The bankers code

[Bill Schultz]

Has anyone seen this course? Something about obtaining private money and re-lending it at a higher rate. I would love to hear some reviews.

[Ann Bellamy]

I review as many gurus and courses as possible, and have plenty of contact with them as I was a co-founder of a local REIA. Sorting through them is a full time job. I especially try to stay on top of the ones relating to lending in real estate investing. When I heard of the Banker's Code, I was all about finding an easier path.

George Antone and Gary Boomershine were promoting the Banker's Code via signing up for a personal phone consultation with them, I was supposed to have a 1 hour session with one of them personally. I paid the small dollars for the offer and signed up, and scheduled the phone appointment. They actually have someone who's full time job it is to make and track these appointments.

Every time it was the appointed time for our phone call, I got a call from a substitute, apologizing that George and Gary were both unexpectedly unavailable, and explaining that he/she were going to speak with me instead. When I politely declined, the person couldn't even reschedule, and had to refer me back to the scheduler.

When this happened 3 times, I called the scheduler and requested a refund. I had enough evidence to satisfy me that I was paying for a sales pitch, not a consultation. I did receive my refund about 6 weeks later.

I have an associate who has been to their course and is trying to follow what they have told him. They apparently make it sound very simple and relatively hands off to start a lending company. Evidently all you have to do is find a mortgage broker who will handle all the borrower compliance issues for you and bring you deals. Then you find a loan servicing company to service these loans. Then you find an attorney/title co who can handle the closings nationally. Then you go and find your funding from people begging you to lend out their money for them. You lend it out higher than you take it in, and voila, you keep the spread. Easy peasy. Why isn't everyone doing it? (Their material is heavily West Coast slanted, and doesn't really address differences we have in the East. For example, in CA I'm told that mortgage brokers can sell fractionalized loans, and the Banker's Code uses that technique, but no lawyer I've spoken to in my location will endorse that. Must be I'm speaking to the wrong lawyers.)

There is more to it, but you get the idea. Gee, I wish I knew it was that easy when I started. Then I wouldn't have gotten so involved with due diligence, SEC compliance, lending licensing requirements, and all those little issues that are so time consuming and don't produce revenue.

I hope everyone reading this knows I have my tongue firmly planted in my cheek.

Bottom line, when someone gives me the run around 3 times for a simple phone call, I'm not going down that road with them any further.