So i have been trying to get into real estate investing since December of last year. i went to a 3 day boot camp which i believe i spent too much on for the inf i got. i recently discovered bigger pockets and have spent every waking moment listening to the podcasts along with a couple of audio books. i recently decided to pull the trigger on my first deal. i plan to use hard money loans and potentially some private money for gap funding assuming my offer will get accepted. i have hit a road block (kinda) and would like some advice. i was told by my realtor that i need proof of funds before putting in the offer. now since i did the 3 day boot camp for the nick vertucci real estate investing i was told i could get pof through them. i would like to avoid using that unless that is the best method.... how do you show proof of funds when you plan on using hard money plus other funding? any advice would be greatly appreciated. ill happily discuss the deal with anyone who would give me the time. thank you in advance for any help.
@Cody Ward Your HML should be able to give you a POF. Sometimes they'll give you a pre-approval type document and if they do that, just ask them to attach a bank statement.
If they are unwilling, ask your GAP funder. It should be a screenshot of a bank statement from within the last 30 days along with a letter that essentially says something close to "Cody and/or his designated entity have the ability to use my funds to acquire property of his/their choosing" along with contact information for verification.
When new agents ask for the POF saying that it is required to place the offer, more often then note they are (understandably) vetting you to make sure that you're real so they don't waste their time on you. I make cash offers all the time and over 50% of the time, I'm not asked for any POF.
Just part of the entry point of this business. The folks over there with NV are excellent and can point you in the right direction.
Any questions, don;t hesitate to send me over a private note. I hope that this helps!
i ended up getting the statements from my HML and that worked out. unfortunately i was contacted later by my realtor who informed me that according to the listing agent the property wasn't allowed to be flipped and must be a primary residence within 90 days of sale.. this is the first i have heard of this being a possibility but i am also very new to this.. thanks for the advice Jake.
It sounds like Your real estate agent should already known that before you got so involved in the deal only to be rejected . Maybe it’s time to find a new agent . I’ve seen this scenario before with bank owned REO and HUD wanting owner occupants only or putting a contingency that only after 30 days can investors put valid offers in . Your realtor should have seen all this prior to making an offer