All Forum Posts by: Tammy Parsons

Welcome @Chelsey Pfahler!  I'm not the door knocking type, mainly because of what @James Wise mentioned about the dogs going crazy when the door knocks not to mention that when I'm home (mornings and evenings mostly) I'm trying to get my three kids to stick to their schedule so somebody knocking on my door is going to throw the schedule off because the kids are going to go just as crazy as the dogs!  

But I do like door hangers.  I go a step further and use large post-it notes, I think it makes you stand out a bit more.  You can walk the neighborhoods during the day when people are at work, and if you see neighbors in their yards, then you can walk up and talk to them.

Best of luck!

I will be there!

I will be there, thanks for the heads up @Ron Szmik!!

I have also heard about Michael Force with Wayne Savings but haven't had the pleasure of working with him yet. 

Welcome @Debra Lamm! I also just started up and I'm located in the Akron area. I was also thinking of going to the Akron-Canton REIA meeting on Wednesday. Maybe we'll meet there!

I went to another meetup in Canton last week that was great.  You can find it on meetup.com it's called the Canton Women in Real Estate.  Small group, but a good place to talk real estate and share with others your plans and goals.  @Jen R., you should check it out too if you can!

@Jen R., thank you for sharing all the steps of your project!  It looks great!  I'm also getting back into the swing of things after a small hiatus away from real estate investing (kids, cross country move from CA to OH, retirement from my 9-5 job), and I look forward to sharing a deal with everybody here.  Reading your post is inspiring!  

@Steven Mingione, I'm not very familiar with credit in an LLC or any other entity, I am curious as to how they transfer the credit and debt into the LLC? And you're right, wouldn't I have to remain the personal guarantor to that credit, even if it's under the LLC's name? How does that reflect on my personal credit score and the LLC's score? How does an entity get a credit score if they were created from thin air and have nothing beyond what you put in it? I have some homework to do regarding that. I assume that they provide you "coaching" since you probably sign some type of contract with them, if they don't provide what they promise, sue for breach of contract.

I was curious since the company keeps popping up in my news feed in Facebook, so I had to call and find out what they're about.  I know several members have posted about using their services earlier in this thread, maybe they have more information about it.

And I didn't get a warm and fuzzy when I started talking to them, so I figured I'd share what I learned with everybody else who is curious like me, but I'll be staying away from them unless more people recommend them vs alert me to stay away from them.  I hope the original poster has had their questions answered as well.  

I saw the advertising for this company on Facebook and it keeps popping up on my feed.  My first impression was that this is too good to be true.  Nobody is going to extend you lines of credit for 0% for 12 months.  So curiosity got the best of me and I set up a phone call.  This is what I learned:

- They do not get you lines of credit.  They get you credit cards with the introductory 0% for 12-18 months that most major credit cards offer. (JP Morgan, Chase, Wells Fargo, Bank of America, CapitalOne, etc.)

- They ask you to pull your credit report from www.creditnav.com and send it to them.  Apparently they own this credit monitoring company and the way they pull credit reports and scores is special or something.  

- Based off of the score on your report, they use an algorithm to determine how much/many credit cards they'll be able to open in your name.  For a score between 700-750 they 'guarantee' $100K-$150K.  (I told him I have a 735, and that's what the guy told me I would most likely get funded at).

- They assign you a financial consultant and you contact this person to get cash deposited into your account or get proof of funds letters if you need them.  

- After 6 months they transfer all your credit cards into your business entity so these credit cards are not tied to your personal credit.

- Once the expiration of the 0% offers comes near, they start a second round of applications to transfer any balances you have on the first round and to increase your credit availability (they shoot for doubling, so if you started with $100K in the first round, the second round they'll go for $200K, $100K to cover the first round if you still have outstanding balances and another $100K to keep you moving forward).

- Their fees are $4,995, $6,995, and $9,995 depending on how much $$ they 'guarantee' they can get you.  So for my case, he said he'll guarantee $100K, so my fee will be $9,995 which will come out of one of the credit cards I get approved for.

- If they are not able to get you up to the 'guaranteed' funding they promised you, they will waive the fee and send you on your merry way with whatever they did get you approved for.

- The fee is good for the financial consultant and two rounds of credit card applications/approvals and managing your accounts for 12 months.  They will also teach you how to shop for credit cards so you can go out and keep building your credit lines on your own if you wish, or you can stay with them but pay the fees for subsequent years.

My $.02:

- The way they market for "Lines of Credit" is misleading, as most people know a credit card and a line of credit are two different products.

- Their fee is 10% in the case of $100K worth of credit cards, less if you are approved for more.  I'm not sure of what amounts will get you the two lower fees of $4,995 and $6,995.  Much cheaper than a hard money lender, not as cheap as conventional financing.

- Most people will not be comfortable with $100K of credit card debt on their record, let alone having to manage it...Keep in mind they help you manage this for 12 months though. 

- A concern I have is what will this do to my credit score if I'm trying to do conventional financing while these credit cards are being used at the same time...I'm a small time investor here, I'm not making millions yet and I rely on my good credit to get conventional financing.

- I like how they will transfer the credit cards into my LLC after 6 moths so that the credit/debt is off of my personal credit report, but I'm not sure how that is done and/or if it is possible to do.

- What's the difference between me paying them $10K to get me $100K worth of credit cards and me trying to do this on my own?  Supposedly they are able to get you all of this within 2 months because they have relationships with these major banks and based off of your credit history they know where to go to get you more yes's than no's.  If you did it on your own, you'll probably end up with too many inquiries on your credit report and not as much success on credit approvals and in a much larger span of time compared to them.  

Sorry for the length on this post, I just wanted to share what I learned.  I'm not sure if I'll be signing up with them just yet.  I would like to know if anybody here has used them and what they think of their program.  

Very creative, and very nicely finished!  Great job!

@Adrian Jaques -  Thanks for the referral!  I'll make sure I give Brad a call.