All Forum Posts by: Lori Greene

Hi Aquino, I have been investing and mentoring/coaching for many years and have found that the best resources for using other people's money is private money. And by that I do not mean hard money. Hard money lenders will sometimes call themselves private money because it sounds less threatening. But there is a huge difference.

I'm talking about everyday people who don't know anything about real estate investing or just don't have the time but have a little money and want to invest. They put up the money, you do the work and give them a good return when you sell the house. I fund all of my deals this way and nothing beats it because you set the terms.

They are easy to find. Just say this to everyone you meet: First, make small talk by talking about what they are doing for a living. That opens the door for you to talk about what you do for a living, real estate investing, then end with, "So if you ever know of anyone who wants to make a 10 to 12% return on their money, backed by real estate, let me know, I'll hook them up." You'll be surprised at the number of people that will say, I might be interested, tell me more.

My sister once found private money by talking to a stranger on an airplane. Now he funds some of her deals. And what's great about this approach is that you never have to ask anyone for money, some will just volunteer and some will be people you never expected. So, use this with everyone you know or meet.

And FYI, buying investment properties with Seller Financing coupled with private money for the rehab is a fantastic way to go. If you have more questions about real estate investing, just ask me. I will gladly answer your inquiries in detail.

Hi Jeff,

Yes those big seminar companies will take you for every penny they can get. I've been investing and mentoring/coaching for 20+ years and used to coach for them. Now I just help people one-on-one, showing them what I do which has been much for effective. Ask any questions you have about real estate investing and I will reply in detail.

Hi Bernard, it's great to see your commitment to learning from others. Always surround yourself with those you want to be like and it will happen naturally. I have been an investor and mentor/coach for many years. If you have questions about real estate investing, just ask and I will happily reply with detailed answers.

Yes this transactional funding co does offer a bank statement to show the funds are there. They call it a VOD (verification of deposit) and they do charge a $425 fee for one. @Chelesa Tustison, you said these kinds of POF always work for you. How many times have you used a financing POF on a cash offer and how many times did the banks ask for a bank statement to back it up?

Chelsea Tustison

Chelsea Tustison

It's not fraudulent at all, John. I told him to use a POF letter from a real transactional lender who will really lend on a double close. The bank knows it was a cash offer and that this proof of funds letter is for financing. It says so right on the letter. The letter also gives the bank a phone # to call for verification of the available financing. If the bank decided to accept a financing proof of funds on a cash offer, that's up to them.

Thanks Chelsea. So they always work on REO's you offered cash on? That's awesome. I will pass that along to my students. I've been telling them not to offer cash unless they can show a bank statement.

Hi all, I have a question about Proof of Funds acceptable to banks in REO all cash offers. I've always used a bank statement figuring that is the only POF banks will accept on cash offers.

But, I have a friend who recently made a cash offer, intending to use hard money and asked me what proof of funds to use. He didn't know that the bank may want to see a bank statement as POF, which he didn't have. So, rather than back out of the offer, I told him to at least try using a proof of funds letter from an online double close funding co just to see what would happen because you can get a POF letter emailed to you instantly. He did and they accepted his offer. I was very surprised by that.

My questions is:

Was the case of my friend the exception to the rule? Are you finding that banks will only accept bank statements as POF in cash offers? Or do you ever see them accept other POF for cash offers? If so, what kind?

To any wholesalers in the Weber, Davis & Box Elder County, UT areas: My partners and I are rehabbers and want to know if you are finding good deals in these areas. If so, let's talk about them.

It depends on the mentor. Sound investing strategies can be adjusted for any market and a good mentor can teach the student how to analyze their market accurately to determine the adjustments that need to be made. Most of my students are not from my state and still have great success.

Thinking About Hiring a Real Estate Mentor? Read This First.

A writer for a real estate business company contacted me and asked my advice on whether it's worth it for new investors to hire a mentor from a big guru company. Here was my advice:

http://www.dwellfinance.com/blog/thinking-about-hi...

Read it to know the truth about how most of them work.