All Forum Posts by: Son D.

I did schedule an appointment with Fund & Grow about 2 years ago but felt that it sounded too risky. I felt that i was not a sophisticated enough investor to play around with multiple rounds of credit. They claimed to make it so that it would not negatively affect my credit score. I still don't know how that's possible. I pressed hard on them to explain how credit cards could be turned in actual cash to buy a property. All they said was that a percent of that amount of credit would be lost when turned into cash and that they would help me with that when the time comes. However, they would not tell me what the process or even the idea behind it would be. I ran after that first conversation. Forgot about it until i saw this post. I'm curious again. @Mark Schmale @Justin Kane would you guys mind explaining what the process is and how it works?

@Joe Villeneuve I was just totaling up the cost of that program according to what @Benjamin Manibog posted. I'm saying that even as a newbie I would not put that much money in investment programs but rather go buy multiple properties instead and learn that way.

How do you turn credit cards into cash to get properties? I get that you can rehab with it but the buying is my question.

I think the expensive part here is the 50/50 on your first 500k. Your investment in education is costing you 265k to 275k if they don't try to sell you something else. I'm a newbie as well. That money would buy 2 or 3 rent ready properties for me with cash.

@Jecarl Viray register it in indy only and make sure you use a bank that operates in indy.

I don't know why you were told you can only take out expenses in an LLC. I have property in both LLC and personal name and llc and can take out expenses in both.

If you only have 1 layer of single person llc then it passes down to personal income at tax time. It doesn't really protect you in case of lawsuits. You also should have something to protect if you want an LLC. A single property, especially if leveraged, is not really enough to need protection.

@Eamonn McElroy would you care to elaborate on that? How limit would they be in each situation? Thank you.

@Rick Ursery Your story adds the MI's lack of credibility. Their whole defense publicly has been pointing fingers at Oceanpointe and say that was a bad partner which brought them down. However, your property manager was Blue Sky, a company in which Clayton claimed to have started himself, separate from OP, and ran it for several months before shutting it down. He tried to pull over a lot of investors, including myself, to sign up with the new BS PM. You said you didn't know who OP was until you read these forums so I'm guessing non of your documents had OP on it? Plus the fact that your property bought in January 2018, signed up to BS, long before everything blew up in late April/early May, suggest that Clayton knew what was going on long before and already set up to separate himself.  Since Clayton claimed to own both MI and BS, does he still claim that he only get a referring fee for your property? Either all that or this is all just the same people running the same scam but operating under different name. BS collected a month of my tenant's rent without me ever signing anything with them. How did they do that?

Hi everyone

I currently have a newly acquired HELOC and planning to use part of it to invest on a note. Would anyone care to clarify whether the interest paid to the HELOC would be tax deductible? Thanks in advance.

I hide it from most of my family and made my wife hide it from all of hers as well. The only one I told was my closest sibling in case I need private loans in the future and told her as much. She laughed at me and told me I got it backwards. "When you make it big I'll be there to borrow your money!"

@James Wise I know what you guys mean in this thread about $0 down. I too constantly try to think of ways I can pursue the allure of no money down. Unfortunately, I'm not savvy enough to do what others have done. The only way I can achieve that is by taking the equity in one property and placing it into another. Yes it is a HELOC.