Quote from @Joe S.:
Virgil… The bigger pocket forms are quite unique. They tend to get a bit contentious from time to time. A new user probably would not know that until…..
Some posters try not to get into debates and other posters gravitate to them like a moth to the fire. And some of the folks that gravitate toward being contentious know quite a bit….
It probably seemed that people were ganging up on you and I guess they were. Lol.
I think one of the things that really caused some posters to become alarmed was the comment that business credit cards are not personally guaranteed. ( with all the business credit cards I’ve ever seen were personally guaranteed.) Which, if a person defaults on a card, it is almost a sure thing that it will get reported at the very least to the person’s credit report. Anyways, you seem to have a lot of spunk and I hope you do well in life. Remember some pushback can cause a person to reevaluate their product and learn it better and if they did not fully understand the product prior to they can make adjustments in their presentation. (I know it’s easier said than done so thanks for being patient with my little discourse.)
I'm not sure what company you're working for, but think about getting connected with a lender that offers long-term DSCR Loans. If not, you probably could partner with one at the very least as a referral. If a person takes down a property by Credit Card stacking they definitely need someone to help them get a long-term loan in place and pay off the credit cards as soon as possible.
Best regards
Joe my reason for chiming in was not really the CC teaser rates or business credit which is filled with a lot of shall I say not ready for prime time folks. Was simply spamming the site with about 3 or 4 of the same posts within about an hour of each other and clearly designed to drive business to himself.. U know in the old days of BP the post would have been taken down and the OP would be encouraged to purchase advertising space on BP. Which he should probably do if he wants to sell this product.
The other issue is like many are pointing out there is huge risk of going from 0% to 24% and finding one buried in CC debt.. I have clients that I rent our money to that use cards to fill the gap when doing rehabs.. but many are refinancing and fico is critical so one has to be careful.
Banks have unsecrued LOC's that are not reported I have two of them with different banks but these are VERY difficult to secured and require 6 figure deposit relationships to 7 figure deposit relationships.. So these Credit facilities exists 0% teasers exists they just can be quite dangerous for a newer or new flipper.. We see it all the time BP when folks run out of money on a flip :)
