Generally speaking, if you borrow 100K (70k for the purchase 30k for repairs/upgrades) what will happen is this: To close they will require proof of 1yr homeowners insurance to be paid, eliminating the need to escrow it because HML are short term solutions they will probably require it to be paid back within a year.

What I’m finding a hard time understanding is that whenever I find a good deal, do I need to have proof of funding lined up before I make an offer?

Usually, 1 or 2 people in the store know how to do this and I am living proof it can be done.

I myself am not. and most flippers are not GC's  so all of us non GC's need the developers license.. now there is no test just pay the fee. you must have proof of insurance and a 50k bond.. the bond and insurance for those that have little to no money or bad credit can be a stumbling block.

Hi.I'll keep the details short with bullet points:- Our stove stopped working and my landlord refused to fix it.   

The purchase is said to be made subject to the underlying financing, hence the name.You can search for forum and blog posts on "subject-to" (or "subject to" or "sub2") using the BiggerPockets search icon (the "magnifying glass") at the top right of every page.For the record, the exact mechanics of Sub2 vary from state to state.

Not on this deal, but I highly recommend Tom Glass of Prime Lending for any conventional mortgages.

Not on this deal, but I highly recommend Tom Glass of Prime Lending for any conventional mortgages.

Tom Glass, Prime Lending (different lender at the time), and Bob Massing of Keller Williams.

Spreadsheet template:TOP HALF OF PAGE:Addresses of comps - price - date - bed/bath - special feature(s) of house - conditionProperties listed here with dataMedian / Mean / Lowest / Highest chartCommentaryBOTTOM HALF OF PAGE:Left side, improvements since purchase bullet points.Right side, details about how/why you got the property for less than fair market value, again bullet points.