How do you get preapproval if you have little income?

yes you can wholesale bank owned, but since you are wholesaling, you really should try to have an end buyer lined up.there are companies that will give you proof of funds letters for the amount you request and if you close on the deal, then you pay them for using their money. Or you can try to get it assigned during the inspection period. You will need some funds for honest deposit.So find the articles here on proof of funds letters and the ones on structuring your contracts. Hope this helps

Just wanted to add to this, the difference between a preapproval and a proof of funds. A preapproval is actually someone who gets pre-approved for a specific loan. A proof of funds are really has zero clout. It’s just a piece of paper and says that you know someone with money. It’s very easy to get a POF. There’s many web sites out there like best transaction funding.com. Or insiders cash.com.

So if your only concern is to get a POF so you can make offers on bank owned properties or short sales have been going the route of lets say insiders cash is all that you need.

Paul - just to add when dealing with REO's, beyond the POF, there are typically many restrictions they place such as no assignments, or reselling within so many days (generally 90). Be sure to thoroughly read any Purchase and Sale contract with the bank.

Good luck!

- Tom

I would like to add on to what Eric mentioned. The best proof of funds letter I have come across is the one you can get at www.besttransactionfunding.com or you can use this link that takes you right to the proof of funds page http://www.besttransactionfunding.com/index.php?option=com_proof&Itemid=...

The language they use is better than any others I have come across if you plan to make cash offers.

Hope this helps.