Flipping: Getting Under Contract & Getting POF

[Anthony Becerra]

Hello good people!

My goal for this year is to flip my first property. I've read J Scott's Books on flipping and gone through the Youtube rabbit hole but I feel like I'm missing a piece. I have met some private investors that are interested in helping me with the funding of my flip, but I haven't found any properties yet. From my understanding, I need a Proof of Funds in order to get under contract. However, I'm assuming that my private investors won't agree to a POF unless they see the deal.

Should I have a conversation with my private investors and ask how much they would be willing to lend?

Or should I find a property first and hope that no one will get that property under contract right away?

Any advice is much appreciated. Thank you!!

[Chris Seveney]

Quote from @Anthony Becerra:

Hello good people!

My goal for this year is to flip my first property. I've read J Scott's Books on flipping and gone through the Youtube rabbit hole but I feel like I'm missing a piece. I have met some private investors that are interested in helping me with the funding of my flip, but I haven't found any properties yet. From my understanding, I need a Proof of Funds in order to get under contract. However, I'm assuming that my private investors won't agree to a POF unless they see the deal.

Should I have a conversation with my private investors and ask how much they would be willing to lend?

Or should I find a property first and hope that no one will get that property under contract right away?

Any advice is much appreciated. Thank you!!

 nobody will tell you how much they will give you without knowing the property information. What I will say is I would make sure you ask them how much they will finance. Will they finance 100% of the purchase and renovation or will they want skin in the game (you putting money in).

Most do not do 100% funding so beore going down more rabbit holes, make sure you have the $ aspect situated first.