If banks dont allow you to assign there REO, can I form it it a trust or LLC? Also If i offer on a REO will they ask for me to be pre approved? Could i just say I have my own funds? Could someone explain how I can make this happen. My credit is bad. I have HML that will lend to me at 65% ARV but only will go off the deal. They wont give me a pre approval letter
Yes, you can form a trust or LLC if you want.
Yes, a lender will ask for a preapproval letter or a proof of funds letter.
No, you cannot just say “I have my own funds.” You’ll have to get a proof of funds letter from your bank.
If you have a HML, then they should be able to write you a proof of funds/prequal letter when you get a deal in front of them.
Raj
which one is easier a Trust or a LLC
IndianaREI Do you know of anyone who would like to invest throughout the Indianapolis area? Let me know because I have properties prices well below appraised value.