I can't get any deals without proof of funds

[Carlina Burford]

I can't get any deals with out proof of funds and I can't get proof of funds without having a deal under contract. Completely stuck on this one. I found a deal through a listing and am planning on wholesaling it but of course I can't submit an offer without having proof of funds. I like the ideas of having the funds to back me in any case so I am glad I am learning this now, but how do I go about this?

[Jon Holdman]

"Proof of funds" means a bank statement in the same name as on the offer showing enough cash to close the deal.  You usually only need that on a cash offer.  If you're making a financed offer then you need a pre-approval letter from a lender showing you can close the deal.

But sounds like you're trying to wholesale deals that are on the MLS where you're dealing with knowledgeable sellers. I know people do have some success doing this, but I don't really get it. If you're paying something close to the listing price you're not really adding much value. A buyer could have just bought it off the MLS. If you can get a low-ball offer accepted, though, you are potentially adding value. But really if you're trying to wholesaling you need to be doing marketing of some sort to turf up your own deals.