Free Proof of Funds Letters
As you invest in real estate, one of the many things you will come across is proof of funds. This is just one of those pieces you need especially when you are doing any sort of quick flip where a bank is involved. The banks whole purpose in requiring proof of funds is to make sure you, as the investor, actually have the money to close your side of the transaction. They just want to make sure you are a legitimate player.
Can you blame them? What would you do if you were selling a property and you had two offers come in – one that would pay all cash, close on the date of your choice and backed it up with a bank statement, or one that needed to get conventional financing with no proof of funds letter? It’s obvious which offer you’d accept even if it was a lower offer. [Read more…] about Free Proof of Funds And Proof of Funds Letters
A few months ago, I surveyed my list asking them about the challenges they were having with investing in real estate. One of the biggest challenges they were facing was that they didn’t know where to get the money to fund their deals once they found a great deal.