Property Manager · Baton Rouge, LA · Member since 2014 · 2k+ posts · 195 votes
Trying to purchase property on Acquisition Rehab deal in Louisiana. Broker is asking for Proof of Funds Letter. Anyone on BP know of sources uses to obtain such letters?
@Account Closed if you are rehabing this I assume either you or a lending partner has the money. Otherwise you are trying to wholesale? Am I missing something here?
I'm purchasing with 1/2 the price of the property as a down payment. as I'am buying the property" as is", and doing my own Rehab. Question is why is a Proof of Funds letter needed. Was wondering if this was some kind of Louisiana Real Estate Law or just some kink of perk of the seller so, was looking for a BPer with experience in the market area