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Updated almost 5 years ago on . Most recent reply

User Stats

235
Posts
300
Votes
Courtney M.
  • Lake Elsinore, CA
300
Votes |
235
Posts

Putting in offers with private money

Courtney M.
  • Lake Elsinore, CA
Posted

I have a private money partner I'm using for some deals. I was reading in J Scott's Flipping book that you have to have all the funds in your name when making an offer or it's not really considered a "cash offer."

Is this true? My assumption was that I could provide proof of funds from my account and my private money partner's account. 

I'm just wondering how others handle this if you're using private money. Like I could put in offers on several houses before they are accepted. My assumption was that the private money lender would provide the money at closing (it's a family member of mine) but it actually sounds like I need to get the cash in my name first.

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