I have money to spend now what!

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Posted by Rich on May 10, 2008 at 15:09:55:

My girlfriend's mother informed me that she has $150,000 in various accounts that she would like to receive a better return on her money. I suggested to her that she can loan money to my company to flip real estate. She said that would be fine.

How could I "prove" to the banks who own the REOs that I have access to funds (or show proof of funds)? Would I have her sign a letter of commitment and have her be able to prove that she has the funds? Should I just have her show a bank statement when submitting offers? I will be using her money for a very short time just to create a bridge loan between buying the REO and flipping it perhaps in less than a week. I plan to pay her one to two points per deal for the use of her money. What is the best way to structure my deals?


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