How To Get A Proof Of Funds Letter And Use It For Making Cash Offers
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- Опубликовано: 4 июл 2024
- In this video, you'll learn how to get a proof of funds letter and how to use It for making cash offers.
Proof of Funds Letter Included with Pro and Prime Levels of Flipster Software. Go Here to learn more:
GetFlipster.com
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Jerry Norton went from digging holes for minimum wage in his mid 20's to becoming a millionaire by the age of 30. Today he's the nation's leading expert on flipping houses and has taught thousands of people how to live their dream lifestyle through real estate.
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Get a good relationship with buyers. My buyer gives me hard proof of funds to deal with agents. Build a good relationship with your buyers. It’s about relationship, bring them good deals and you will be good!
+Yeshua
Right on! 👍👉💵
How do you find these buyers??
@@sykrosis Utilize social media. FB , join Hard money lendor groups, Meetups , referrals. Network!
In what form do your buyers provide you with Proof of funds? A bank statement? What is the best way they can provid me with a Hard PoF without giving away sensitive personal information??
@@loulupero4147 In what form do your buyers provide you with Proof of funds? A bank statement? What is the best way they can provid me with a Hard PoF without giving away sensitive personal information??
You are like the GOOGLE of REI. I can almost guarantee if I type a question in RUclips regarding investing, you have a video on it. #flippinggenius
I was thinking about this part of the deal and you have the video for it too. Thank you.
I love how you just explained something most people would struggle to explain. I was smiling when you kept almost starting to laugh, about agents demanding hard POF's. Lol. This is an amazing way to get around POF's with Flipster! I can't wait to join!
Where do I find the proof of funds on flipster??!!
@@jalatrafford7725 same boat as u.. I was looking at the upgrade I think it mentions pof.. not sure I thought the standard membership included it. I'm nervous to do my first deal but excited. Hope u get your first deal.
@@Renbacktome did you ever get your first deal?
Thank you for this!! This answered so many questions. I have had this problem in the past. Your the best!!
Thanks for the info Jerry. You have great content and its easy to catch on the way you put it out there. You are a flipping genius!
Love Jerry Norton! My name is pace morby.... if you ever need help looking at deals, or funding your projects, I would love to chat!
Jerry you are a flipping genius!
You are the best Jerry thank you so much for all the information god will keep blessing you.
This is good info. I am not into RE Investing but I am in search of a company to buy. This is the exact same process. Good stuff.
Where abouts are you looking? I have a building + business in Columbus, OH.
Hey Jerry, I have a question so after watching this video along with your double close in escrow video I want to know would l be able to close my A-B transaction and take title successfully with a soft proof of funds letter being that the end cash buyer would technically be funding both sides with their hard money? Or would I still need to find my own hard funding? I hope my question makes sense. I found out recently that in nc where I live, I can only do double closings, so that double escrow method sounds very appealing.
Great content as always, wish you well!
Thank you so much for this.
How can i get the Pro Flipster? I don’t see it being an option at checkout.
You're amazing.I plan to get Flipster in the near future. Thanks!
Thank you Jerry
Wow very interesting I've always thought a POF was just a POF. Didn't know there were two different kinds of POF. Once again you just educating me on something I didn't know before.
🙏👊
Love the video and the details you provided. I enjoy learning from you. Do you know any POF website in Canada?
So is it possible to provide a SOFT POF prior to finding the buyer, and use it to represent the buyer?
thanks for the break down your a fliping genius jerry
is this proof of funds still availble with newest version of flipster?
Yes, pro and prime level
thank you jerry so much your the guy
So if you have an agent requesting a proof of funds letter, I show them the pre qualified letter. They approved, and what I would need to do is to get a buyer to show the proof of funds for me after the contract is signed? But what if the agent didn't see my name and saw the buyers name for the one who bought it? And how am I able to request a proof of funds from a buyer and send it to the listing agent aka the seller?
