Buying & Selling Real Estate
Market News & Data
General Info
Real Estate Strategies
Short-Term & Vacation Rental Discussions
presented by
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Tax, SDIRAs & Cost Segregation
presented by
1031 Exchanges
presented by
Real Estate Classifieds
Reviews & Feedback
Updated almost 5 years ago,
Putting in offers with private money
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.