OfflineHey guys, I am just starting out wholesaling and I have been asked by multiple agents if I would be able to show proof of funding. Any suggestions?
Thanks,
Joey
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Proof of funding
Posted on: Sun, 02/22/2015 - 05:19
Proof of funding
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- by Broseph
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If I am not mistaken besttransctionalfunding.com Google to correct the spelling
However if I am not mistaken you need to have an LLC
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Don't waste time looking at REOs, banks require that the POF be from your bank account now, they don't accept 3rd party funding.
Look for the motivated sellers!
Hopefully in the right place!! I saw or read in one of Dean's books, have them all, or on weekly wisdom that we can get funding for a deal at closing for a few hours and then sell the property to potential buyer had lined up to buy the house. Where are these lenders, and do you have to pay closing costs on both deals, buy at one price and then sell again for a little higher. Any help would be GREATLY appreciated.....thanks!!
Bob
bobthehop
Yes, they're called transactional lenders, just Google it. Most charge around 2-2.5% of the loan amount but shop around. Yes, there will be closing costs on both sides.
Good luck!
- Tom
but first yes you are asking in the right place because that is the subject of this thread. just google transactional funding. besttransactionalfunding.com is one and insiderscash is another. there are many. just so you know you usually have to have a company to get a proof of funds. like an llc or something just so you know.
HAVE A GREAT DAY,
WALT
my realastate agent is asking for pof. how do i get around it if i dont have alot of money in the bank?thanks alan