This was extremely helpful, now it leads me to what might be a clear answer. But when starting in wholesaling especially, should you provide a proof of funds with each offer you make?
if requested
when do you run coupon codes or discounts for your service?
Blessings Team Jerry!
nice work sir, thank you, two questions please, how much do you charge for a POF letter, and also let's say they accept this POF and i can't find what they call a C buyer for the porperty i'm wholesaling, how do i walk away from the deal without getting sued?? due diligence contingency? thanks in advance.
So, Jerry, while it's a great approach to opening a transaction - the soft money approach is still effectively a "contingent" offer even though it's an alternative lender/investor who's providing the "cash". The contingency being that the buyer needs to obtain final approval to fund the deal (i.e, the pending hard approval). Correct? It seems, therefore, like this contingency should be distinguished in the purchase contract since it's not an all-cash offer as interpreted in the traditional sense. Otherwise, one would need to rely solely on other due-diligence elements and timelines as a legal means to withdraw from a contract (if they couldn't find a lender to commit to the deal). Am I tracking correctly here?
Bruce Caico Yes, in his example you are still making a contingent offer essentially no different than any other financing contingency.
question: so if my offer gets accepted with your soft POF but I'm planning on wholesaling it , and the agent does want a hard POF, I would ask my cash buyer for a hard POF immediately to submit to my agent correct ? so now they have a hard POF that what they where looking for
yes, that works
@@FlippingMastery bro my pof keeps saying zero on your software when i send it.....
I have the basic plan, is POF still available? What section of video is it in?
Anyone answering theses?
You're the man Jerry!!
+ACGNY08
🙏🙏🙏
Awesome content as always. Quick question. If they ask for a hard letter after seeing my soft and I agree to submitting one after I get the property under contract, can I just turn around and wholesale the contract without submitting the hard letter ?
i would assume so because the cash buyer has the cash to close the deal
thank you so much
Question : I have a contract and used soft proof of funds. They want a hard proof of funds w in 5-7 days after I get contract... I’m going to wholesale but won’t have a cash buyer that fast.... what should I do??? And if I actually can find a hard lender and they approve it... will they get annoyed when I cancel the loan because I found my actual cash buyer? Very confused about this
So basically, new wholesalers shouldn't be working with agents for this reason among many AND if a SELLER is asking for pof they're not motivated.
Hey Jerry, if youre just getting started and can't get a hard proof of funds after it gets put under contract because you don't have the 15-30 % hard money lenders require from you to fund a deal, is there a way around that issue or is that a dead end?
Find a cash buyer and have them submit a pof letter
Hey can you use this with a bank in a short sale deal when they ask about POF?
I have flipster just bought today i need to know where to go on the site to access the POF letter please help
You dont get unlimited POF letters with the $97 Flipster subscription,
You need the $197 subs, or the $297 for unlimited POF letters.
Love you Jerry !
Wow
Just wasted $97
Hey jerry, i bought flipster and upgraded it for the proof of funds feature and i cannot find it
video was good Jerry. no fluff. just good info. I understand I can fire the buyers agent .... for not liking my POF letter , but I did not hear .... some work-arounds when the Seller's agent doesn;t like it ..... I guess just find an equity partner for a hard pof
+SpoilThe PrincessDOTCOM
Here’s another vid on POF
ruclips.net/video/8hcogAdQJiQ/видео.html
how do you land the hard money through the side door and make a cash offer in through the front door?
could you provide the details, paperwork required, timeline and steps?
I heard from somewhere that one should request proof of funds from the "cash buyer" before presenting their deal to them. I wanted to know if that is a good approach or not. Any info would be much appreciated. Thank you.
Is this for when u are buying the house? Or I need a hard pof to wholesale it as well
Jerry ok I’m confused,
I use the soft pof & get offer accepted & now have contract.... and now they want hard pof but don’t have a buyer yet.... How do I get a hard pof if I don’t have a lot of money or unsure if I am going to get approved for that type of loan? Are they hard to get? Can you do more info on hard pof and ways to get them?
contact a hard money lender
ruclips.net/video/_a8DRGSTGlI/видео.html
If u have a buyer lined up ? You know thwir criteria . Can you use their proof of funds ?
