WIP 1157: Wholesaling Quicktip - 3 FREE Ways to Get a Proof of Funds Letter
Wholesaling Inc with Brent Daniels
Find distressed properties for pennies on the dollar and turn them for huge profits!
4.9 • 1.4K Ratings
🗓️ 28 February 2023
⏱️ 11 minutes
🧾️ Download transcript
Summary
Making all-cash offers is a powerful tool for investors, but it can be difficult to do if you don't have the cash to back it up. Fortunately, there are ways to make all-cash offers even if you don't have the cash on hand. One way is to get a Proof of Funds letter. It is a document that shows the seller that you have the funds available to purchase the property.
Brent Daniels has three simple and effective ways to get your hands on a Proof of Funds letter that will help you in your offer arsenal.
If you want more real estate investing techniques check out Brent’s TTP training program for more winning strategies.
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Show notes:
- (0:54) Beginning of today’s episode
- (1:52) Hard money starts with a group of wealthy people.
- (3:29) Hard money Lenders are in business because they want to lend money.
- (4:12) Reach out to hard money lenders and ask for "proof of funds."
- (5:45) Having a local hard money proof of funds is more powerful than having more of a national brand.
- (9:18) It is so powerful to be able to offer motivated property owners a "cash as-is" offer.
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Resources:
- Double Close
- Best Transactional Funding
- To speak with Brent or one of our other expert coaches call (281) 835-4201 or schedule your free discovery call here to learn about our mentorship programs and become part of the Tribe
Go to Wholesalingincgroup.com to become part of one of the fastest growing Facebook communities in the Wholesaling space.
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Transcript
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| 0:00.0 | You're listening to wholesaling ink episode number 1157. |
| 0:04.4 | The first step in building the relationship with the hard money lender is to reach out |
| 0:09.6 | and ask for a proof of funds. The reason that they're called hard money, which sounds harsh, |
| 0:16.0 | is because they lend based on the property and hard asset. It's not based on you. |
| 0:22.8 | This is Game Changing Information, guaranteed to raise your real estate wholesaling business |
| 0:28.0 | with actionable steps you can take immediately to navigate the ins and outs of wholesaling |
| 0:32.9 | and start making money today. Join us as we put our guests in the hot seat and dive deep |
| 0:38.7 | to dissect their strategies for success to enable you to duplicate their results. |
| 0:43.5 | You're listening to wholesaling ink. The only show dedicated to making you a fortune in wholesaling. |
| 0:49.8 | One of the most powerful tools that we have in our offer arsenal is to make all cash offers. |
| 0:58.8 | But how are you supposed to make all cash offers to motivated property owners |
| 1:04.0 | if you don't have the cash to buy it? It is very common for real estate agents and homeowners |
| 1:11.6 | to ask for something called a proof of funds. They want you to prove that you can actually |
| 1:16.4 | purchase the property. I'm going to explain proof of funds and I'm going to show you three |
| 1:21.6 | easy and free ways to get your hands on a really solid proof of funds. When I first heard the term |
| 1:28.8 | hard money, I was really freaked out about it because I thought it was like a loan shark, |
| 1:33.2 | you know, like the movies where they lend you money and you have to pay them back in like a couple |
| 1:37.9 | days with like super high interest rate or they're going to come and find you and break your knees |
| 1:42.4 | or something like that. That's not what this is. This is a very common practice in real estate |
| 1:47.7 | investing because what it really starts with is a group of wealthy people. All right, wealthy people |
| 1:52.4 | have excess funds and they don't want to keep it just in a regular conventional bank account |
| 1:57.5 | because they're not earning any money on it and then sometimes they're actually losing money, |
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