OfflineI'm reading Dean's new book and BARM. I can't seem to find an answer. My question is this: Once I've found a "killer deal" (and I've found a few) most around my area (southeast CT) that contain "buzz words" like motivated seller, prices to sell, etc. also require you to be preapproved to even put in an offer. How can I do that with no money and no credit? I'm looking to do mostly re-assigns to start and get some money first to do fix and flips and rentals soon. Any help?
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We put into our contract that buyer would provide either prequal letter or proof of funds within so many days after the offer was accepted. In our case it was 2 business days. I think also, in the new book, that Dean goes into how to word the contract so that it's clear that you'll be assigning, and not purchasing yourself. This requires talking (or emailing or something) the seller before submitting an offer.
If that won't work, maybe consider finding a partner, someone who does have good income and credit, and having them get pre-qualified, then cut them a portion of the profit when you make an assigns. Also, once you have a pre-qual letter, you can just make copies and use them over and over on different loans. Just make sure it's set high enough for any deal you think you might want. Or, have your partner ask for a few of them, at different price points. We did that with our broker. i think a pre-qual letter is good for 60 or 90 days - is that right?
Anyway, good luck! If you can find the deals, you'll find a way to close them!
Have you tried calling investors yet to see if they pay assignment fees? if they're cash buyers, they may provide you a proof of funds letter so that you can lock up deals to later assign to them - it's worth asking.
Tracey R.
Thank you so much for your help! It can be difficult, always seeming to run into walls and dead-ends. I'm glad to have found this site and people like you to help me get around them, or find another way.
You may want to consider www.privatemoneysource.com .... They will consider funding your properties, if you have packaged your deals in a "conservative" manner.... Shalom!