Unlocking Real Estate Success: How Proof Of Funds Can Secure Your Deals | Astroflipping Breakout
Wholesale Hotline | Brent Daniels
Wholesale Hotline
4.9 • 586 Ratings
🗓️ 15 January 2025
⏱️ 13 minutes
🧾️ Download transcript
Summary
In today's Wholesale Hotline (Astroflipping Edition), Jamil breaks down how to get proof of funds for your next deal.
Show notes -- in this episode we'll cover:
- Jamil discusses the importance of proof of funds in real estate, explaining it verifies access to money needed to back offers on properties.
- He emphasizes using hard money lenders for distressed properties, as they offer non-recourse, asset-based loans that don’t rely on personal credit.
- Jamil makes live calls to showcase how to build relationships with lenders, including understanding their terms and services.
- Some lenders provide pre-approval letters and even connect investors with buyers for potential deals, streamlining the process.
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☎️ Welcome to Wholesale Hotline & Astro Flipping breakout🚀👨🚀🚀👨🚀! ☎️
Jamil has been in real estate since 2002, since then he mastered the art of Wholesaling Real Estate. He successfully built KeyGlee, which is now a National Franchise with over 100+ employees, spanning 180 US markets.
Jamil also runs a mentorship called Astro Flipping where he mentors and educates hundreds of entrepreneurs on how they can be successful in their own Wholesaling business.
He is also the host/star of his own TV show on a nationwide television network, A&E. Triple Digit Flip showcases Jamil, his sister Rahima, best friend Pace, and their real estate agent Laura wholesaling and flipping houses all over Arizona.
Jamil is also the co-host of the fastest growing podcast on Wholesale Real estate called “Wholesale Hotline.” Additionally, he started his own podcast called “To the Moon” where he highlights student success. Above all things listed about Jamil, his mission in life is to impact as many lives as possible, and share the knowledge he has with those that have a desire to learn.
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🤝 #SQUADUP & GET MORE DEALS DONE in the Wholesale Hotline LIVE Facebook group: https://www.facebook.com/groups/759418414582645 🤝
Transcript
Click on a timestamp to play from that location
| 0:00.0 | You are listening to an astro-flipping breakout with me Jamil Damgey on the Wholesale Hotline |
| 0:07.0 | Podcast. We want to know how we are doing, so give us a rating and leave us a review. |
| 0:13.0 | Hey guys, Jamil Damji here. So you need your hands on a proof of funds. Now, many of you guys |
| 0:18.2 | were using my lending company in the past for a proof of |
| 0:20.9 | funds. Thank you guys for being a part of that. But we've just run into some complications |
| 0:24.5 | with people photoshopping our documents. And so I had to stop doing that. And so now you |
| 0:30.2 | maybe are kind of so well. You're like, Jamil, where do I find a proof of funds? And a proof of |
| 0:35.9 | funds, first let's talk about what it is. |
| 0:38.0 | A proof of funds is a document that you have that verifies that you have access to the money |
| 0:43.3 | to write an offer on a specific piece of property. Now, why is it important? Well, why a proof of |
| 0:48.8 | funds is important is it shows that you have access to the liquid funds to make property |
| 0:53.7 | purchase or to actually consummate the offer that you're writing. |
| 0:57.5 | And if you don't have access to those funds, whether it be through a lender or your own money, then writing an offer on that property is fraudulent. |
| 1:05.2 | You can't write an offer on a property if you don't have access to money. |
| 1:08.6 | Now, that doesn't mean that you have to have |
| 1:11.4 | the money. I want to be very clear on that. I've purchased homes in many times in my life where I |
| 1:17.1 | didn't have all of the money or any of the money to even buy the house. I used other people's money |
| 1:22.0 | or lenders in order to actually complete the purchase. So a proof of funds is really just showing |
| 1:28.3 | that you have verifiable access to the funds. |
| 1:31.5 | It doesn't mean that you've got the funds, |
| 1:33.0 | but you have verifiable access to the funds. |
| 1:35.1 | Now, where could you get that verifiable access to funds? |
... |
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