All Forum Posts by: Daniel Rutledge

Originally posted by @Maurice Colbert:

@Daniel Rutledge are you using the document they sent you? 

 I'm not sure what document you are referring to. 

I would like some feedback from others that have been through the process. I'm having a challenge with the removal of inquiries and have been working with Kadem credit help which has failed to remove anything in the last 5 months. I'm active in a lot of things so I've added additional inquires in on top of the FnG ones. Im due another round next month but I'm told by FnG that I need to let ALL inquires season for 6 months before moving forward but I simply cant do that. My FICO is 785 and my personal cc ratio is 13%. Would i really not get a second round of funding just because of having a lot if inquiries? Any thoughts 

Originally posted by @Jonathan Ahle:

@Enrique Caballero How long after you started the process and submitted all the necessary paper work and id’s and stuff did you receive your first batch of funding? I’m currently in the first stage and awaiting my applications according to danyelle and zac ricci. I’m just trying to figure out a time frame to make my first deal.

 Its definitely a process and takes some time. It doesn't take a long time to get the first card but you dont want to use the card until they try to get the credit amounts higher. I believe it took about a month from start to the day I began using cards. Keep in mind the cards need to stay below 50% usage before doing round 2.

I currently have a unit under contract that is part of a small strip in a good location. The unit has a finance company paying $1150 a month in rent and they have been there for several years. The unit is worth about 120k and I am buying it for 79k giving it a good return. I am also interested in another unit beside it with a similar scenario. I have long term financing lined up to go either way which will pay 65% of the one unit or 80% on both which leaves the down payment about the same either way. I am looking for a creative solution to not put so much out of pocket in the deal. I can likely get a hard money loan for the whole thing and then refi later which is an option but I would prefer to find a way to keep my long term financing but cover most of the DP without cash out of pocket. My lender offered a solution in which I convince the seller to let me do a contract for more than the purchase price with the agreement that he pays me the difference. This would mean I bring the money to close but he gives it right back leaving me with less in the deal but with less cash flow. I could come up with the cash myself but it would put the brakes on several things I have going on and set those things back a few months. Any thoughts on a creative DP in this case?

So during the process I somehow missed the fact that one particular credit card reports on your personal credit (capital one). In missing this important fact I used the card along with others to transfer balances and pay off a loan and converted the rest to cash for investing. The plan was to increase my DTI, lower my personal CC utilization and set aside cash to buy the next property. I have applied for a HELOC this week and the plan was to move the balances into it before the next round. All has been going as planned until today. I was speaking with a company to help remove the inquires and was told the capital one couldn't be removed because it would be on my credit report. I quickly logged into credit karma and within the last two days I have the inquiry for my HELOC as well as a new account with a maxed out capital one card. This has temporarily taken 46 points off my score and I'm not yet sure if the HELOC hit before it after. Literally the worst timing! I am waiting to hear back on the HELOC application before knowing if it made it in on time. If it didn't I may need to hold off for another 30 days so I can pay the card off. Still pleased with F&G but I wished I had of listened a little better when discussing this part. Like many of you I'm being creative and each thing I'm doing builds on the last. This could alter my plan as I currently have an offer in on a home and had everything lined up for that. Might be time for plan B.

I see the point. I missed the fact that many are first time posts.

I dont appreciate being called shady. At no point has F&G asked me to post anything. I found this thread when researching them and now that I have worked with them I am glad I did. For those needing some creative solutions it's worked great. Why would you two belittle these people for trying to jump start their business? Amazing.

So I'm mostly through the first round and have done both balance transfers from other cards as well as buy/sell gold to convert to cash. I am looking forward to the next round as F&G is setting things up to fast track my investing. Very pleased.

Originally posted by @Grant Carrington:

Couldn't you draw from a Heloc, use cc to pay back Heloc through Plastiq, then draw from Heloc again and continuously repeat?

 Yes this is a strategy listed by F&G also. You can actually balance transfer from the heloc because the account number is the same length as a cc.

Originally posted by @Maurice Colbert:

@Daniel Rutledge try googling it, I did see that on cash app you can’t get out more than $2k in a 30 Days period 

 I just looked and it seems they are all similar in that aspect. Plastiq is different but would require an actual invoice making it hard to pay yourself. Anyone using gold as a way to convert and if so what app or site do you use?