I know I can use his bank statement as proof of funds but he’s going to ask me why, what , where, how, when, Huh?
I’m trying to bid on an REO and I just need his statement to get it under contract then i will close with a HM.
So if someone can tell me the exact process so I can explain it to him cuz he going to ask is that legal?
I am going to tell him that but he going to want to know the inner workings of it as to why would the bank would accept it if its not my money.
He would ask why is that legal and why would the bank allow that.
Get my drift?
I guess I don’t how to ask the right questions.
I’m trying to figure out why the banks would let me use someones elses bank statement as proof of funds when purchasing a house if its not him purchasing it.
Is it because it is going to be a NOO? And it doesn’t matter whos name is on the proof of funds or do they view it as some third party lender and they dont care?
To your other question I don’t have a hard money lender in place because most require you to have 20k to lend on (more or less).
So…I’m tyring to recruit and private lender that will want to make a return on his investment.
Do you have some kind of power point presentation that I could use as a template to recruit investors?
I’m used them to offer on a property already but was still trying to scramble on how to finance the deal if it was accepted.
The only thing I think of doing is wholesaling it if I came up short on the financing.
why not just get a POF letter from the hard money lender? Or find a POF letter online? You can go to realestatedayfunding.com and get one from Larry Goins for free. There are more than enough people online who are starting to offer Free POF letters. You don’t real have to ask your friend. I believe there are also mortgage brokers who offer flash funding where they can set you up an account with money in it just for show to get you in the door. I’m not totally certain about that one but I have a strong feeling I’m right from what I’ve studied.
I know coastal does flash funding for back to back closings.
I only used them as POF to get my offer in… then I had planned on closing with a private/hardmoney lender if I found one. But I had a difficult time trying to convince an HML to even speak to me with my deal being offered at 19k. They would say nah we don’t finance that kind of prop.
go to your reia club or research other avenues to find a private lender who will just loan you 60 percent LTV of the property. Or maybe talk to other HML. I have a list of hundreds of them I got from Tim Mai.