Posted by Sean on May 13, 2003 at 21:22:21:
Find a Hard Money Lender, they loan based on properties value, if you have reasonable credit getting a SOF letter from them is not an issue.
proof of funds - Posted by rich
Posted by rich on May 13, 2003 at 18:42:22:
I am looking to get started in this business by wholesaling. One of the ways I am going to find deals is by making offers on listed mls properties. Unfortunately I hear that realtors usually require that you show them proof of funds or a prequalification letter from a lender. Right now because I am first starting out I do not have the funds and the hard money lenders I spoke to will only give you a prequalification letter after you present them with a deal. Does anybody know if there any ways to get around these problems?
Re: proof of funds - Posted by KMCKEON
Posted by KMCKEON on May 20, 2003 at 20:19:32:
What does “SOF” mean?
Re: proof of funds - Posted by Sean
Posted by Sean on May 14, 2003 at 11:42:34:
Sorry just reread this… well you can do 2 things, 1 find another HML that will provide you SOF.
Realtors don’t require a SOF to present offers, at least not in this area, generally it is the SELLER that wants an SOF accompanying your deal for consideration.
I am trying to recall how we handled it… we got a local HML to write us an SOF letter for 75k (after he checked on our job etc, and made sure we understood how to buy etc) We then used that letter.
Have done several HML deals and always just call up one of them and say we are looking for our next property need an SOF letter to make offers, and they always fax a new one to us/our agent.
I would suggest maybe talking to some other HML’s or other investors in the area about what they have done. Local investment club is generally best source of contacts and information there is.