Pre Approval Letter as an Investor

[Bethany Peysen]

We are new to REI, but recently received a 600k guidance line of credit through a bank here in Texas to purchase properties to in turn rent out. We have 2 so far, purchased 1 cash, and are currently working on a short sale. However, we have continuously ran into the same problem when working with our (2) realtors in Texas and Oklahoma on certain deals: a pre approval letter. We do not have this for our line of credit nor do we have regular statements showing the remaining balance. It's hard to put in a quick offer when this is requested. Our last deal we used an email from our lender stating we had the funds available. That is not being accepted for the short sale. Our bank is telling us this is common and they do not give pre approval letters. Have you ran into this? Is this common? Is this maybe because we are new? Just looking for advice based on experience. Thank you all!