Investor · Detroit, MI · Member since 2008 · 296 posts · 11 votes
I have a seller, and a buyer lined up. I need a free proof of funds letter as soon as possible. Can anyone help me with this task? Also can anyone recommend to me any great virtual title companies?
I agree with you Richard. To the young lady. ... I would ignore all the discouraging comments. Each and every person who commented negatively or felt the need to put their 2 cents in had to start from somewhere as well. I say try it... and if you fail at it then you know what to do next time around. You learn the business by doing...not by taking advice from discouraging people...who probably lack the proper education, which is why they did not provide you with a solution... (That has been my experience in the past) Biggerpockets is a networking site to help new investors, not to discourage others. So to all those individuals who had 2 cents worth of comments... should go by the old saying.. " If you don't have anything nice to say, then don't say it at all"!! Instead, I would offer her some advice that is worth more than a penny!
to get a proof of funds letter just go to your bank. It takes about ten minutes. I do it all the time. If I am making a cash offer of let's say $150,000. I go to the bank and get them to type a letter that on this date I have funds on deposit in excess of $150,000 in my accounts. It takes less than 10 minutes. Of course you have to actually have the money
it's funny how all these people are acting shocked as if they never heard or used a proof of funds letter before.
There are places u could find the letter sis, & no u can't go to jail 4 it, worst thing is they not accept it but really it's all in how u present your whole deal.
If u let your Realtor know he will getell 6 to 7 percent offrom the deal they will work in your favor
Do not listen to ppl who are trying to just down play what your doing so u won't have a chance like they all did, keep pushing foward & and listen to the gurus not the bloggers that don't care 4 u making deals.
I don't have the funds in my account I am looking to use a hard money lender after I get the contact signed by the bank for purchaseing reo in bulk but first I need a proof of funds letter
Real estate is all about getting around obstacles to be successful. If in the end one can deliver on closing the deal and all it took was a POF letter to ensure doing it what's the problem? Every one seems to think if you don't have a POF you must not have the funds. I have a scenario you may not have considered. I'm a Canadian in Canada and I want to do a retail flip project in the States. I have some cash reserves but the bulk of the deal will be funded through credit cards (I did the math and it's cheaper than hard money). However, with that type of funding I am unable to produce a POF letter for my offer to be taken seriously. If I could generate one, which I used to be able to do with Insider's Cash but not anymore as it appears they have discontinued their service which is why I'm here now then I could make my offer, close and fund it myself. SO, does anyone have a solution to that?!
I ran into a similar problem the last time I made an offer, where 25% of the capital was in my own bank account, 25% of the money was in my partner's bank account, and the remaining 50% was coming from a 3rd party investor. Since we werent going to take investor funds before the deal was under contract, I wasnt sure where the proof of funds was supposed to come from to be presented with the offer? in that case it was a small offer and we were able to show the investor's bank statement.
But what about when you use hard money?? if you dont even present the HML the deal until it is under contract, how do you get proof of funds?