HOW TO BUY REAL ESTATE USING CREDIT CARDS (Creative Financing or Risky Business?)
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- čas přidán 25. 08. 2024
- Yes, it's true, there are financial education channels on CZcams teaching on how to invest in real estate by using credit cards. In today's episode, Matthew Pillmore, president of VIP Financial Education, breaks down one of these videos on how to buy real estate using credit cards to discover whether this is a creative financing technique or a way too risky business...
It is true that real estate can be powerful in building your cash flow and establishing what many refer to as passive income, so why not look into creative ways to finance? We at VIP do this all the time, however safety is a major deciding factor for us here - we take risk very seriously, especially considering what we expect to see in the near future - a downturn in the market. Matt takes a look at a video where folks are signing away power of attorney to a company so that the company can start random LLC's in the individual's name and apply for and acquire tens to hundreds of thousands of dollars in business credit card availability. Then they have some "creative" ways to pull the cash out of the credit cards in order to invest in real estate and get a rental property. Sounds decent on the surface, but what is really going on behind the scenes and is this a good idea or a bad idea for your personal financial plan? Is it really creative real estate?
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What do u bring to the table vs. this company? how’s your cost comparison?
VIP=integrity. Thank you ,Matt. It's great to have you as our coach!
His talking about fund and grow
Thank you for educating people. Much respect.
Radhwan Tannira, you are very welcome and thanks for watching!
Why not keep borrowing 0% with another credit card? Like I did and have back up plan for 1-2 years for recession
what about credit cards to flip houses? buy one of these $30k-$40k houses and put $10k into it, then turn around and sell for profit and pay off the credit card balance. or a credit card to access the money for a down payment, then using velocity to pay it down before the 0% intro rate?
Brad Thornton, it can be done but needs a lot of attention and detail to pulling it off. Thanks for watching!
This was a great question
Quick question, if you buy a property using cash, for say 20 grand and you put about 20 grand into it. If you go to a bank you can get an appraisal and refinance based on that appraisal. The value of the house should go up.? So the bank would refinance based upon the appraisal.
Thank you so much. I've seen the video in question. I love that your shining some light on this scam.
Derek Moore, we're happy to help. Thanks for watching.
Thanks for sharing your expertise on this subject. I always wondered about this if this was legit. It sounds so risky. I must say that the fact you took the time to explained the consequences of doing real estate the ‘credit Card’ way will hurt you in the long run. Thanks for having INTEGRITY. We don’t see that value often. 🙏🏼
Elsie Guzman, you are very welcome and thanks for watching as I pride myself in having integrity, so I really appreciate the kind words!
Great video. I am considering using this process for my next rental property but I've felt that we're at the top of the market & should expect a downfall at any time. This process can work & it can ruin you also; its all about how prepared you are & how good of a strategy you can follow. It's definitely riskier right now to use this method but AFTER a market crash...it may be a go (minus the gold part). I've seen it work & I've seen it ruin. I would just recommend being prepared & having multiple exit strategies
RichTerces7, that's right. There's a time and a place for every strategy. Sounds like you're getting prepared to execute a plan when the time is right. That's fantastic. Best of luck to you in 2019.
After hurricane Maria hit Puerto Rico I realized that home insurance is the biggest rip off. They do not want to pay and FEMA wants you to get a loanWith the small business and the deductible for the insurance is a Nother rip off keep up the good work I see you in October
I have watched the video you reviewed. And like you said, in this market environment, the just seem to high. Loved the info. Keep putting out the valuable content!
Thanks Steven Cacace.
"Don't worry. You can ruin everyone around you's life for free."🤣🤣
Soda came out through my nose.
Thanks for another great video! This company you're discussing sounds worse than multi level marketing.
Your videos are awesome! I’ve been watching them religiously lol. Interesting info for sure. Thank you!
Thanks Lena!
Aside from the scam critique, really appreciated you sharing your Allstate story! I don't think I actually realized that you could actually push back against shady insurance companies and come out on top. Thank you so much for the insight and for outlining the tactics you used. Really valuable information that I'll be sure to keep in my back pocket should I ever need it!
eva forde, thanks for your continued support and viewership.
