All Forum Posts by: Heath Jones

@Derek Harris Completely agree! What do you do if there are no good PMs in the area? I think there is a lot of money to be made in starting a PM business, but that is beyond the scope of our plan presently.

Hey BP!

I wanted to start a thread in which people who have scaled or are scaling their REI business can share how they are doing it. I would love to hear how people moved up from being a landlord to a full time real estate investor!

Thanks,

Heath

@Rob Beene Hey, we have lived in Enterprise, Al since 2016 and recently started REI this past February (2019). My wife and I now have 20 rental units (two multi family properties) in the area and have been looking for REI meetups to network with other investors. Please let me know when and where your meetups are happening. Would love to contribute and nerd out!

Looking forward to it,

Heath Jones

Hey BPs,

I know this is an old post, but I will be posting a new thread too. Do NOT use Seek Capital. They do NOT partner with banks and they do NOT do anything but fill out credit card applications. You can do this yourself. My wife and I were OK with their fees because we were lead to believe that they worked with certain banks to maximize credit card lines to get their clients the amount they requested. We were told initially our excellent credit would get us our requested amount across 2 personal cards and 2 business cards. In addition, they told us they provide a liquidation service so you could pull out up to 90% of the limit. They provide NO service. They give you Liquidation Instructions for you to do it yourself. So what exactly did we pay for? We paid to have someone cut and paste our information into online credit card applications (they applied for 10 cards in total), and then to have instructions on how to liquidate our funds emailed to us. Which we have still yet to receive. 

You will pay:

1) $495 Fee

2) 10% of approved amount

3) 3% of liquidated amount

We read every word of everything we signed, and knew the fee structure. It was explained to us that the they would work with the banks they "partnered" with us to get us to our requested amount. They also misled us to believe they would be able to liquidate all of the credit lines to provide us the lump sum we requested. NOT TRUE. Instead, they racked up 10 hard inquiries on our credit doing something we could have done ourselves (filling out online credit card application forms). We only agreed to the ridiculously high fees because we wanted to establish business credit for new LLC and were told we could get the lump sum in our account in 2 weeks or less. LIES.

In the end, technically they did everything they said they were going to do, but not in the way they said they would do it. This was a 10k and 50 point hit to the credit lesson I do not want anyone else trying start a business in REI.

Seek Capital or Seek Business Capital is a SCAM BEWARE!!!!!