Who is your ideal client? Here is mine...
I met Jennifer at my office one Saturday morning to help her get pre-approved. One look at her finances and I knew this was not going to be a cookie cutter transaction. For starters she was on the deed to her current residence, but the NOTE was in her boyfriend’s name. She had been claiming the interest deduction on her tax returns though she is not the rightful recipient of this deduction. Secondly, she owned a rental property that her brother rented from her. However, she did not claim a schedule E on her tax returns but rather claimed the mortgage interest deduction and added it to the already wrongful deduction of interest on her primary residence.
This was an issue because it now appeared to the lender that she was fully responsible for the rental property payment as there was no document-able proof of her receiving rental income. She also had two businesses that were side businesses showing losses. To make matters more complicated she had lost her 2013 tax returns (which almost very lender requires when you have a business) and her brother was delinquent on the taxes on the rental property.
Jennifer is my ideal client.
I was able to coach her through process and help her get her tax returns straightened out. Because her credit score was below 660, we had to request a debt to income ratio waiver as her debt to income ratio was artificially high due to the way her rental property was being claimed. It was a painful process, but Jennifer hung in there and closed on her home today! After closing she said, “Mike I am going to tell everyone about you and if they don’t use you I will be mad at them and stop them!”.
They may be difficult transactions, but pay dividends down the road in referrals, loyalty, satisfaction of helping someone in need, and knowing they aren’t going anywhere else!
Who is your ideal client?