OfflineThe book "Profit From Real Estate RIGHT NOW", is absolutely great, but I noticed an important item that is missing for investors, especially new investors. This item that is missing is "PROOF OF FUNDS." Most investors ask the question of how to get proof of funds. They will definately need this when making offers on foreclosure homes and HUD homes and most likely any home that is being represented by a Realtor. The realtor is going to request the proof of funds to provide to the bank with your contract. Without it, you will not be able to make the offer to the bank. It would be great if Dean or Matt or a successful investor can explain where and how to get his/her proof of funds with no credit, job, money, etc.
"If you cannot do great things, do small things in a great way.”
Napoleon Hill quote
I loved the new book as well,I feel even more motivated to get this going.
I have been on this site for four months and after networking with a lot of people, This seems to be the number one question for a lot of us.I found five of deans students on here that live by me and personally called all of them today, and they also had the same question.
San Diego's majority of properties are REO's.So this is a concern for my area.
Jason S.
San Diego, CA.
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HERE IS THE LINK TO THE LETTER I USE EVERY TIME....... http://www.coastal-funding.com/pof.html Just Fill in the blanks.....PROOF amount should be exactly what you are offering for a property......
Sam
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Yes, I know about coastal-funding and I do use them for proof of funds, but my point is that it would have been great if Dean would have mentioned proof of funds in his book. The proof of funds use to be an obstacle for me, but now I do know several ways to get it. Coastal funding is great because you can make offers on million dollar commercial properties. I think the highest coastal will do is 100 million.
"If you cannot do great things, do small things in a great way.”
Napoleon Hill quote
do you guys just use the proof of funds from them, or do you guys use them also???
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I have not used them yet for an actual deal. I have been using them for the proof of funds.
"If you cannot do great things, do small things in a great way.”
Napoleon Hill quote
I am totally enjoying the book.
"THE ARCHITECT OF YOUR DESTINY IS YOURSELF"
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Can someone give a detailed example of an email offer to proceeding with a formal offer on REO's.
1.) When emailing an offer, are you putting and/or assigns in the email or just what you'd like to offer.Get it accepted, and then on formal offer write it up with and/or assigns?
2.) Then when formal offer goes in with and/ or assigns and gets denied, do you write up a new formal offer with for example:Coastal funding (HML)and try the double close which I'm told by several Title Co. that you have to be up front to both parties about this?
3.) I'm asking these questions because I got a short sale accepted through an email with out and/or assigns submitted a formal offer with and/or assigns and the listing agent wont repond back to us.It's going on three weeks.I read it's the law that she has to submit my offer,doesn't she need to respond if they accepted it or not.What do I do from here.Trying to get my first deal.
Jason S.
San Diego, CA.
**All CASH House Buyer!**
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Answers to your question:
1. In your email, yes you can give your realtor directions on how you want to make your offer. You could mention to the relator to use the and/or assigns. I would recommend you use something like wordpad or excel explaining your contingencies, offer, etc. But you could also wait until a verbal offer is accpeted.
2. You could eliminate the and/or assigns totally for this deal since you are using REO and just use coastal funding proof of funds. Don't give the realtor the actual proof of funds letter. You may want to modify it by removing the website address, because they may question your intentions and the lender.
Use either simultaneous closing or a double closing.
3. If you are focusing mostly on REO, remove that and or assigns from your contracts. You will still get your money by doing the double closing or simulatanous closing.
4. Also I would recommend you get a different realtor. You need a good realtor, someone that has invested before.
"If you cannot do great things, do small things in a great way.”
Napoleon Hill quote