Proof of Funds Letter

Hi Amanda ,

I experienced the same thing last week with Coastal Funding's submittal link.

If you'll notice at the bottom of that page , there is a link to email them directly. Click that , and message them with the particulars of your property.

Hopefully this will help.

Randy

Yeah, thank you, Randy. I actually did click on that link and send them an email, I have also called them and left a message but neither has gotten me a response from them. : (

Amanda

You can try cashformyclosing.com/proof-of-funds/
they are basically the same as coastal funding.

Ha ha ha, thanks, that's great, made my day. You are awesome. I emailed them and within minutes had the letter in my inbox. We made an offer minutes later. Thank you so much. Coastal funding said their proof of funds page is down and should be back up soon, for anyone interested, but cashformyclosing.com is just as good. Thanks again, you're a deal saver. : )

Amanda

"When you're stuck, don't give up, try something new."

http://cashformyclosing.com/proof-of-funds/

This POF looks more legit than Coastal. I believe it comes as a PDF form instead of email form.

Will a broker take an POF letter that says valid only for a back to back closing when we are not clsoing back to back?

I want to know the answer to this last question. I have an sellers agent who is related to the estate sale I am putting an offer on. She will request POF. I will assign the property. Can I use cashformyclosing.com for assignments? NOT double closings, but strictly assignments. Any suggestions?

Richard
Bothell, WA

Can anyone answer the question from post #6?

I just had a hard time with one of my offers on a REO & I have a legit POF from my Private Lenders Self directed IRA. The bank totally wanted my name on the acct.& also wanted proof of my LLC. In the last few years a lot of Investors have blew it, locking up properties & not performing, in my opinion.
They're simply Not doing there numbers right & getting stuck with the properties & bailing out. I'm seeing rehab investors getting foreclosed on in my area "SD" because there falling into the bidding wars right now.

Thank you both for the posts and information. I appreciate it. That's why I love this site. The people here are fantastic!!

Richard
Bothell, WA

I found that if I try going to coastalfunding.com directly I get the message about not being authorized but if I just write in coastal funding and go to their link it will let me in. Then I click on proof of funds fill out the blanks and bingo I've got a letter. Keith Success be with you!

You have to type it like this, www.coastal-funding.com

Hi i just need to know i fund a deal wish is 50% off of the county appreis what to do now do i sumitt a offer as is or do i go below what they asking for need a commet

Hi Amanda,

If you enter transactional funding into the search bar on this site, there is a past posting that is very helpful. It lists a few sites that people have tried and are currently using. It helped me get to transactionalfunding.com , which is who I have been using recently.

Good Luck,
Darin

Great information. Love this thread!

That's what they call me as well Jbyrd
Just wanted to let you know some of these threads can be very outdated.

Your best bet is finding a Private Lender to give you a POF letter & a bank statement showing money in an acct, saying you have access to it.

I have even had banks tell me that's not legit & they want the name on the contract to match the bank statement.

Yea, when you go by Jay that seems to be the nick name you get. lol. So couldn't you use the Buyers info for the deal?

Another way to get free and readily available proof of funds, go to www.coastal-funding.com. I use it most of the times with about 75-80% acceptance. I said that because some of the listing agents already know this site so they know that anyone can pull it.

ivisionary.com has POF up to 1M free, but over that and you have to pay for them. Jason Medley owns this company, also I have his partner Scott's number if anyone needs it for larger amounts. They also do rehab/fix n flip lending in Tampa, but only in Tampa. Their main focus is POF.

I believe the correct website is: http://www.ivisionaryfinancial.com/

greetings!

thanks for the POF information. I've learned I need the POF for SS, REO, BULK REO .... anything dealing with a bank! Most title companies here not interested in the double closings but they do exist.

Jason S - Thanks for the info related to SD market and the Private Lender self-directed IRA. I'm hearing more about this and am wondering how that came about ... finding buyers with self directed IRA. Did you educate them on this option or they looking for you.

I'm not understanding your question."finding buyers with self directed IRA's"??
I know a lot of Investors who use there IRA's to invest or Private Lend through their IRA's & it's been around for like 25yrs.

I have educated some friends on self directed IRA's & yes, some did convert their money & now they private lend.

As for using an investors bank acct for a POF for yourself, the Investor who was doing it for me, just had CASH in his regular bank acct.

Don't know if that anwsered your question.

I know that this may sound naive but Do you have to actually have the bank roll to receive a proof of funds letter or is this a just for appearances sort of thing? I don't even know if I will need it yet but it would be nice to have it lined up just in case. i am gunning for a wholesale starer career then move on to REO's and I have decent credit but not great income. I need this thing to work.

I want my agent to put in multiple offers, but when you go to Coastal Funding for a POF it asks for a specific address. Is there any way to update this letter once I save it or do I have to go back to the website for each address?
Stephanie

Hi Everyone,
I'm a newbie and I'm about to submit my first offer and I want to add a POF to my Offer. I'm looking into using cashformyclosing.com but what I not sure about is the Address part of the request form on the site....Do I use the address of the property that I'm make the offer on or my business address or home (personal address)? If anyone that's used cashformyclosing.com can help me, I would greatly appreciate it.

Laura

Sorry Jay...I'm spinning with info. I was wondering if there is a strategy being used to specifically find buyers utilizing the self-directed IRA or is this something that just comes up in conversation, if that makes any sense. For example, we find buyers via the public records, is there a way to find potential buyers via some source listing people with self-directed IRA? I'm dreaming right? Anyway, that was my original mystic question. All is well...thx again for all your help!

Yes there is ways "via public records" to find out how Cash buyers purchased their properties, etc.
If your in SD, I wouldn't worry about a Cash buyers lists as they are everywhere here. The problem is finding a deal here that makes since. There's plenty of CASH buyers than deals here.

I try all the time to tell these guys that finding the deal is the hard part and the buyer is the easy part. They will just have to put in the time and effort to find out the obvious truth. If they learned how to find, evaluate and get properties under contract it would cut down the time it takes them to actually make money. Oh well!

Michael Mangham
MD Home Acquisitions LLC

Is there a company out there that has it where you can say up to a loan of $$$$. I only concern is that my offers will end up at the same bank and I will be rejected. Greg was saying something about this in the Mentor Section. Coaches and GD Family Members please help.

Darrell From California.

Go to my TF and POF site below and watch. I use this stuff all the time! Banks like Chase, B of A, Wells Fargo have called in on MY POF and my offers have been accepted when my TF guy says he will send them HIS bank statement that proves I am good for the money. I make 2 to 3 REO offers a day using these address and cost specific POF letters and have NEVER been rejected because of my POF!! These guys are the real deal. Watch the whole presentation, all sorts of good stuff!! Not to mention the no fee Transactional funding!!

Michael Mangham
MD Home Acquisitions LLC