Proof of funds to do a wholesale off the MLS

[Mario S. Williams Jr.]

I’m looking to do wholesale deals in vegas. My credit is bad right now to get proof of funds from hard money lenders. They say I need a 680 credit score in NV. I have 580. What advice can you give me besides credit repair? I’m working on paying off debt and building my score back up.

[Lydia R.]

@Mario S. Williams Jr. Ok first of all, you should absolutely not be wholesaling deals off the MLS! The whole reason wholesalers collect a wholesale fee is because they put properties under contract that their buyer wouldnt have been able to find without them. There is a major value add. There is no value add if you are just adding a fee on top of a property that is already listed on the MLS. Any agent you work with is going to require a proof of funds and if you use a fake one prepare to get sued or worse because thats fraud. Stick to looking for off market deals. Most sellers wont require proof of funds. Now this doesnt mean that its ok to mislead them. If you put a property under contract then be sure that you can get it sold.