Proof Of Funds For Luxury Real Estate

Proof Of Funds For Luxury Real Estate

Member since 2019 · 3 posts · 0 votes

Hey everyone!

I will go be going to a property in two days.

The realtor advised that a proof of funds is requested.

Keeping in mind the arv of the home is over 2 million.

How do i come up with a proof of funds?

Keeping in mind i’m a newbie investor with no funds!

Thanks in advance.

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Investor · Jasper GA · Member since 2015 · 1k+ posts · 1k+ votes
7y

@Ekene Obele  How are you planning on buying this property is you have no money?

There's a reason they want POF, so they don't waste their valuable time on non-buyers...

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  • Investor · Jasper GA · Member since 2015 · 1k+ posts · 1k+ votes
    7y

    @Ekene Obele  How are you planning on buying this property is you have no money?

    There's a reason they want POF, so they don't waste their valuable time on non-buyers...

  • Member since 2019 · 3 posts · 0 votes
    7y

    @Bob B.

    I plan to wholesale the property with my list of buyers!

    Do you have any recommendations for getting a proof of funds?

  • Investor · Jasper GA · Member since 2015 · 1k+ posts · 1k+ votes
    7y

    @Ekene Obele Find a partner. 

  • Rental Property Investor · Northern, CA · Member since 2012 · 5k+ posts · 5k+ votes
    7y

    If you don't have funds, the reality is you won't be able to provide proof of funds.  That's how proof of something works.  And, like Bob said, the reason the Realtor is asking for it (they want to make sure someone who doesn't have the ability to close isn't tying up the property). 

    On a side note, if you're planning to wholesale properties, you really should be focusing on off-market properties or you're going to run into this issue with every Realtor of listed properties.  Especially at that price point.

  • Member since 2019 · 3 posts · 0 votes
    7y

    @Kyle J.

    Good advice going forward, I’ll stick with offmarket leads.

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