http://www.biggerpockets.com/blogs/355/blog_posts/3423-increase-your-lease-option-buyers-ability-#comments Comments from 'Increase Your Lease/Option Buyers Ability ' in Phoenix Investing : Motiv8td at BiggerPockets.com http://www.biggerpockets.com/blogs/355/blog_posts/3423-increase-your-lease-option-buyers-ability-#c_3598 http://www.biggerpockets.com/blogs/355/blog_posts/3423-increase-your-lease-option-buyers-ability-#c_3598 Hi, great to hear this available now, or I might say still. I was the first mortgage operation in Missouri providing loan servicing for privately held notes and contracts. 15 years ago when I began the service I wish I had had an internet clearing entity, that would have made life alot easier. Without professional servicing, people get into trouble! There is alot of hand holding in some of these deals and personal finance issues that most individual note holders either can't or won't deal with over time. My default rate was less than 3% to foreclosure or possession, meaning 97%+ worked out as planned or the borrower sold at a profit and moved on! Good Luck with this service and stratagey. If anyone has a question of how to, drop me a line. Good Luck, Bill http://www.biggerpockets.com/blogs/355/blog_posts/3423-increase-your-lease-option-buyers-ability-#c_3601 http://www.biggerpockets.com/blogs/355/blog_posts/3423-increase-your-lease-option-buyers-ability-#c_3601 Sounds like clearnow.com is like erentpayment.com. I'm also curious how their services differ from that of an escrow service company. http://www.biggerpockets.com/blogs/355/blog_posts/3423-increase-your-lease-option-buyers-ability-#c_3602 http://www.biggerpockets.com/blogs/355/blog_posts/3423-increase-your-lease-option-buyers-ability-#c_3602 Dory, I'm sure they're real similar. Clearnow.com is the only one I personally know of that actually reports on-time payments to credit bureaus. If others do too, then it would be a matter of customer service differences I'm sure. http://www.biggerpockets.com/blogs/355/blog_posts/3423-increase-your-lease-option-buyers-ability-#c_3612 http://www.biggerpockets.com/blogs/355/blog_posts/3423-increase-your-lease-option-buyers-ability-#c_3612 Hi, I'm having a hard time finding my way around on this site, it's new to me, sorry for being gone. Losing 3% means that I could not get them refinanced when they became due or before. It's good underwriting in the first stage, alot of handholding and coaching in the second and if it appears they can't do it, then they sell out, get their equity and move on, but then on my side of the fence, that meant they paid me off. Not many went to the block. Also, after about 12 years of conventional loans, defaults were less than 5% as I recall, strictly underwriting up front and having a very stable economic area, Springfield, Mo. a very diverse economic base. But stuff still happens like death and divorce. Underwriting is the key to getting a deal done. And in the future seller financed transactions will probably require due diligence as a lender. When you sell a deal you must understand that your buyer is very excited, their dream is to buy a home, they will say all kinds of things and promise the moon, and so many sellers get caught up in the $$$ up front (and so many do so as a scam knowing the buyer will never make it) but each deal has to be underwritten for financing, then identify why conventional financing can not be used and make a plan to cure that or those problems over the term of the deal. Then you have to work the plan, hold their hand and crack the whip sometimes to keep them in line. I don't know if anyone is doing all that now, but just to have a loan servicing agent involved is a great benefit to reach the goal! Good Luck, Bill http://www.biggerpockets.com/blogs/355/blog_posts/3423-increase-your-lease-option-buyers-ability-#c_3614 http://www.biggerpockets.com/blogs/355/blog_posts/3423-increase-your-lease-option-buyers-ability-#c_3614 Now, now do I delete a double posting, sorry, I'm technologically deficient! Bill http://www.biggerpockets.com/blogs/355/blog_posts/3423-increase-your-lease-option-buyers-ability-#c_3615 http://www.biggerpockets.com/blogs/355/blog_posts/3423-increase-your-lease-option-buyers-ability-#c_3615 I took care of it for you Bill.