All Forum Posts by: Peyton LaBarbera

@Wayne Brooks Ok if you don't mind elaborating about the MLS being the wrong pond and if you have any information on the second part of my question that would be greatly appreciated, thank you again Wayne.

Also I understand that they want POF but I don't have 200 grand in the bank to show it so I was wondering if explaining to them my cash buyer does and giving them their POF since the end cash buyer is the one funding the deal

How do I get my proof of funds letter from my cash buyer and what do I do if the agent or seller wants proof of funds before they sign the contract and before I can find a cash buyer

 Is making a fake statement legal because I don't want to go the shady route if it is legal how do I go about finding a fake statement, if so what website do I use? 

Thank you,

Peyton LaBarbera

Unfortunately I am not interested in double closing at the moment but thank you for taking the time to comment.

If you have any information about any of the questions I had that would be great, thank you.

Just to make it known I am still in the research phase and I am not in the middle of a deal, remember I might be new to learning this but I am not that stupid ;)

Anyways I have been doing lots of research on wholesaling and I came across a article that briefly talked about a proof of funds letter and I just have a couple questions about it. First off I was wondering as the wholesaler doing assignment contracts do I need a proof of funds letter and if so how do I go about getting one?

The reason this confuses me so much is because as the wholesaler doing assignment contracts I am bringing in other investors to close the deal with their money so should I tell the seller that once I get a cash buyer I can get them to send over a proof of funds letter?

And just to clarify when I disclose the EMD with the buyer is that in the P and S contract or assignment contract?

And do I have 2 P and S contracts one for the seller when I get the deal and one for the buyer when I close or just one p and s contract and the assignment contract transfers that p and s contract to the new buyer?

Thank you to all for being so helpful, from now on I will come here for all my questions about wholesaling sometimes google just doesn't do the trick

@Jesse LeBlanc Ok I see that makes sense, one last question is do I pay taxes on my EMD if it comes back in one check from the closing company or is there a way to break it down on paper when filing for taxes since it is not income?

So for the term "have my EMD refunded to me once the deal closes" do I put that into the P&S agreement or assignment contract?

Anyone who has some insight can respond too, thank you.

@Bob Stevens Don't worry I am still in the learning process I don't intend to step within 6ft of a contract or start to attempt to make deals before I fully understand all the ins and outs of wholesaling

I am a bit confused on this topic so lets just get started. First off I was wondering if as the wholesaler do I have to pay a earnest money deposit to the seller or does the cash buyer do that since I am assigning the contract over to them. If I have to put down an earnest money deposit made out to the seller do I get that back when the deal closes and when the cash buyer buys the property or is that put towards fees/taxes I will have to pay? Also as the wholesaler should I ask for earnest money from the cash buyer or not, thank you.