OfflineI am about to make my first offer but I need to have a contingency plan when I am asked for proof of funds. This will end up being an assignment deal so I am not really going to be the purchaser, but I know the question of funds verification will be asked.
Also, I looked at Coastal Funding's website (http://www.coastal-funding.com/) and it seems they are only offering the free letter if you are doing a back to back closing (double closing?). So, from an ethical standpoint, I can't see myself using their letter under the false pretenses of assignment of contract deals. By all means, if I am miss-interpreting what they are saying on their website, please correct me.
So I did a Google search for the words "Proof Of Funds Letter", with quotes and I stumbled across this website:
Hartwell Ventures (http://www.hartwellventures.com/)
Only thing is they charge a fee for this letter and they actually setup a account with the money and it is basically loaned out to you for 60 days at 2%. They are willing to work with investors as well. I called them and told them that I was trying to do assignment of contract deals and I would not make a big profit on those deals. They said that was ok and they would agree to take a cut of my assignment fee. So it was like a $1000 for the letter and a $2500 from the assignment fee. So a total of $3500 after the assignment was complete.
So before I go down the pay for this service route, can anyone suggest someone other than Coastal Funding that will provide a proof of funds letter at no cost or a lower cost that can be used on assignment of contract deals?
Thanks all.
Gerald
VIG Homes
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i tried but it has to be in my name, the bank might as well just sell it to my investor instead of me
If you're not using your bank statement or preapproval letter from a lender in your name, your investor should give you a POF letter with your name on it since you're representing him in acquiring the deal from the bank. You can add your investors name to PAS (purchase and sales) agreement contract and then quitclaim deed to him after closing.
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dukeofsc,
Just to put a slightly different twist on things, have you considered a CREDIT PARTNER? If not, look into it...it might help you make some deals!
John
Attract Private Investors to fund your deals so you can do more deals while using Other People's Money (OPM). For more info go to:
http://www.mcssl.com/app/aftrack.asp?afid=1029023
Regards,
John <>< Future DG & DL REI Billionaire
ASPEN PROPERTIES "I BUY (ALL CA$H), HOLD, LEASE & SELL Commercial and Residential Properties" ANY LOCATION, ANY CONDITION, ANY PRICE
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I have come across a va foreclosure and was wondering if it would be beneficial to use a hardmoney lender. The property is selling for 20,000 it is a 3 bedroom 1 1/2 bath attached garage. comps in area are going for 75,000. in 2009 property I have in area was appraised at 93,000 with 2 bed and 1 1/2 bath and attached garage. I am new investor and trying to get started. Any ideas on what I could do. This is a cash only deal.