Becoming an Investor Client
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Becoming an investor client of Michael's has a few requirements due to the general risk of investing. Michael wants to ensure that his investor clients are totally prepared for purchasing investment property in the Tucson Arizona (AZ) and surrounding areas. The requirements are as follows: 1. Investors must have a minimum credit score (FICO) of 625 -OR- loan approval by mortgage company of investor's choice. Because many investor loan programs require a credit score (FICO) of at least 625 to qualify for an investor loan, Michael requires this score -OR- a loan approval from a mortgage company, since this will be needed anyway. This is always recommended regardless of credit score. | |
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2. Investors need access to a minimum of $25,000.00 available. The reason for this is that sometimes when investing in real estate, the unthinkable can happen. A tenant doesn't pay rent on time (or at all), a property needs immediate repair of some kind, or it takes longer than originally thought to locate a tenant. While we try to avoid these things, they can and do happen. As a result of looking out for his clients' best interest, Michael requires investor clients to be guarded against financial ruin because of a tenant's actions, or a repair that cannot be foreseen. As a real estate investor with years of experience with tenants and investment properties, Michael knows that the unexpected can and will happen. This amount does not to be in cash. It can be in the form of stocks, bonds, home equity lines, cash, or credit. The reason for this is, as before mentioned, if you have no access to cash or credit available and need to make a repair or have a tenant who is unwilling to pay rent, you as an investor must be prepared to be able to deal with this possibility. If you are unprepared, it can be extremely difficult to meet other obligations plus your investment obligations. If you have any questions about this requirement, please contact Michael. | |
These are the only two requirements; both are intended to look out for the investors' best interest. Michael would like to give his investor clients the best possible chance to be successful in their investment goals. As a Tucson real estate investor himself, he understands the risk and problems associated with residential investments, especially concerning single family residences.
To ensure excellent service and consultation to current clients, only a limited number of new investor clients are accepted. Typically, investors require a tremendous amount of time for updating of markets, and just the general time it takes to locate good investment opportunities. Michael can and will refer new clients to other agents if needed. The decision to use that agent is completely, as always, up to the investor. If you would like additional information about the Tucson Arizona (AZ) real estate market or would like to see if Michael is currently taking additional investors, please fill out this questionnaire and Michael will respond within 48 hours from submission. Thank You.
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