OfflineHey DGers
I want to start assigning homes asap.
I posted some ads on Craigslist saying I have houses for sale and found some people who are interested in buying houses.
Except I have no houses.
SOOOOOO
I was planning on calling Real Estate companies in my area to start the 25 to 1 process
BUT
My GF was a Realtor and says that 25 to 1 won't work because I have no Proof of Funds and can't put in offers without it.
Is she right? Wrong?
Is there a work around?
Or does 25 to 1 not work with assignments?
I'm really excited to start assigning but I have no funds and thought I could just put in offers and lock up the homes am I missing something?
__________________
You need POF when submitting offers to banks, whether it is for REO's or short sales. As for private sales that is not the case. You can use the 25:1
system for any type of offer.
Fill out your Bio.
If you offer through a realtor your GF is correct, most often you will need POF. If you offer on REOs you WILL need POF. If you offer directly to motivated sellers with no agent involved, using your own contract NO POF is needed.
The best and easiest assignments are done when working directly with a motivated seller, NO AGENT INVOLVED. You find these guys by having a MASSIVE marketing program. Bandit signs, craigs list, driving for dollars, REI meetings, networking, networking. Hand out your card to every one you come across ETC.ETC
Finally, check out the presentation for my TF and POF guy below. I use this with every REO offer I submit. NEVER had an offer rejected.
Michael Mangham
Mentoring/Team Building Nationwide
MD Home Acquisitions LLC
Knowledge is power, but execution trumps knowledge. Tony Robbins
http://www.mdhomeacquisitions.com Seller site
http://www.mdhomeacquisitionsbargainhouses.com Buyer site
http://www.mdhomeacquisitionshousehunter.com Bird Dog Site
http://www.mdlodeals.com Tenant/Buyer site
POF's are easy to obtain from transactional lenders. Even if they are required they should not be an obstacle.
I am also familiar with the Trans funding and POF man that Michael uses and he is awesome! (Not that Michael needs ME to vouch for him, but just thought I would throw that in)
Karen
"You're never too old to be what you were meant to be!"
www.deangraziosi.com/real-estate-forums/investing-journals/59128/day-for...
"Shining Like a Star & Dancing on Sunshine"
"Shoot for the moon! Even if you fall short, you'll still land among the stars!"