All Forum Posts by: Account Closed

Where did you find this guy? If it's some dude off craigslist, or some dude you never met and don't have a good relationship with the guy, and haven't even met him in person; don't do it!

Lol I went through the same thing! I had a realtor I was referred to when I first started and I was the only one sending him listings, and it seemed he didn't care at all. By Gods grace I found a realtor who I could work with, the truth to it is that you gotta find the realtors who are hungry for business!

I use a builders risk policy. I use NJREIG

If it's a sheriff sale/live auction; go to the auction a week before the property is going for bid and find the guys who are bidding on the most properties, and purchasing the most property at the auction. Start a conversation with those guys and build some type of rapport. Let them know you want to purchase a property from auction and you need a partner because your cash is tied up in other deals. I'm not sure what your exit strategy is on the property but if you're trying to flip the property, Let them know that you'll provide the sweat equity and manage the project because you're fully aware they have a lot of deals going on right now. Juice up the convo, and don't be dry. You'll be alright.

Hi Dixie: I'm going to be completely honest with you. If the "Proof Of Funds" is just a Pre-Approval letter stating that you've been approved by a lender for a certain amount, it's a load of garbage! As a Rehabber, and an occasional wholesaler I prefer sending  a bank statement to the seller, and as a wholesaler I require a bank statement and not a Pre-approval from my buyers. These letters are just generated and anybody can get their hands on them.

Please, don't get me wrong I purchased a $5 " Proof Of Funds" from Cogo Capital just for my offer to get rejected from a seller when I first started out, I would've rather spent it on a 4 for 4 from Wendys than purchase that letter.  I was very vulnerable when I was a rookie; It's pretty much a money making scheme for them!

Any buyer that sends over a Pre-Approval "Proof Of Funds" from a lender, (especially Cogo capital who turned me down a year ago when I called them and explained how I was I was just looking for HML and I'm looking to establish a relationship with a lender they told me " Get some more money, and build your credit then call back.") They may not be a serious buyer because If their lender can't fund the deal then the deal isn't going through; and not only you just wasted time.

Also, the seller will usually always take the offer that provides a bank statement because they feel more comfortable knowing that they have the money in their account and can close! Especially Fannie Mae and Freddie Mac, these guys want to know that you'll be able to put down that 10% earnest money.

Hey William: Tell the dude it's your business, and that's the only way the transaction can work. Let him know this is how wholesaling works, and he can either do the assignment or double close or he can back out; If he's not interested in doing it your way then move on. 

Are you trying to wholesale? or Purchase to flip?

Hard Money, Private Money, Bank Financing, Owner Financing. Check out the bigger pockets youtube channel on ways to do creative financing. If the deal is good you shouldn't have a problem getting the money

Asset Based Lending. I believe they lend in Florida too. These guys are def top in my market which is New Jersey, and they close fast! Their rates are reasonable, and they're always there to help. Their website is ABL1.net