1. do you show a tenant buyer the home before or after they fill out application, or what is your process?

2. how do you set up an automatic bank draft from tenant buyers account to sellers? is their a service you have to use or will any bank do this?

3. How do you report payments made by tenant buyer to the credit bureaus so that it will rebuild their credit faster? what service do you use? or can you do this yourself or does credit repair company do this?

4. I am thinking about putting my tenant buyers in contact with credit repair company? which ones would you recommend?

[bwalston 1]

2. how do you set up an automatic bank draft from tenant buyers account to sellers? is their a service you have to use or will any bank do this?

3. How do you report payments made by tenant buyer to the credit bureaus so that it will rebuild their credit faster? what service do you use? or can you do this yourself or does credit repair company do this?

 

I use www.clearnow.com and recommend the same to sellers if doing a CA. Rents are automatically withdrawn from tenant/buyer bank accounts and directly deposited into the seller's (or my) bank account. They also report the payments to the credit bureaus. Very cool deal :-)

[vazjo64 0]

A good technique that have a lady that I know is to go to the small local bank and open one account per tenant , separate from your account , you can receive information when and how much are in each one... I think is good idea ...

but everybody have different opinions...

 

 

 

Hey Everyone,

I have some general questions for everyone to get some input on what services you use and some of your techniques.

1. do you show a tenant buyer the home before or after they fill out application, or what is your process?

2. how do you set up an automatic bank draft from tenant buyers account to sellers? is their a service you have to use or will any bank do this?

3. How do you report payments made by tenant buyer to the credit bureaus so that it will rebuild their credit faster? what service do you use? or can you do this yourself or does credit repair company do this?

4. I am thinking about putting my tenant buyers in contact with credit repair company? which ones would you recommend?

[<Steve> 82]

I had a t/b in a CA deal last week simply go to their bank and the bank wrote up a notorized letter with the account number and routing number and gave it to the seller. The seller takes it to their bank and automatic withdrawls are made from the t/b's account to the seller's account the first of every month.

 

I also suggest that t/bs set up their bank's 'Bill Pay' online and automatic payments can be sent everymonth.

[Jonathan RexfordFL 8]

I have some general questions for everyone to get some input on what services you use and some of your techniques.

 

 

1. do you show a tenant buyer the home before or after they fill out application, or what is your process?

 

ANSWER: You want tenants to fall in LOVE with the Property. Personally I prefer not to show the Property.

 

 

2. how do you set up an automatic bank draft from tenant buyers account to sellers? is their a service you have to use or will any bank do this?

 

ANSWER: ACH transfer. Go to your local SMALL bank and set it up. Some may charge and some may not. It is harder to get set up with the BIG BOYS or Clear Now is a good option. I just don't like to pay.

 

 

3. How do you report payments made by tenant buyer to the credit bureaus so that it will rebuild their credit faster? what service do you use?

 

ANSWER: Document their payments. If you do ACH then that is easy. If you depend on them to document and keep payments then it is not going to happen.

 

 

or can you do this yourself or does credit repair company do this?

 

ANSWER: I wish I had an answer for this one. But GOOGLE (it is your FRIEND)

 

 

4. I am thinking about putting my tenant buyers in contact with credit repair company?

 

ANSWER: I am searching this also. I had a few in the past. They did wonders. But due to business cut backs they shut their operation. I am not a fan of DIY as some will start and MOST FAIL.

 

 

which ones would you recommend?

NONE at this time

[vazjo64 0]

There is nothing better like know were you are financially , your tenants need (if they have really problems) learn a bit about credit scores and credit reports (two different things) learn how to put a dispute and things like that , at the end they will glad that you recommend to do some home work ... if they are renting now or lease they have a year or two .

Credit companies come and goes , they come for couple year then disappear and return under other name .... do you think this is safe??? It happen to me once and since then I am learning just a little bit but it help me a lot...

Do you think that the money you give to them goes all to your creditors??? I don't think so..

What happen if you recommend a Credit Agency and one day they disappear like magic!! Is your reputation .... you decide...

 

 

 

 

 

 

 

I have some general questions for everyone to get some input on what services you use and some of your techniques.

 

 

1. do you show a tenant buyer the home before or after they fill out application, or what is your process?

 

ANSWER: You want tenants to fall in LOVE with the Property. Personally I prefer not to show the Property.

 

 

2. how do you set up an automatic bank draft from tenant buyers account to sellers? is their a service you have to use or will any bank do this?

 

ANSWER: ACH transfer. Go to your local SMALL bank and set it up. Some may charge and some may not. It is harder to get set up with the BIG BOYS or Clear Now is a good option. I just don't like to pay.

