Beau Eckstein

Top 5 Must-Haves For Flipping HousesReadily Available Funding

“How can I close on this deal?”

TIPS:

you need to have an alliance with several different hard money lenders and right now theres a lot of money readily available

the more relationships you have that want to lend you money

go to one of the local RIAS — which is a real estate investor association

go on meetup.com you can put in your area and you can see some local meet ups geared for real estate investors

start attending those and often in those presentations people get up and they say, “Hi, my name is Beau Eckstein and Im a hard money lender.” And somebody else will get up and say, “Im a private money lender. I like to do joint ventures with real estate flippers.”

You find out what terms they offer, how cheap the money is, how expensive the money is, what they like to lend on

know who youre going to bring it to without question because the name of the game right now is concrete, “Yes, I can close on the deal, here is the proof of funds.”

Proof of funds basically shows, its either like a letter from that private money company or that hard money company that says, “Yes, this investor is qualified, theres no contingencies on his loan commitment.”

The best thing you could have is a bank statement which shows enough capital to close, because thats the strongest.

When submitting an offer, if you have an offer, if you submit a bank statement that shows the five hundred thousand dollars and the property costs four hundred thousand dollars, they know you have that liquid capital

Youll need a private money lender or a hard money lender that will show proof of funds for us in the form of some kind of certified letter

You need to have that concrete so when youre submitting an offer the seller knows youre serious

To be a serious investor in todays market, you need to be able to close fast. So having your money lined up. I have one private money lender, Ill send it over to him and by the next day the loan documents are in title

If you can have that kind of speed youre going to be several steps ahead of the competition

The name of the game right now because everyone is coming out of the woodworks and everybody wants to flip houses right now which is driving up the prices and making it difficult

real estate investor

house flipper

private money lender

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