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Updated over 1 year ago on . Most recent reply

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199
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Andy Nathan
  • Rental Property Investor
  • Chicago, IL
118
Votes |
199
Posts

Proof of Funds with multiple investors

Andy Nathan
  • Rental Property Investor
  • Chicago, IL
Posted

Have an opportunity to work with a few investors locally in Chicago. My partner and I have a series LLC already. The question came up today: How will we provide proof of funds for a cash offer on a SFR we want to rehab with 3-5 investors. Depending on the deal we are not sure how many people will join or are needed.

Will a residential seller pause on our offer if we included 5 bank statements.

Resistant to setting up a new series without a deal. Is there an easier way?

Most Popular Reply

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288
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145
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Amir Khan
  • Investor
  • Coppell, TX
145
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288
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Amir Khan
  • Investor
  • Coppell, TX
Replied

@Andy Nathan In my experience, if you are putting offers on SFHs, a simple screenshot of bank balance in any one of the partners bank account will suffice. In addition, there are many online services that offer a letter specifically to show you have proof of funds for free (these are handmoney lenders and they state that they have approved you for the said amount - they offer this in hopes you'll do business with them). In other words, don't sweat it and keep it simple. Hope that helps.

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