Are you struggling to find OPM – Other People’s Money to fund your deals? And even a good Proof of Funds (POF) letter?
Well – hold it right there. Because regardless of whether you do (i) an assignment or (ii) a double close on your wholesaling deals – either way, you don’t need OPM or POF.
No, really, you don’t need any funds…
Hey Moguls, Patrick Riddle here, and that’s just one of the many reasons why I love wholesaling so much. It’s a low-risk strategy – for anybody – and especially for newbies who don’t have a lot of money to begin their investing career.
Impt. Note: If you want to make an offer on a property listed with an agent, you will need a POF letter. Realtors expect it, it’s pretty standard. And, you’ll be required to put down earnest money on listed properties of 1% of the purchase price.
But, when you’re working directly with sellers, you should be good…
Patrick Riddle
has been investing in real estate ever since he got the bug in college at Clemson University and - to his parents dismay - dropped out of college to dive full-time into real estate at the age of 22 with a couple friends/partners from school.
The first few deals were rough for them, mainly using their own cash, credit, and hard money loans. But, soon he found out that was a rough and unsustainable way to build a real estate business.
After "on the job" learning through the school of hard knocks at first, he found the key that helped their company get deals done more quickly, with higher profit, less risk, without having to go to banks or use their own cash.
Fast forward to today, their company has closed over 130 real estate transactions and has put over $6 million in private money into their own transactions.