I would just go to the potential buyer for proof of funds rather than spend time with an empty document that promises no money if I do get the deal under contract.
what if they don’t want you to assign the contract
So if they are requesting a hard POF letter after I have it under contract, you're saying that the cash buyer will give me a hard POF letter?
what about if your a wholesaler do you half to be preapproved just assign your contract to your cash buyer
But with the the Lot flipper program you do fund the deals correct?
Go here to learn more: flippingmastery.com/lfyt/
So one's hard money "lender" who provides the proof of funds (soft or hard) should also be the person we intend on assigning the contract to? I just want to check if I'm following correctly
Do the unlimited pofs in flipster come free included in the pro plan or once I have the pro plan do I also have to pay for pof?
With a pro or prime level subscription to flipster, you get unlimited custom proof of funds letters for as many offers as you want. To learn more go to: Getflipster.com
If I'm getting started with wholesaling and do not have the funds required to buy the house, because I intend to assign the contract to a buyer, do I need a proof of funds letter and would I need to find an investor with those funds in order to show that I have the capital to actually make a cash offer?
most of the time yes
I am a part of the 10K Club and am confused if I can use the POF for deals that are done with buyers other than yourself? If I can use it, then would I get in any sort of trouble? Thank you.
you can use it
I was thinking about joining but have been reluctant to do so. Did you make any kind of money with that membership?
Does it also work in Canada
First off jerry thank you for all the value you're always bringing us!. It caught my attention when you said if the agent doesn't want to approve your soft proof of funds that we should get a new agent...but i don't understand because when we are double dipping on a deal that's the only agent we can work with? we can't switch to a random agent? or I'm I wrong?
If you’re double dipping, you’re right. You are only working with the listing agent
Hey Jerry, thanks for the info! So what do you do in that situation?
So Jerry let’s say i get a house under contract using soft POF an everything is going smooth. Can i wait till i have the contract assigned to someone else an use their hard POF. Or do i need my own hard POF?
once you assign your buyer will proceed to closing with POF, etc
My question is , if I get signed up will I get the 10,000 deal or is that something completely different.
Different
I can’t find the link to make the payment for flipster PRO it just goes to the base flipster, can you help?
My team can help you
Support@flippingmastery.com
Hey jerry great video. Are proof of funds included in your $97 per month package?
With a pro or prime level subscription to flipster, you get unlimited custom proof of funds letters for as many offers as you want. To learn more go to: Getflipster.com
Sir I like you class too much , do you have class for ‘loi’
So if your wholesaling do you still get a pof if they ask?
+Hungery Boy Vision
Yes because as far as agent/seller is concerned you are the buyer. However, you get an EMD from your cash buyer.
Check our this hack to not pay an EMD:
ruclips.net/video/iOkCwBJ96D4/видео.html
if your bank account has just the amount of money you need to cover what you are offering, will your hard proof of funds (bank statement) be a red flag to the seller/agent?
so just for my understanding for wholesaling on market properties... do i need a POF letter like is it a necessity? because jerry you said "to stenghthen your offer you can provide a POF" like its a nice to have but not a necessity?
it depends on the deal
@@FlippingMastery Hey Jerry thanks for the answer, so i thought about something for example when i make an offer on a property and the agent (on market) calls me and says he/she needs a POF would it work if i say... 'hey i totally understand and my partner will send you the POF within the agreed on contingency time (10 days or more) if we get the property under contract.
My partner aka cash investor so the idea is to tell them your partner will send it to them within the 10 day contingency but in reality you have your cash investor send them the POF would that work?
Lol jerry your funny he said I need a new agent.
How much do you charge for a hard pof of letters
Great information, but how do you find the POF letters on flipster? I have an account but I'm not sure where to look.
My support team would be happy to help with that! Please reach out to them at: support@flippingmastery.com or (888) 958-3028
did you find out?
