Proof of Funds with multiple investors
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
@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.