January 17, 2013 10:45
There are some outstanding opportunities for real estate investors in Portland these days. I frequently get calls from would-be buyers who want to buy a home, but they do not fit into the underwriting box that banks require. Banks want to see 4 things: Decent Credit History, Income that can be documented for 2 years, Low debt, Some downpayment money and reserves.
The buyers that call me usually have 3 out of the 4, but for one reason or another, they can't meet the banks strict requirements.
Here is what I need to help these buyers. I need investors who can purchase homes for these buyers, either cash or financed purchases, and then rent to the buyers for a period of time until the buyers can meet the bank's criteria. In other words, the investor buys the home and enters into a lease/option agreement with the potential buyer.
You might ask, why would this me a good deal for the investor? And I would reply: The investor has a rental property that has upper tier tenants, an extra large non-refundable deposit (option fee) and a good possibility of exiting the transaction in a few years at a sweet profit.
Investors are also buying foreclosures in Portland, so if you are interested in buying a bank owned property or a short sale, please give me a call 503-810-2219.