Proof of Funds

Use Deans 30 days to fast cash book as the foundation of your wholesaling but if you want to tweak the strategies by everything your learning from the other students you could. I would say do what works for the area your going to start investing in. Also you can go to ABCFundingUSA dot com to get a proof of funds letter for free to submit offers with an agent. Good luck

Hey Ray,

So ABC will just give you the letter without verifying you have the funds? And for free? Agents have no issues with the letter either? That is what throws me off. So in a double closing, I would submit the proof of funds letter from ABC for me and a proof of funds letter from the end buyer as well to the title attorney? I understand when I want to assign it myself but I understand dealing with MLS listings agents are not too keen on assignment clauses so double closings will be more favorable right?

Bernard
Douglasville,GA

Thanks for your service first of all & POF proof of fund letters are used all the time from websites like ABC & others. Almost always agents are fine with them & accept them & they don't know about these websites. Prob more are now & mostly don't care as long as you can close or our buyers(dont tell them your wholesaling:)

You can also use http://www.linksourcemgt.com for $100. a mo or with a coupon code you would pay $80. you can use bank statements from other investors along with a letter saying they are in partnership with you. These are real bank statements from real investors who have lent out their statements for a fee.

You just need something to show you & your partners(buyers) can close on the deal ok. Yes when you close on a deal ABC or another transactional funder as they are called(those that do double closes) will about 2 days before closing request that the funds from your buyer be in escrow otherwise they wont close the deal. They know you are not the one closing that you will bring a buyer so all that will be taken care of before the closing, you baby sit or guide the buyer all the way through the closing process.

Some agents will have a problem, but most of the time not. I had an agent friend who swore their company didn't take them, so I never tried, but I have worked with keller williams agents and never had a problem. POF letter is that a company hopes you will use their money, but you don't have to , so they will give you a letter saying you have funds available. Then you find your buyer to do the deal and never have to use the funds from the company.

It's true sellers do not like assignments now, some at least, it may make it difficult to get offers accepted with that clause in it. If your'e in California, no problem, the State contract already has the clause in it that it is assignable.

If you are in another State like yours GA then it prob is not, check with an attorney ok. I prob would not place the assignability clause in my contracts I would do like Michael Menghem does & leave it off & when your'e offer get's accepted then line up your buyer & have them put the earnest $ down & sign a contract with them 1 page that you are assigning the contract over to them.

Then go to the seller & ask them to make the contract assignable & when they do the earnest $ will go hard immediately or non refundable. This is of course after your buyer inspects the prop & knows for sure that it is a good deal. Wheew, hope this wasn't too much.

PS. Yes agents sometimes too are not keen on assigining a deal, not so much them but the sellers really, the agents just want & pray that the deal goes thru so they can get paid really. They are salesman/saleswoman, with a license tho. Have a great day soldier & I know you will go far & can't wait to hear from you & yes I would follow the 30days to RE cash like Ray said but tweak it too to what you think will work there etc.

Thanks for the insight Tony. But when I request the POF, how much more than the price I'm offering do I ask for on the letter? I'm sure it's not the same amount because it would look suspicious right? I.E 50,000 more? 100,000?

Thank you Tammy. I will definitely keep that in mind.

You would ask for the exact amount of your offer so the seller doesn't see you have "more" & think you can pay for more and then they counter or reject your offer & want more.

Just the offer amounts, thats what everyone does.

Alright guys... I have officially begun the process. Contacted various agents and they said they will send what I requested to be filtered through the MLS. One agent wants to meet me in person tomorrow but already asked to see Proof of Funds to have on her file. What counter do I say because I wasn't expecting to show that until I get an offer accepted.

Thanks Fam,

Bernard

You send your POf along with your offers with the exact amount of your offer(that's what Matt & others do) & you can send it to your agents too. What I do is use the bank statements I mentioned for $100 a mo now but what i did before I could get that was I used besttransactionfunding.com & put in subject address, Any residential property in, (then in the city I put) San Diego County, (then in the State just the State of CA and in the zip code I put (. a period in other words) & for dollar amounty whatever I wanted to put they will let you put whatever amount you want.

Usually I put $1,000,000.00 OK & you can tell your agent that you have a line of credit for a million with that lender ok. hope that helps