Finding Unqualified Real Estate Buyers
As a full-time Canadian real estate investor, we need to create massive and passive income for ourselves on a regular basis, and not rely on one or two realtors to being us deals. So we must utilize our knowledge and skill to make this happen.
In a previous article we talked about finding qualified real estate buyers. Of course we need to be able to find qualified buyers in order to be able to purchase and or assign properties to.
So why find unqualified real estate buyers?
We have strategies that will use the unqualified real estate buyers in order for us to be able to ultimately do more deals. We will of course turn these unqualified buyers into qualified buyers over time.
Let’s understand firstly why are they unqualified and secondly what type of person is this unqualified real estate buyer.
Reasons that people may not qualify
People are unqualified because they have a poor credit score, and because they do not have confirmable income. Let’s discuss these two things briefly.
A poor credit score is a reflection of a person's money management habits. If their money management habits are poor, then their credit score will undoubtedly goes down as a result of not paying their payments on time, having too much of a balance or having too many inquires by companies that extend credit.
The second issue is having confirmable income. Confirmable income is having an employer that gives you a pay-stub or the like at the end of each pay period. Banks and mortgage brokers like this because the source of employment is obvious. In the case of a self-employed person, the amount of income the person makes or the sources of payment are harder to confirm. All this being said, these are typical reasons for a person not being able to qualify for a mortgage.
How can we help these unqualified buyers?
We like these people because they are perfect for our rent to own programs. A rent to own program is like leasing a car. You pay a lease amount for a few years, then at the end of the term you can buy the car out and own it. You understand the terms of the agreement, the payments and the future purchase price before you drive that car off the lot. The lease to own program for property is much the same concept. You need to understand the contracts and workings of a program such as this to avoid any court battles. Most training companies teach this strategy the wrong way and leave the investor very exposed as a result .
How do we find these unqualified real estate buyers, and get them into our programs?
We must put out advertising that state:
- “own your own home today, no qualifying”
- “good income yet bad credit? You qualify for our rent to own program”
- “own your own home today, bad credit not an issue. Please call.”
You can enroll in a unique Lease to Own training program with World Wealth Builders. We will continue to discuss the secrets of a successful rent to own program in a future article, and the circumstances around these properties that will make a lease to own program just another way you will be able to create massive and passive income for yourself.
P.S. Take Action now to attend the eye-opening seminar and walk away with confidence, knowledge, and specific "action ideas" that can help you achieve your dreams and leave the rat race behind.
We have been training Canadian Real Estate Investors since 1993
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