Does Flipster check more than just Craigslist for deals?
Does it just check for houses for sale or also houses for rent?
Can we adjust it to check any site we want to?
+Jessie Smith it has multiple motivated seller lead sources.
@@FlippingMastery yes Sir I saw the pre-foreclosures, absentee owners etc. I was just wondering if it also went after Zillow, back page, and any other sites with homes for sale.
Will agent's and sellers take Jerry Norton's proof of funds seriously ? i tried using a similar POF with an agent , i used a free website and it was a tranasctional funding and the seller literally laughed at me (very disrespectful smh)
i was going to buy jerry norton's POF but will they take it serious?
i keep coming across crazy potential deals but i lost some confidence in my POF :/
My only problem is how to set up the contract remotely and how to find a cash buyer on time once I understand that I can go forward and actually try this
So Jerry once I made the verbal offer the agent states he needs proof of funds letter and they he and Seller wants it in writing .
At what point will you consider accepting the deal to finalize it . The agent did ask if I were a wholesaler 😊😊 I stated I am part of a cash buying team
Should the seller açcept are you treating this as a contract you would add to a program. If not should I begin developing a buyer list . I happy to provide deal details. Thank you asap Patricia Thompson
Given that this is a potential deal breaker, isn’t doing a reverse wholesale more advantageous? This way, you can go into the negotiation phase with the added confidence of knowing that proof of funds will not be an issue.
I’m working on my first deal, the agent asked for a POF letter but I do not have one. I do not know what to do at this point or how to get the letter
With a pro or prime level subscription to flipster, you get unlimited custom proof of funds letters for as many offers as you want. To learn more go to: Getflipster.com
Jerry, when you say that you tell people to find a new agent when the agent is not content with the POF letter, are you referring to the old way of doing real estate where wholesalers rely on a buyers agent to find them deals? I take it that if it is an on-market deal in which the sellers agent is not happy with the soft POF due to a lack of trust in my ability to close on the deal I would move on to the next one?
Its really simple. If the agent will not accept your soft POF and you don't have another source for hard POF then move on to the next deal and listing agent.
@@FlippingMastery thanks so much Jerry 🙏👊!
Is there anyway to just purchase the letter
I am a seller of a few properties I have owned under various circumstances. They have been lower end properties under $200,OOO. I require proof of funds in the bank. In a high priced property I would require the same or if they needed a loan, it would have to be pre-approved and no hard money guys, a legitimate lender.
Can I wholesale the deal after providing soft POF and its accepted?
I kinda have less then 24hr at the moment and I just signed up so......PANIC MODE ON
Yes
Unique Jackson where’d you get POF letter. Can you send to me . Email. :Jatay0512@gmail.com please help . I have a contraxt
After I get the property under contract how much time do I have to give the agent a hard proof of funds?
its negotiable
Hey I know you’re sick of me by now but I’m focusing on seller finance so I can get things done a lil quickly but I need your help what do I do next I know I call but is there a script I need I’m nervous
By agent, are you referring to the title company ?
real estate agent is typical the one you are working with on this
Hey jerry so I have an issue , I used the proof of funds letter but the agent is asking to speak with the lender regarding the pre approved amount , closing date and guidelines, I’m a little lost on what I need to do
@filppingmasterytv
Can you get his POF letter with the $97/month package?
Hey once I use your proof of funds letter when I’m under a contract how do I later explain that I won’t be needing any funding from you guys but that I someone else that will be closing and he will be funding the offer
you will inform the title agent that you are assigning your contract and the new buyer is funding the purchase not you.
@@FlippingMastery thank you so much does this work with any companies proof of funds (p.s I’m going to use yours I’m just wondering )
@@Djivan1359 how did your deal turn out?
I need a proof of funds letter right now! The flipster link isn't working! I'm trying to sign up to use the software.
Isn't there a free trial?
No free trial. It’s month to month
I feel like that jesus statue in his video is an easter egg. Its always placed randomly somewhere, I always take the time to find it in his videos lol.
