Looking for Cash Buyers and Proof of Funds (POF) Options in Atlanta!

[Cameron Chambliss]

Hey BiggerPockets Community,

I’m an active wholesaler focused on finding off-market, distressed properties in the Atlanta area, specifically in Decatur and surrounding neighborhoods. I’m looking to connect with serious cash buyers who are interested in fix-and-flip or buy-and-hold opportunities.

Additionally, I’m seeking guidance on securing a solid Proof of Funds (POF) letter. If you have recommendations for hard money lenders, private investors, or transactional funding services that provide POF, please let me know!

I’ve already reached out to a few hard money lenders like Kiavi, Lima One Capital, and Civic Financial Services, but I’m open to more suggestions or connections.

Feel free to drop a comment or DM me if you’re interested or if you have any POF resources. Appreciate the help!

Thanks,

Cam Chambliss

[Mike Klarman]

So, I'll do a proof of funds letter for people if they can show me an account with the money to close plus a cushion.  If an investor wants to buy a 100k house and they can show 60k in an account then they can afford the deal.

Cameron, I know what you are trying to do and you are on the right track.  I am doing something similar in Pittsburgh market - much cheaper entry points than Atlanta.  You're trying to build up a buyer pool, yes?  Then essentially feed them with opportunity you have locked down for 60% - 75% of it's value and you lock them in for 95% - 100% and you can live off of spread and not be in for a nickel.  It's a great business model and I have spoken to those who have it working, it has its challenges in setting up and then also sourcing that 50 cents - 70 cents inventory.  By pure wholesale it will be difficult.  Atlanta is a hot market full with Agents/Investors/Wholesalers/Primary Home Buyers.  It's not going to be easy to nail down the inventory with skip tracing or mailers or door to door.  Those efforts only convert to sales maybe 1 -100.

The only real way is to be a cash buyer either direct from seller or at auction or short sales or foreclosures and make sure your 25% -40% margin is baked in. Then the inventory you pick up you either take to finish line yourself at about 50% - 60% project cost to ARV or you wholesale it to your buyer pool who are like little chicks in the nest peeping when momma comes by with the food.

You are 10000% correct in that, the above business model is the real way to become a millionaire as fast as possible, but that business model is cash intensive, risky, takes a sh!t ton of leg work to get ready, and much more.

but the people I have met in this industry, the ones who make the massive money and they have the huge portfolio - this is what they do and then you know what they do?  On top of all that, they start charging people 10k for a "course" on how to do it.

Doing the BRRRR with retail/today's wholesale pricing and combine that with finding a GC off the internet or some google review left by their mother, I want everyone to understand if you think it can be done like that and be successful, you are wrong. Your market, out of state market, does not matter. You will lose. The safety net for the investor purchasing at retail and working with a GC with a crazy markup is the size of cup of water.

For example, an investor who buys a house off of a wholesaler for 100k has to put 80k into the house to get the 275k ARV, does not have as much room for error as someone who can source the same property for 80k and source the same contracting for 70k.

Like I said, at market prices or even slightly below the BRRRR is more of a nightmare than a dream because of how many different moving parts can fail.