HFP 0 Report post Posted October 15, 2011 As I am getting all the information together to get my business started, I keep coming across a question that I am unsure about. I keep reading from different members regarding their credit repair involvement with their TBs. With that being said, I do understand that we want to put a TB into a house that they realistically will be able to purchase. My questions are:-What should our involvement be regarding credit repair and how can we incorporate this into our services? -Do mortgage companies deal with this topic when working with their clients? (therefore, my responsibility would be to have the potential TB meet with my mortgage broker for an assessment of their ability to get a mortgage)-Do I need to find a credit repair company to work with my TBs? -What level of knowledge regarding credit repair do I need to have to start my business? I sincerely appreciate all the input. Thank you! Chad Share this post Link to post Share on other sites
pilot76180 51 Report post Posted October 15, 2011 Hey Chad, we are actually discussing credit improvement tomorrow here in Ft. Worth...if you can be here at the Embassy Suites by 9:00 AM central you can get breakfast and learn about credit improvement....and we can make fun of MC... Share this post Link to post Share on other sites
HFP 0 Report post Posted October 15, 2011 Hey Chad, we are actually discussing credit improvement tomorrow here in Ft. Worth...if you can be here at the Embassy Suites by 9:00 AM central you can get breakfast and learn about credit improvement....and we can make fun of MC... John, Thanks for the invite. I wish I could be there! After your weekend, I would appreciate any input regarding this matter. Chad Share this post Link to post Share on other sites
MichaelC 160 Report post Posted October 15, 2011 Chad, the level of your involvement is up to you. I'm of the mindset that adults are to be treated as such and so I'm not much into hand holding. This is not to say I will knowingly place someone in a property who has little to no chance of getting financed and buying it. I'll tell the t/b's not to wait until the last month of their lease to start the mortgage process, and I'll ask them to contact a mortgage broker or two to get the ball rolling. If they call and ask for some help I'm willing to assist them. Unlike others, I do not require them to enroll in any program. Again, it's my "treating adults like adults" mindset. That, plus assigning the deal means I no longer have a legal interest in the property. So remaining involved in the outcome of it might open me up to some smart ass attorney who wants to sue someone if the t/b's decide they are victims.That said, if you want to pursue the credit repair angle, I would contact a mortgage broker or two and ask them about working with you towards getting your t/b's qualified. It's a win/win/win all around. Share this post Link to post Share on other sites
MichaelC 160 Report post Posted October 15, 2011 Hey Chad, we are actually discussing credit improvement tomorrow here in Ft. Worth...if you can be here at the Embassy Suites by 9:00 AM central you can get breakfast and learn about credit improvement....and we can make fun of MC...Ironic that the guy who has modeled his business after Tom Vu is now offering seminars on credit repair. Only in America, folks! Share this post Link to post Share on other sites
Doug Pretorius (ON) 9 Report post Posted October 15, 2011 I'm of a similar opinion as MC on this topic. As Merle Woolley once told me: "I don't need to see a piece of paper to know that my t/bs have terrible credit...that's the reason they called me!" LOL so true As for me I find that most of the people who call me have already tried to go the traditional route and were denied, BUT they picked up a very helpful mortgage broker along the way who they prefer to work with. I'm quite happy with that arrangement. If need be I'll explain what's going on to their broker so they can work it into the credit rehabilitation plan they already have underway. Share this post Link to post Share on other sites
Doug Pretorius (ON) 9 Report post Posted October 15, 2011 Ironic that the guy who has modeled his business after Tom Vu is now offering seminars on credit repair. Only in America, folks!WHAT??! Did I miss that video on youtube? All I saw was JJ's talking head...where's the bikini girls? Nevermind the t/bs *I* have been victimized!! Share this post Link to post Share on other sites
HFP 0 Report post Posted October 16, 2011 Thanks MC and Doug for your input. I am of the same mindset, you're an adult and I'm going to treat you as such, but I started to feel as if I was going to have to play the hand holding role. Thanks for the clarification. I now feel that I can continue moving forward. All the best,Chad Share this post Link to post Share on other sites
pilot76180 51 Report post Posted October 16, 2011 Everyone handles this how they best feel fits their needs, but I built LTB around the "one stop shop" idea, so we do have credit improvement in place and we can track it on the back end of the website. If you are working with a mortgage broker they may very well have someone they can use as well. Tom Vu....Why is it I spend 4 days solving the world problems and bettering people's ives and you all talk smack?But....order now and I will DOUBLE THE OFFER!!!! You can too!!!!!!!!! Share this post Link to post Share on other sites
MichaelC 160 Report post Posted October 16, 2011 Tom Vu....Why is it I spend 4 days solving the world problems and bettering people's ives and you all talk smack?But....order now and I will DOUBLE THE OFFER!!!! You can too!!!!!!!!! I have no doubt we'll soon be seeing photos of you and rented bikini babes all over the internet. Share this post Link to post Share on other sites
pilot76180 51 Report post Posted October 16, 2011 Rented hell...that will be my fan club from the 3rd floor....(had to be there)... Share this post Link to post Share on other sites
<Steve> 82 Report post Posted October 21, 2011 I don't do credit restoration or coaching to get t/bs financed; however, I have teamed up with lenders and a restoration company and have created a Home Ownership program tenant/buyers can participate in. It is not mandatory, but I do push them to work with my lender at the start of the lease term to get a plan and work the plan during the lease term. I have found this has been helpful to quite a few tenant/buyers, but also it is a good marketing tool and adds credibility with sellers. Share this post Link to post Share on other sites
moveright 0 Report post Posted October 21, 2011 I work with only 1 mortgage person. The reason I do that is because he knows EXACTLY how my business is structured. He knows how I explain the process to sellers and he knows what T/B's need. For example, if a T/B calls me and has a mortgage person they want to work with, I view that as a bad idea BECAUSE, I already explained to the seller that my mortgage broker organizes the figures in such a way that the option fee credits toward an FHA 3.5% downpayment AND that the rent credits credit toward closing costs. This to me, is a selling point to sellers AND tenant buyers because it increases the potential for actual consummation of the CA deal. Plus, my lender knows how to work with credit risks. That having been said, if my seller approves a T/B that has hooked up with some bozo-mortgage rep, that could spell bad news for the deal. I got paid up front but my reputation is on the line, and reputation is everything. Share this post Link to post Share on other sites
pilot76180 51 Report post Posted October 21, 2011 Per RESPA, you can't make the TB use your mtg person, but you can gently nudge them by threatening to kill their cat if they don't....I'm not sure if cat killing is legal in your state, but it is in TX. We actually use cats to test our new shocks on our cars. Share this post Link to post Share on other sites
<Steve> 82 Report post Posted October 21, 2011 Pot hole filler. Hey, what the heck is wrong with Rick Perry anyway? Is he a misunderstood late bloomer or what? Share this post Link to post Share on other sites
