if someone wants to be an investor, just starting out, is there anyway to get a proof of funds letter, without a high income or no income.
A proof of funds letter would show a bank is willing to lend you money for something. If you have little to no income, it’s going to be really difficult to get a bank to loan you money - especially for an investment property. Banks aren’t going to just let someone into something like that with no money from you because most people would walk away from a property if things got tough.
John - what’s your investment strategy? If your a wholesaler you can get a POF from a transactional lender. If your a rehabber you may want to talk to some HML’s.
rehabbing or buying reo from bank, stragedy is hold for 30 days rehab and make profit, banks who own reo’s want to see proof of funds/ whats an hlm???
Whats an HML
Hard Money Lender
I think most people who wants to get a loan from a bank for business or investments need to show proof or valid means that is qualifying you that you can pay the bank for your loan.