I was wondering how many of you are using LLCs to lock up deals? If so, have you found that banks (on short sales) accepting offers made in the name of LLCs?
I've never tried this strategy, but am thinking of doing so. I had a wholesaler call me recently about a deal and the bank accepted the offer in the name of the LLC and was ready to go to closing. He hadn't even purchased the LLC, but was going to just have the end buyer do so.
He found an investor and walked about with about $3500.
In addition if using this letter, what type of proof of funds is really acceptable when working with an LLC?
Your feedback is greatly appreciated.
Thanks & God Bless!