Qualifying Tenant Buyer for Owner Financing
Have recently thought about doing wrap mortgages. I have a seller who will do owner financing on a discounted home, without a due on sale clause, and I want to sell this on the flip side to a tenant buyer.
Much like I do renter tenants, I would like to make sure the tenants I get are good fits for the place. What do some of you use for criteria on this type of thing?
credit score?
income?
etc.
obvioisly my buyer will likely be one who can't get conventional financing for whatever reason, so they won't be perfect, but I want to make sure they are terrible either.
Any advice? Thank you!