Proof of FUNDS!!! - Posted by Greg NY

Real Estate Investing
#1

Posted by Jim on February 27, 2001 at 22:18:02:

A hard money lender should put out $ 45,500.00 on this without batting an eyelash, so what you need should be a simple “Cake Walk”!!!

Pass on the numbers to him and I’m sure he’ll give you a pre approval letter with no problem!

Get it done Greg…

Jim

#2

Proof of FUNDS!!! - Posted by Greg NY

Posted by Greg NY on February 27, 2001 at 17:12:46:

Hello,

First of all, I would like to say, if you don’t believe I have potential deals that I am working on, THAT’S YOUR PROBLEM, NOT MINE! Don’t private email me telling me that I’m full of B.S. and that I’m a loser with a capital “L”. I’m not going to say any names (Hal R, whoever you are) but I come here for advise not abuse. Thank you, that is all.

Anyways, I need to know how i can get around the proof of funds these Realtors are running to me. I have 5 potentials that I can get (was 7, lost 2 to the competition… I have a full time job). I can get away with no earnest money but this is hard. Any suggestions or advice is greatly appreciated.

Greg NY

Having a full time job and trying to invest in RE is a juggling act. But I’m motivated so I guess I’ll be OK.

#3

Re: Proof of…look at the numbers - Posted by Greg NY

Posted by Greg NY on February 27, 2001 at 20:25:56:

Thanks all for your advice. I guess I’m going to have to find my sellers without Realtors. Or get a letter from a hard money lender. Have any in mind that might help me.

Great deals here in MY part of NY (Syracuse). Need help fast deals are flying all around me and I seem to have a whole in my net. Wish me luck, will post again sometime soon. Thanks again!

Greg NY

By the way this is the deal:
(copied word for word from MLS)
asking 38.5K
Newer gas stove, furnace, hot water heater. Hardwood
floors in formal dining and living room. Empty lots
on both sides owned by city. Seller has been mowing.
Owner anxious - BRING ALL OFFERS!! VACANT - show anytime!!

70K comps
8K repairs
free and clear

#4

Re: Proof of FUNDS!!! - Posted by GIO

Posted by GIO on February 27, 2001 at 19:31:46:

per my exp. in nyc, unless you actually have a letter from the bank or a bank stmt showing the funds than the only other way is to work with a buyer you feel you can trust and have that ultimate buyer provide the proof. I’ve run into this and that is the only way i have done it. Too many buyers who could buy CASH ended up not having the cash and were unable to close thus causing the brokers to distrust these so called buyer/investors.
contact me if youre in NYC

#5

Re: Proof of FUNDS!!! - Posted by Terry (Houston)

Posted by Terry (Houston) on February 27, 2001 at 18:27:08:

It can be done, the juggling act! Just stay focused and keep plugging away.

Hal R has had his name used on several occasions, as a matter of fact I remember Hal fighting Hal on this board. Just stay calm and delete the email.

Terry

#6

Re: Proof of FUNDS!!! - Posted by JPiper

Posted by JPiper on February 27, 2001 at 18:06:10:

Get yourself pre-approved with a lender.

JPiper

#7

Geez… - Posted by Ron (MD)

Posted by Ron (MD) on February 27, 2001 at 18:05:52:

Greg,

I’m not sure it’s a great idea to start your request for help with an angry rant that everyone must wade through because you are steamed at one guy.

This is just a friendly suggestion that if you just play nice here, you’ll probably get the support you’re looking for.

Ron Guy

#8

I’ll buy it for $32500.00 CASSH!..TOPS! - Posted by Jim

Posted by Jim on February 27, 2001 at 21:30:53:

What was your offer?

Jim

#9

Re: Proof of FUNDS!!! - Posted by Greg NY

Posted by Greg NY on February 27, 2001 at 18:51:48:

My credit isn’t good enough to get pre-approved. Will being pre-qualified be good enough. And if I’m just assigning the property, I can leave the closing, attoney, etc up to my investor buyer, right?

Thanks,

Greg NY

Sorry for being simple, not fully trained in the arts of creative real estate.

#10

Also, it wasn’t me!.. - Posted by HR

Posted by HR on February 28, 2001 at 06:10:36:

So, this is the latest scheme the adolescents are up to lately, eh? Using someone elses name to make bogus emails?

Greg, I can assure you of a few things:

  1. It was not the real me, Hal, that made those private emails to you.
  2. If I had some constructive criticism to make, I would do it publically on one of these boards.
  3. I don’t have the time or energy to waste on silly, argumentative private emails.
  4. Sorry someone has been bashing you privately. I’m even sorrier they are using my name.

Good luck to you,

HR

#11

Re: I’ll buy it for $32500.00 CASSH!..TOPS! - Posted by Greg NY

Posted by Greg NY on February 27, 2001 at 21:45:58:

23K, 28K TOPS, but i cant get passed Proof of Funds

#12

Re: Proof of FUNDS!!! - Posted by Brent_IL

Posted by Brent_IL on February 27, 2001 at 19:33:22:

It’s your deal. Never leave the details up to anyone else. If you are flipping the contract, the investor-buyer will pay you off and take over. If the investor is investing in you and your deal, (s)he will want to know that everything has been planned for, and all that remains is to write the check. You’re the only one that can do this. Delegate, but keep control.

#13

Re: Proof of FUNDS!!! - Posted by JPiper

Posted by JPiper on February 27, 2001 at 19:25:52:

You’re confronted with the proof of funds issue because your’re exploring REOs. Don’t want the issue? Don’t do REOs.

If you decide to do REOs you need either cash or a preapproval letter. Cash could be from your bank account, your securities account, a credit line, or perhaps a partner. Preapproval letter could be from any lender (if you have the credit), or a hard money letter who will lend based only on the asset.

Sounds like what you have open to you are getting a partner, or finding a hard money lender (asset based lender). Those are your choices. The lenders have wised up…they want to deal with someone who can close…not someone who needs to assign. And by the way, the contract will have an anti-assignment provision in it that won’t be waived.

JPiper