Questions about Private Money Lenders and Proof of Funds Letter

You can NOT make offers w/o POF on REO's.

Need POF letter or TFunding?

Get your POF letter and funding in link below.

Mike

The private lender will probably be willing to give you a proof of funds letters. One I have from a letter is editable by me, but if I were to get an accepted offer, the subject home would still need to fit requirements of the lender. There is no obligation to the lender to follow through, exactly.

The lender most likely won't go around you to purchase the home, because they aren't in the business of doing the deals physically. They are just in the business of lending and taking fees/interest. Plus, they won't go around your back because once you have an accepted offer, you put it under contract. Therefore, they have no claim to it.

Check out my Proof of Funds website below. All your problems will be solved! Enter your info and watch the presentation. If I were you I would forget the private lender route for now. Wait until you have done some deals and actually know what you are talking about and who a REAL private lender is. PM me if you have any questions.
Also, there are very specific guidelines concerning soliciting a private money person trying to acquire funding. SEC regulations. Things that most gurus don't go into detail about when they are telling you how easy this is, so they can sell you their product.

Michael Mangham
Mentoring/Team Building Nationwide
MD Home Acquisitions LLC

We found several homes we like to offer. we have no buyers and not sure if the POF is enough. If so, what do we ask as far as turn around to close? Do we ask a 60 day or less closing or should we offer even if we have no buyers? We found a POF letter that we can use but they only want it for double closing. Please advise.

I'm sorry, I'm confused now. Did I do something wrong by creating this link? Are the links below supposed to be the one's to follow? I'm not sure what you meant by "You can NOT get your POF letter in link below". My intention is not to get a POF letter through the link I created, but how to get one from an individual private money lender, not hard money lender, that I can use to make offers. Please clarify

Hello Mr. Mangham,

I appreciate your response. Would you please explain how your offer of POF letter works. Is it a hard money loan, or transactional loan? Does the investor need to have an end buyer right away? What would the terms on the loan be? And also, would you mind explaining what is meant by "specific guidelines concerning soliciting a private money person to acquire funding"?

All of your questions are answered in the presentation. Please watch it and listen.

As far as the SEC guidelines, those are available online.

What is your exit strategy on the REO purchases?

Here is a tip. Just because you use someone or some companies POF does not mean you have to close using funds from the person or company that provided the POF letter. You can use funds from where ever you can get them. I just use my POF to get the offer accepted.

Michael Mangham
Mentoring/Team Building Nationwide
MD Home Acquisitions LLC