Posted by: Matt B ®
07/12/2005, 12:59:54
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I spoke to Merle Woolley in person a few years ago about his particular methods. I was also quite shocked to learn that he doesn't look at credit, employment or anything! I actually tried doing business this way when I first started doing lease options and had a pitiful 20-30% closure rate! Of course, I was not nearly as good of a reader of people that I am now due to my inexperience at the time. I do agree that there is some "character screening" that has to go into the process. Now I don't do any straight rentals, only rent to owns, or other "term sales". However, I do always have my mortgage broker check someone's credit. Even so, I have had some of the great credit/income people turn out to be flakes, and some of the worst credit people to be the absolute best to deal with and hardest working to improve their credit and buy the house! It does take more than a credit score or income level. I take the time to have a friendly conversation with interested tenant/buyers about their situation to get a beter feel for them. This sometimes sways my choice on who to put in a house. I still check credit, but I know this is a PEOPLE business and not strictly about a number. By the way, at no point do I EVER decide against someone due to their race, religion, sexual orientation, family situation, or anything like that! When I say "character screening", I don't mean allowing these other factors to change your mind about someone! Just wanted to make that clear because I have seen many people do their business the WRONG way. Matt Bowman
Related link: www.REItoolbox.com
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