Finding Money For Wholesaling
Due to a lack of startup capital, I am trying to begin my real estate investing career wholesaling to other investors.
The one problem I am having right now, is how do I go about financing these wholesale deals? I do not plan on owning any of these properties for more than about 30 minutes on a double close type transaction, and would like to add and/or assigns to as many offers as possible...but virtually any Realtor would want to see proof of funds or a pre-approval letter to ensure I can close on the deal...if I had to.
Would it be a good idea to ask a HML to provide me with a pre-approval letter? Should I try the conventional mortgage route? Is there some way others have worked through this issue?
I understand the MLS is going to be a limited source of properties, but REOs and FSBOs may also very well want proof of funds.
Thanks for listening...hope you can point me in the right direction!
The only deals where I have had to show proof of funds were REOs. Non of the deals that were regular real estate ever demanded proof. All they asked was Earnes money.