Proof of Funds POF Flip
I am very close to starting to submit offers on REOs that I intend on rehabbing. I have an investor willing to put up cash for for the purchase and rehab of said properties.
My question is how do I go about submitting POF with my offers. Is it as simple as getting copies of my investors bank/brokerage statements with a signed letter of intent to lend. If so does anybody have an example letter/form that they use.
Most Popular Reply
No Letters. No forms. Simply print a bank statement showing there are sufficient funds to make the transaction. You can white or black out the account number. A lot of investors purchase property in an LLC, or their wife's name or whatever and it isn't the name on the bank account. They will also accept a letter from a bank stating so-and-so has this much money in an account.