Proof of Funds/Pre-approval

[Bruce Thomsen]

Hi Team! Thanks in advance for your feedback. My brothers and I own a few SF's and are now looking at MF's. We are activity looking at 3+ family properties. We have been deterred from certain properties because they say that POF or pre-approval is required for showing or to make an offer.

Should we get pre-approved? Also, I found it difficult to go back to our investors and sell them hypothetical opportunities. 

We are now getting close to making some offers and would also like to see a couple of properties that have those requirements upfront.

How do we get around those requirements or show proof of funds that we don't have but will obtain from our investor pool? 

Any type of guidance or feedback from the BP family would be greatly appreciated!! 

[Mike A.]

Pre approvals help, but not always necessary if you have proof of funds.  You ca get a pre-approval letter pretty fast if you have a relationship with a bank already.