HML's,PML's POF's for our deals

3 Replies

A few months ago my husband and I became highly motivated in becoming REI"s and was advised by another REI that the next 24 to 30 months would prove to be the opportune time to invest.
So we took the advise and began educating cramming getting guidance and direction from other REI's on the venture with a burning desire to succeed for our children's future.
So we took the knowledge and began applying it in the real world calling and looking at several potential properties and spending hours after work into the late hours sorting pictures and data for each property and researched rehab cost and run the numbers of the ARV no higher then 65%

THEN THE ROAD BLOCK POF POF BEFORE WE COULD EVEN MAKE AN OFFER NEED POF
AND FINDING AN HML OR PML makes us feel like we are dealing with a NATIONAL BANK. Can be quite overwhelming.

SO WE CAME HERE TO GATHER MORE INFORMATION ADVICE OR DIRECTION TO WHOM OR WHAT WOULD ADVANCE US CLOSER TO REACHING OUR GOALS.
Since this would be our first deal a fear factor lingers but we shall not allow that to stop us in what we believe in OURSELVES and OUR FUTURE!

REO Seller asking 99,900
Property 1 1500 sq ft split ranch SF 3 bd 3 ba 2 car garage
120k-138k ARV comps 109900-115000-151300-167900
@ 65%
- 20,000 REPAIR COST
-4 POINTS
-6 MONTHS INTEREST ONLY MONTHLY PAYMENTS @12% ROLLED INTO THE LOAN WITH 3 EXIT STRATEGIES in hopes of moving the properties quickly because even the best laid plan can fail as we were told and read we need to be prepared.

WE WANT TO OFFER TO THE SELLER BUT NEED POF before we can even make an offer

$55,200.00 CASH OFFER with hml or pml backing.

REO Property 2
205,825 ARV
117,325 listed with the information we have found so far
still waiting on county assessor to get deed info from mortgage holder. Have found several like this possible pre list THINKING ABOUT WHOLESALING THIS ONE if all the information holds true and comes together.

Thank you for your time, any and all advice.
We are looking for advice, guidance direction any and all education to further ourselves

Regards
Holli

I think your asking about where to get POF? Is that correct?

Or are you looking for a HML / PML in addition to the POF?

I have not used them but a lot of people here recommend Coastal-Funding for a POF.

A lot of people think a HML is going to be “easy� – while they can be easier then a national bank then can also be tougher in many ways cuz they get investing and they can look at your numbers and know the odds of success more then a national bank rep.

Having said that I want to applaud you and your husband – I think doing it together has probably been fun for the two of you to have a project to work on – very cool – and your spirit and attitude is in the right place!

You will get there!

First and foremost Thank You for your advice and kind comments
We are willing to work with HML's and PML's they should be able to provide POF's for our projects. But to answer the questions straight up we are looking for both.

We looked at the link you posted but would have to have a back to back closing to use it, so without violating their Terms & Conditions in case we were unable to find a qualified buyer at closing we will wait on that until we are more seasoned in our venture.

Thank You again

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