So lately the past few sellers that I’ve attempted to negotiate a lease option from want me to fill out their rental application an run a credit check. Unfortunately I’m starting out, and starting over in a lot of things, so my credit isn’t so hot yet. Any suggestions on how to get past this??
How I’ve seen it done
Age-old and totally workable strategy is to find and partner with* a high-credit and moneyed person and have that person make rental applications in his name, using his credit & financial statement.
You’d bring your deal-finding ability to the p’ship table and that’s an element of real value.
*you & your $ partner will sleep better if you have a good lawyer-drafted p’ship agreement so it’s pre-arranged and in writing as to what each of your rights and responsibilities are and who does and gets what and when.
Well, this procedure is a must and you need to undergo this. So, my suggestion would also be to find a partner with a good credit history.