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40M Renters Could Be Evicted by Next Month

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on Thursday, 13 August 2020
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40 million renter households in the US could be headed for eviction in the next 40 days. While epically tragic, it also brings great opportunity.


According to the latest data from the Aspen Institute this many tenants could be in the street by the end of September 2020. According to the Census Bureau, 34% of American renters didn’t have any confidence they could make rent in August.


Tip of the Iceberg

The truth is that there is probably a lot more distress coming. We are currently at a stage when most of the help seems to be over or at least frozen. Yet, especially renters have now burned through all of their savings and credit card balances waiting the virus out. Even those still employed are mostly probably seeing lower incomes, while expenses are up between hand sanitizer, masks, toilet paper and stocking up on groceries at inflated prices.


Unless there is a major historic change in these dynamics quickly, then it seems a tsunami of evictions is inevitable. It could end up being a whole lot more than 40M. Just think about the impact of 1 out of every 2 or 3 American households facing eviction.


Where’s The Help?

There have been promises of help and a new executive order from the president. In reality that help isn’t being spread out equally and many aren’t getting it. Many landlords and lenders aren’t willing to help, or they are no longer financially able to.


There have been new promises of eviction and foreclosure moratoriums. Not all are obligated to them. There is a lot of confusion between federal, state and municipal levels.


To compound the problem with evictions is where they will go. Affordable housing was already at crisis point before this. Many landlords won’t see the sense in re-leasing to someone else right now. For most it may just make the most sense to cash out.


Much the same is true for homeowners and foreclosures. There will likely be a sizable wave of distress sales in play.


The Flip Side

The flip side is that demand for purchasing properties is massive and urgent. End home prices are up, interest rates are low. Millions are moving for a variety of reasons.

Then there are also rehabbers and institutional landlords to sell to.


While it is tragic for many households. It is a huge opportunity to help many others. It is the perfect opportunity to help and boost your income too. That’s true whether replacing other income from a lost job, or scaling an existing real estate business. No one is ready to buy that many deals, and there are plenty to go around if investors move quickly.


Check out our VOD service to make more offers and land more deals fast.

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Sizzling Summer 2020 Gifts For Real Estate Investors

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on Thursday, 18 June 2020
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Summer is here. It is peak season for the real estate market. Here’s what you need and want to give to make the most of this historic couple of months.


This summer is shaping up to be even better than ever for US real estate. Buyers are motivated, and sellers are too. In spite of all the recent mayhem and disruptions out there, property prices still seem to be going up. There’s no telling how long that will last, but this is a pivotal moment for real estate wholesalers looking to expand and boost income, as well as those looking to get started investing.


Of course, no matter how strong you have been financially up until now, and how much or little you have to start with, more capital is certainly always welcomed, and can help speed up results and lower risks.


Fortunately, while other types of credit may be contracting, Best Transaction Funding is still providing investors with 100% financing for their wholesale deals.


We also offer Proof Of Funds letters and Verification Of Deposit (VOD) services to help investors get more of their house offers accepted and under contract.


From Father’s Day, through 4th of July and this summer we’re offering special deals, including almost 80% off our VOD service.


We feel it is one of the best ways we can help support those getting over the fallout of COVID-19, for those out there working hard to support their families, and to help good real estate businesses do even more to help others.


These are also some of the most meaningful and powerful gifts you can give to others this season. Whether it is a son, father, neighbor, or someone else in your community, imagine the impact of being able to tell them you can help them fund all their deals, with all the money they need to close and wholesale all the houses they can handle, as well as giving them the proof of funds they need upfront to get great deals under contract. That can be life changing for most people.


Check out the VOD deal here.


Even better, we’ll give you the gift of a healthy referral fee when you introduce others to this funding. Check out how to get started HERE.

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Proof Of Funds Vs. Verification Of Deposit

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on Thursday, 04 June 2020
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What’s the difference between a Proof Of Funds Letter and a Verification Of Deposit?


These two important documents are vital for real estate investors out there making offers on houses. In fact, without one, no seller or agent may want to spend their time talking to you. Much less actually showing you homes or letting you inside. Most certainly won’t accept a purchase offer from you.


They’ve had enough of time wasters and scammers. They want to be sure you can really buy this property.


POF Letters

A Proof Of Funds Letter (POF) says that you have enough money available to you in order to purchase this property. It’s your ticket in the door and to make an offer and get the property under contract.


