Updated 25 days ago on . Most recent reply
How to show proof of funds as an LLC
My partner has never invested in real estate through an LLC. He's pretty much an old loan wolf. He posed a great question to me that I wanted to get feedback on here to answer him. He asked me this:
If we were to purchase bank owned home or attend a foreclosure auction, how would we show proof of funds as an LLC? Do we all have to put the amount of money we need to purchase the house into that account and have it sitting there while we search for homes? Or is there some other way we can provide proof of funds to satisfy auction requirements?
His concern, or course, is the cost of money sitting in the account that could be gaining interest in his personal money market account. Anyone have advice on this process? Thanks!