All Forum Posts by: James G.

@Josiah W.

I'll be putting money into the deal. I'll fund a sizable escrow payment and the renovation costs. But for the initial offer, I think it would be best, from the seller's perspective, to show one source of funding for the purchase price. Have you had any success with this? 

  @Chris Martin Thank you for your response, great to hear you've had lots of success with this. To clarify, you, as Equity Trust Company, provide a POF to your investor. However, your POF is not utilized in making the offer because your investor submits cash offers based on their POF, then closes with your capital? In this case, the investor has cash-on-hand for 100% of the purchase price, less the deposit, for their POF. Did I understand this correctly?

In my case, my investors are new to private lending and, therefore, do not have a formal company they utilize to lend. Also, while I will putting money into the deal, I can't show a POF for 100% of the purchase price.

I have several private lenders ready to provide capital for my flipping business. My question is regarding submitting an offer to purchase a listed on the MLS. Most sellers want either a proof of funds (cash in my account) or a preapproval/prequalification letter. As has been mentioned in several other posts, when using a private lender, they should give you a preapproval letter; however, one BP member indicated these letters aren't worth the paper on which they are written. Additionally, my private lenders are individuals that would not have any formal preapproval letter. Furthermore, my lenders are new to this process and I want to make it as easy as possible for them.

One post indicates using a personal LOC or POF for the offer, then closing with the private lender's capital. In this case, neither of these options is viable.

In listening to the BP Podcast, it sounds like a lot of investors use private lenders. So, I am curious of how BP members have successfully submitted offers using private lender capital? i.e. have you been successful with including a preapproval letter from a private lender, do you get the funding prior to making offers (a blind investment loan), etc.?

I have read through most of the private lending posts, but haven’t seen an detailed explanation for a successful offer process. Thank you!

I have my real estate license and only use it on my own deals. I have been submitting offers for properties on MLS including REO, traditional, short sales, etc. I have been making near, at, or above list price offers on several low-priced properties. After submitting an offer and making several follow-up calls and emails to the listing agents, I get no response. In some cases I've called the listing agent's broker and they also won't respond. The listing agents of these low-end properties are typically with a hack brokerage, not a reputable or notable company.

Any suggestions as to what, if anything, that I can do to get the attention of these unresponsive agents? I am only looking for confirmation that my offer was submitted to the seller and to get the seller's response. Thank you! 

I'll try this again with the correct links. 

I also live in Palm Beach County (South Florida) and am looking for an accountant who is well versed in small business and real estate ownership, sales, flipping, etc. Thanks.

@John McCormack any luck with the contact @Van Lewis provided?

Thanks @Raymond B.

I'll give this thread a bump. I also live in Palm Beach County (South Florida) and am looking for an accountant who is well versed in small business and real estate ownership, sales, flipping, etc. Thanks.

@JohnMcCormack any luck with the contact @VanLewis provided?

@Michael Quarles

When mailing to duplex-quadplex owners, my mailing lists are comprised of mostly LLC owners. When addressing the mailing as well as for the letter salutation, do you look-up each LLC for managing members or just send them to the LLC?

Great thoughts @Dev Horn and @Michael Quarles , sounds like keeping it simple is the better way to go. Also, looks like the consensus is letters vs. postcards.

@Jerry Puckett

Very helpful, thank you!