The only other option here at this stage is really a pre-approval letter from a respected mortgage company. Even then, some may want to see proof of funds for the balance you’ll be bringing.


Check out our FREE POF Letter here, and get out there to make offers.


VODs

A Verification Of Deposit Form (VOD) is the next level up from a POF letter. A VOD if a form completed by the bank, verifying how much money is in an account. It is more concrete than a POF letter. Agents and sellers know that the bank can’t make these numbers up.


We’re increasingly seeing Realtors and home sellers ask for VODs over POFs. They want something more tangible before risking letting someone in their home, driving around with you, or tying up the property in contract.


The savvier the seller, the more likely they are to demand a VOD. This is especially true of deals on HUD homes.


Having this document in hand will streamline the process of doing more deals, and greatly increase your ability to win the bid and seal the deal fast.


Check out our $99 SPECIAL VOD OFFER NOW.


Still confused, or not sure which you need? Contact us and talk to a pro for free right now...

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Investors: Why You Need A VOD & How To Get One

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on Thursday, 28 May 2020
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A VOD is a vital piece of the puzzle for real estate investors. Why do you need one? How can you get them legally?


With many more new entrants to real estate investing this year, and more landlords and rehabbers turning to wholesaling to diversify their strategies and bump up their incomes, VODs are becoming more in demand.


What Is A VOD?

A Verification Of Deposit (VOD) provides proof that you have access to enough funds to buy a property and close on the transaction.


It is a printed document direct from a deposit banking institution verifying how much money is in an account.


Why You Need VODs

As a real estate buyer you won’t even be able to view properties or make an offer without proving you can pay for it. The sellers and their real estate agents don’t want to waste their time unless they know for sure you can follow through.


A VOD is the perfect way to do this. It shows enough money in a bank account to cover the purchase price, closing costs, and any other requirements, like assets in reserve.


This is exactly what you need if you are wholesaling or flipping, and doing back to back closings.


Even if you are buying a home to live in, or plan to rehab and hold it, but are getting a mortgage loan, your lender will almost invariably request a VOD in the process to verify the amount of cash you said you had on your loan application.


What’s Important In A VOD?

There are four important factors when obtaining and providing a VOD.


1. It is for enough cash (purchase price, closing costs, several months of reserves)

2. It’s time sensitive: most will require it be dated within the past 30 days

3. You have it in hand before you find a property: you need to be able to make instant offers when you find a deal, and even to get in to view properties

4. It’s real: falsifying real estate and mortgage documents can carry lengthy prison sentences


VODs can become even more important when sellers and agents are concerned about the economy, market, and protecting their commissions.

To help both new and existing investors get through the post COVID-19 situation, and thrive, Best Transaction Funding is providing a special $99 offer on our VOD service. Request a VOD to get your VOD and be prepared for success!

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Where To Find Your Deposit Money

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on Tuesday, 26 July 2011
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Despite the availability of 100% financing for purchasing and flipping investment properties with transactional funding some in search of true no money down deals still struggle to come up with earnest money deposits to lock down the most attractive bargains whether they are foreclosures, HUD homes, short sales or from other distressed sellers.

Transactional funding does offer 100% financing to cover both the acquisition price plus closing costs, but if you have to come up with a deposit to get a signed contract and you are running short on cash what are your options?

Obviously reaching out to friends and family isn’t ideal. You can try other investors and offer them a piece of the pie but that can really dig into your profits and mean giving up some control. Though don’t give up yet.

If you still have a regular job too then you can always try getting a payday advance loan. Normally they do not require any credit checks and can be funded in hours. You can also get a cash advance from one of your credit cards and pay it off within the grace period to avoid finance charges. If you don’t have a credit card or good credit and you do have savings but just don’t want to use them, then consider a secured credit card or secured line of credit from your bank. This will also help rebuild your credit rating.

If your credit isn’t bad then what about a signature personal loan from a local bank? Of course it is much better to keep your personal and investment credit separate and you will want to register a business to work under if you haven’t already. This opens the door to obtaining a business line-of-credit or even getting an AMEX card.

If none of the above are options, don’t panic yet. Transactional funding is often referred to as ‘flash funding’ for a reason - you can close in just days. There is a good chance that if you can close fast enough you won’t even need to make a deposit. If you absolutely must then ask your transactional lender about a Proof-Of-Funds (POF) or Verification of Deposit (VOD) letter which may be sufficient to help you get the deal accepted.
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