Epic Fast Funding?

[Matt Holmer]

i have been listening to the Epic Real Estate and Turnkey Real Estate podcast and keep hearing Epic Fast Funding advertised. Has anyone used them?

Currently I use private money for cash purchases and then refi after renovations are completed. According to the advertising, this company provides loans based on personal credit with no interest for a year. After that what are the terms? If the loan is paid off within a year, where is the profit for them? 

Any information would be appreciated. 

[Allan Smith]

I'm a bit late to the scene, but for folks researching this in the future, I hope I have useful info. I have used this funding method.

Epic fast funding (epicfastfunding.com) is Matt Theriault's branding covering Seed Capital. He advertises for them under his brand OR he also owns Seed and simply brands as two companies. As soon as you drop your info on his website, Seed takes it from there and follows up with you. Matt is great, but this funding is a hair short of a scam.

THE SEED SERVICE & PROCESS
I am a "seed survivor" as I have paid for their services. Seed applies for credit cards for you, and "consults" you for 12 months. If you get over $50k (I think) in credit lines, Seed charges somewhere in the neighborhood of $6500 when it is all said and done. My firm opinion of Seed is that they are mostly a scam. Customer service is dodgy with cancelled/forgotten appointments, and the price they charge to sign you up for credit cards (you can do that yourself) is OUTRAGEOUS. 

USING CREDIT CARDS TO BUY REAL ESTATE
I noticed some questions about how this works, what exactly does Seed do, etc. Using credit cards is a completely legitimate way to start investing in real estate, but you have to be very meticulous in the process so you don't wreck your financial situation overnight. It is a great way to fund a rehab if you don't have bank / private / hard money funding (yet).

Apply for many credit cards, and make up your income level (at least north of $150k per year). Many of these have promotion period for balance transfers with no interest for 12 months or so. You do still pay a one-time 3% BT fee. Do the balance transfer and cash the check in your checking account. Some cards will only honor the check if it is made out to someone besides credit card holder, so use a business checking account or trusted friend. Each month, you'll pay a ~1.5% principle-only payment on each card. Remember, you can simply borrow extra from the credit cards to float those payments until you sell the completely rehabbed house.

You have to be very careful for this to work. You must know exactly when the interest begins accruing, and you must pay the card off at that time. Use another card with another promotion balance transfer promo period if you like. Yes, initially, your credit score will take a hit because of all your revolving debt. Continue making timely payments, pay off the cards, and in 12 - 18 months your credit score will likely be higher than before.

In sum, my advice would be to go for it if you don't have other funding options, but be careful. Secure a higher credit limit than you will require in case things come up or a company decides to drop your credit limit mid-rehab. Only take on a simple rehab that you are pretty confident will only take a couple months. No rentals unless you know you'll have reliable funding soon. Be extremely organized in managing balances and on-time payments. Remember, you only have to use this method on a handful of flips before you have enough cash to do them on your own. Plus, by then you'll have a track record and can get cheap bank money most likely.

Feel free to PM me with questions!