Updated over 5 years ago on . Most recent reply
The proof of funds catch-22
I'm preparing to buy my first fix and flip. I want to use hard money and a money partner for the purchase. I already know my agent will want to show POF with any offers and I could show a pre-approval letter from the hard money lender but I don't have a money partner yet to show proof of funds for the rest of it. I know I can raise the capital but I don't want to lie about my situation, or miss out on a potential fire deal. Whats the best way to approach this?
Most Popular Reply
@Jordan Futch, do you have an related experience? What makes you think that you can be successful?
If you know why you think you can be successful, then you can explain that to someone else.
If all you have is lots of motivation, it will be hard to get someone to invest in you. So, then I'd recommend finding someone experienced and ask to help them on a deal to get experience.
Bring a deal to an experienced investor who can do the deal. Ask to be involved. Work for free if you need to but get the experience.
You won't get rich on 1 deal no matter what. So, passing a good deal onto someone else isn't that huge a sacrifice in the grand scheme.