Local Rules

Local Rules

I have been researching using Deans system and have some road blockes here locally. The main one is about flipping a house. In order to lock the property up on paper as Dean says in his books, here we have to have PROOF we have the money in the bank or cash. This has stopped me from doing ANY deals. Is there away around this that you all know of?

Can I use an investers proof of his net worth? That would seem to me contrary to helping me. If I used his proof with his permission then in essence it would be his deal and I would be out of the loop. Local buliders and real estate people have told me of these rules here. Any help?



local rules

Those rules apply everywhere not just your local area. Most properties that are bank owned or listed with an agent require pre approval or proof of funds. If you're starting with no money and no credit, your best bet is to look for For Sale by Owner properties. If they're motivated they won't care how you're getting your money. They just wany their house sold. A good website that my coach told me about is www.coastal-funding.com. They are private lender nationwide. They provide proof of funds, and all sorts of programs to get seller A to buyer C thru you investor B. Hope this helps

You can get a proof of funds

You can get a proof of funds letter from anywhere really. coastalfunding is the one recommended here, but research and you will find someone to get it from.

good luck

Additional Question

I just recently completed the book Profit From Real Estate Right Now. I was excited to get things under way. I have a friend who is a Real Estate Broker and I ran some of the techniques by him to see what he thought of them. He told me that these ideas were in violation of Idaho Code. Specifically, he stated that if I was going to be acting like a Real Estate Agent, that Idaho Code required me to be licensed as a Real Estate Agent to complete these transactions. He also stated that I could not make a Purchase Agreement with a seller and then make another one between that seller and a buyer, even though I was selling my option to purchase the property. He stated that that action would fall under the "double contract" law, which is forbidden. He also stated that I was trying to work in the "grey" area and that I would be opening myself up to excessive liablility. I've read through the code and found that what he has stated is fairly accurate, but it is a grey area in the Idaho Code as it does not specifically state that what Dean teaches is in violation of the code. It could be construed as such should someone decide to take me to court over something concerning a transaction. This particular Broker has made a ton of money and is very knowledgeable in the area of Real Estate and has been in business for himself for over 20 years. Does anyone have any thoughts or experiences to share concerning this?

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