If I'm providing a contract me between me and the seller to the agent, why on earth would the agent (realtor) need a proof of fund letter from me? I'm confused.
Hey can I use Flipster from Costa Rica?
Yes, go here to learn more: getflipster.com/
@@FlippingMastery The link doesn't work :/
So using a self generated bank statement template as a hard POF is not allowed, correct?
Yes it is
Mahalo Jerry
Ok well I just started as a wholesaler real estate but where can I get proof of funds if I offer realtors/sellers?
Check out my Flipster Program - Getflipster.com
If I sign up for Flipster will your proof of funds letters show that I am capable of buying the house for a wholesale? I am young and don’t have to the money myself to buy it, so will Flipster show real estate agents me and my “investors” can buy it?
yes
Jerry does POF available under $97 packaged?
Does this work if your wholesaling too?? how would you get a hard proof of funds letter if you actually don’t have the money??
Hey Taylor, you can JV with someone who is a private money lender, and/or JV with someone with experience who has POF. Also, if you ever need assistance with your EMD, I'm a transactional lender who can assist as well.
Jerry I need proof of funds ASAP like this weekend ASAP how can I start with you and get those ??
With a pro or prime level subscription to flipster, you get unlimited custom proof of funds letters for as many offers as you want. To learn more go to: Getflipster.com
@Raymond Brugueras What I'm trying to figure out right now
If my on-market offer gets accepted and signed, do I still need to provide a proof of funds to the listing agent if they never asked for it?
Not if they didn’t ask
@@FlippingMastery Thank you for responding!
How much would it cost to access your POF letter without buying into your program? I'm not interested in fix and flipping. I'm interested in commercial multi family RE buy and hold.
+Emma Morris
Only available with flipster and for residential properties
Google
Emma ,google phony POF. Fraud! Not familiar with Jerry program. HML / Deals/ POF . Network! Focuss one strategy, learn everything .
Can my bank give hard proof of fund based on the amount in my account?
of course
So if the seller doesn’t ask for a POF, does the wholesaler still need it? If so, why do I need a hard POF when the buyer is going to be the one actually buying the property and not me?
Only needed if seller requests. Usually just on market with agents
Flipping Mastery TV i’m one of your RUclips pupils btw. I’m learning a lot from you brother ✊🏿✊🏿.
Would suck if you try to double dip and that agent wants a hard proof of funds.
Can I get proof of funds for property in Canada?
???
Jerry, what if they ask for the phone number of the lender?
Hey I’m new in real estate and I love the idea of wholesaling. Now my question is does your flipster works in Canada? Because I am from winnipeg Canada.
Program is designed for US market and policies only.
Oh okay thanks!
How reliable are the POF letter? I’ve read several reviews were the POF’s on Flipster were turned down by multiple agents. If the system is legit how can a agent deny a POF letter?
There are different types of POF. You can check in with my support team more details on the POF letter that's included on my Flipster Program. Please reach out to them at: support@flippingmastery.com or (888) 958-3028
You’re making an offer contingent on financing using his technique. It’s essentially no different than any other financing contingency and that’s why so many agents reject this. Those that accept are probably either gullible or the buyer has superior negotiating skills.
justinr999 I make 100 cash offers a month and only have it questioned 5% of the time. Those are ratios I can live with. Don’t focus on the 5 who have an issue but rather the 95 who don’t.
I am confused how are you suppose to get a commitment letter for hard proof of funds if you’re wholesaling and don’t have the capital?
get from a hard money lender or get your cash buyer to provide or use my letter - getflipster.com
After reading different plans offered $97.00 plan is not in included with plan. My suggestion reach out customer service for clarification. HML bring them deals., build rapport,& relationship............. Jerry offers soft proof funds, ask HML or bank clarify.
does your website include proof of funding on it?
Pro and prime level - yes
Getflipster.com
@@FlippingMastery I only see one option at signup. What's the price that's includes POF?