All Forum Posts by: David M.

@David Smith

When you say you “will have your own funding,” what do you mean? Cash? If so, bank or brokerage statements your Proof of Funds. If you are financing in one shape or another, a pre-approval letter from from your lender is your Proof of Funds

@Sue K.

FYI: in NJ you don’t “technically” need an attorney. You just can legally make changes to your purchase contract since that is practicing law.

Otherwise, the “traditional” method the NJ real estate agent writes/fills outs the sales contract as part of the offer. During attorney review the attorneys “weigh in” and details worked out.

@Eduardo Laffosse

Of course you can, it if you are buying off the MLS, you effectively make the listing agent your agent. It would be a dual agency

But, what sort of “leverage” are you trying to obtain? Not just because I’m a licensed agent in NJ, but you lose an advocate and additional resources. That’s fine if you don’t use an agent, but I dont know what you are trying to gain?

@Bruce Thomsen

I don’t understand. How do you plan on funding your purchases? You say you have investors. Will it be a pure cash deal? Or, lots of cash with financing?

If the former, then your Proof of Funds is a bunch of bank/brokerage statements (with A/C removed).

If the latter, you need to have get your financing in order anyway. So, get your ore-approval letter. You will need it anyway so get it. I don’t know how it works in every State, but generally when you make an offer you are representing that you have sufficient funds to close. Well, if your financing isn’t in order then you may not be representing yourself correctly.

You realize the dilemma from the seller’s side, right? Anybody can make an offer, but not everybody can actually afford to close. Hmm... think it about it this way: when it comes time for you to sell one of your properties, will you take the offer who has PoF? Or the guy who tells you to “trust them?”

Quick story about a “trust them” situation. Couple said they have great credit so we didn’t need to know about their finances. They had the money and could get a mortgage no problem. I got a call next day that they filed for an extension on their taxes. A month later they were still working things out with their accountant. Glad I didn’t “trust them.” Remember, many people think they know what it takes to get fianacing, but really they don’t...

@Begona Miron

Where are you?

@Joaquin Gonzalez

Huh? What 1031 exchange? Did I lose track of your properties? Is that a second home you are using the VA loan? Most VA loans are for your primary residence, so stay the two years and take the irs deduction for your primary residence...

@Christopher Gillis

Definitely take care of the credit card debt. What is your cc rates? Probably more than 20%. Would you really consider taking a loan at 20%. Honestly, other than he “sales gimmicks,” this is investment so you need some “wealth,” not expensive debt, to invest.

My 2cents...

@Alvaro Rodriguez

I don't know specifically about Texas, but paying upfront for inspections, appraisal, and now docs from the HOA is normal. Usually the rest of the fees are settled at closing

@Nicole Heasley

I just ran into the HOA fee. It's not the HOA directory, but they are "outsourcing" the docs to a third party website which stores them electronically. You have a pay a fee, set by the HOA, to download the docs. Seems pretty stupid. Why can't the property manage just email out the pre-filled in forms or other associated docs upon request...

@James Williamson

If you are familiar with AutoCad, there are alternative free CAD software tools that pretty do the same thing with pretty much the same interface...