 

 

3. How do you report payments made by tenant buyer to the credit bureaus so that it will rebuild their credit faster? what service do you use?

 

ANSWER: Document their payments. If you do ACH then that is easy. If you depend on them to document and keep payments then it is not going to happen.

 

 

or can you do this yourself or does credit repair company do this?

 

ANSWER: I wish I had an answer for this one. But GOOGLE (it is your FRIEND)

 

 

4. I am thinking about putting my tenant buyers in contact with credit repair company?

 

ANSWER: I am searching this also. I had a few in the past. They did wonders. But due to business cut backs they shut their operation. I am not a fan of DIY as some will start and MOST FAIL.

 

 

which ones would you recommend?

NONE at this time

[Jonathan RexfordFL 8]

Do you think that the money you give to them goes all to your creditors??? I don't think so..

What happen if you recommend a Credit Agency and one day they disappear like magic!! Is your reputation .... you decide...

 

From your statement here you are assuming a debt settlement company. From what Timmy is responding to is companies like Lexington Law Firm and a few other companies that set up the operation like Network Marketing. I have found a few mom and pop companies in the past that did wonders. But just like any other business that has financial troubles they had to shut the operation. I even used the service of a company of one of the national GURUS about 10 years ago. It was not cheap. Cost me about 5K at the time but they went in and really cleaned up some past mistakes (bad decisions) that I made along with some erronous information that was on my report.

 

I have been dealing with tenant buyers for almost 15 years. I have had them in credit repair modes. Gave them credit repair books and even paid for a few myself. The "Homework" that you are asking them to do is far and between. They will get started and they will see that shiny car, flatscreen TV or visit the nearest Rooms to Go.

 

A friend of mine on Facebook said something like "Can't Fix Stupid" and I seen another saying that "Can't Push a Rope". That is about the same thing when dealing with Tenant Buyers.

 

Don't get me wrong, I have had a few exercise their option to buy. But most don't.

[<Steve> 82]

I have been dealing with tenant buyers for almost 15 years. I have had them in credit repair modes. Gave them credit repair books and even paid for a few myself. The "Homework" that you are asking them to do is far and between. They will get started and they will see that shiny car, flatscreen TV or visit the nearest Rooms to Go.

That's why I don't get into the credit repair business. And disclosure is important so the seller understand that there is no guarantee that a t/b will buy. It's an option. Most seller's are just relieved to have their property leased and the payment off their back. As compared to a renter, having a tenant/buyer that may also buy is a bonus.

[Jonathan RexfordFL 8]

That's why I don't get into the credit repair business. And disclosure is important so the seller understand that there is no guarantee that a t/b will buy. It's an option. Most seller's are just relieved to have their property leased and the payment off their back. As compared to a renter, having a tenant/buyer that may also buy is a bonus.

 

I have never been in Credit Repair business. But since over 99% of my deals has been where I was the owner or on contract of the property and not a CA you can see why I took an interest in getting them cashed out. I had even opened a mortgage company back in the 90's to help with them.

 

I have since taken a different approach. If I own the property then I am more interested in getting them to owner finance the property than to try to get a mortgage on the home. If I can get them to take ownership and pass the payment onto me then I get the result that I am looking for which is cashflow.

 

I have pretty much stayed away from SLO because of the issue of the backend. I only look at the front end of the deal of cashflow.

[<Steve> 82]

I have since taken a different approach. If I own the property then I am more interested in getting them to owner finance the property than to try to get a mortgage on the home. If I can get them to take ownership and pass the payment onto me then I get the result that I am looking for which is cashflow.

 

I have pretty much stayed away from SLO because of the issue of the backend. I only look at the front end of the deal of cashflow.

With SLOs, I too really only look at the front end and cash flow. The back end is the iceing on the cake.

 

I have properties that I own and place t/bs. If you are owner financing are you placing buyers with poor credit that need repair? If the owner financed buyer defaults now you have to foreclose as compared to a simple eviction with an SLO correct?

[Jonathan RexfordFL 8]

Steve,

 

TRUE owner financing does require foreclosure. But if I got 10% of there money, it is a risk that I am willing to take. Plus I do mine a little different than others do. Since all the properties I manage are in trust, The trustee of the trust will owner finance the benificial interest of the trust. I have never tested a foreclosure with a simple eviction using this techinque, but I would do it if I ever had a problem. It more of less works like being the REPO man.

[Guest jvmccall]

For reporting rent to the credit bureaus, check out www.ReportRent.com. They are the only ones I have found that do it right.