VIPFinancialEd You all are the absolute BEST! Don't know what I did without you.
Debra Mclane
Thank you for this video!! It is really sad that there are company's out there that are willing to destroy your life!!! I have had this happen to me with loan modification company's!!! It was a horrible experience after I realized it was a scam!! Lost a lot of money and time trying to get my money back, never did as the company's were both closed down by the State of California!! Very sobering experience when they announced on TV these company's!! I was devastated and embarrassed that I had to admit I was duped not once, but twice!! I was just trying fix the problem of an ARM loan versus a fixed rate loan!!! I will never let anyone take money out of my account like that again, lesson learned, many more ways to check up on company's now then when I went through my issues!!! Also, more company's out there that are willing to take your money and destroy your life!!!
Thanks for the reminder about the need to do your homework about who you are trusting with your money and life!!!
Debra Mclane, I'm sorry to hear about your story. It really upsets me to hear about these companies who take advantage of people and create entire systems based of stealing from others. Building financial wealth is challenging enough without groups like this. Thanks for continuing to watch our channel.
Thank you for this eye opener. The math / risk never made sense to me but I was still considering them because I trust the intention of the couple that recommended them.
My favorite video yet.
Great insight. Interesting on how to break apart the fraud.
Thanks Paula Augustine. We appreciate your viewership and comments on the channel.
That would definitely be stupid thank god theres ppl like you to set the record straight 💪💪💪💪🙏🙏🙏
dead mouse, thanks for the kind words and for your viewership.
Hello Matthew, banks out in those areas where the housing markets are inexpensive will lend on as low as 25k for a mortgage. I can't speak to all banks but a handful of local banks that I personally spoke with will do it. I know out in Phoenix Arizona they won't lend on anything under 50k but our housing is also twice the cost then it is say in Indianapolis which is why they will lend lower. Thanks for breaking down this promotional video, I know this company and the company that originally told me about them...I think you know who they are too. Maybe you can do the same breakdown on let's say a "turnkey" real estate company?? Thanks Matt great info!
matthew jonovich, thanks for your comments and viewership. I'll add turnkey real estate to our list of potential videos. Thanks again.
VIPFinancialEd I would also be interested in your insight on turnkey real estate!
YOU WERE TALKING ABOUT FUND AND GROW
CLK CLASS I think so... sounds like it 🤣😳
Sounds like it. I went through fund and grow and they did exactly what they said they would. 120K in business credit definitely help kick off my business 🤷🏾♂️🤷🏾♂️
Well I use this strategy when buying fixer upper properties. And it works. You just need to buy right and honestly you need to have a good personal credit (refinance).I do not pay a company to find me business credit cards. Its to easy to pay a company 5k plus to do it for you. People are just to lazy to learn shit on their own.
Archivaldo Guzman, couldn't agree with you more on all fronts and thanks for sharing!
I hope the company i joined last year isnt this company, but they have a similar business model. I dropped them after the first funding request. The reason for dropping them is exactly what you said, there was no way to pay off the card before the 0% introductory period is over. Also what they charged me $4000.00 just to open credit cards and give me a pdf on how to do that gold thing. I feel relieved that i didnt get too deep in this process. Thanks Matt.
Jermaine Agustin, I'm glad to hear that you didn't get in too deep. Thanks for watching and commenting on the channel.
Well this video came out a little too late for me. After getting denied so many times for business credit and maxed out on personal credit, I searched for other means and this company negotiated on my behalf. I had too many inquiries on my credit report before I got with this company. Now I'm debt free and my credit score is going up each month. Granted that I'm in the 780 range as of now. Now I'm just waiting on time for those inquiries to fall off. Was it ethical? In the beginning it was because I was tired of being denied when I knew I was creditworthy. Maybe not now after watching this video. Let's see what happens after the period is up.
@@g.germany2477 the reason why it was decline on your business credit card is because you max out your personal credit card
this a great, low-tech-idea, for lighting round of questions;
we are REALLY getting into your depth of life experiences
consider doing this with another equally experienced mate to accelerate alternate and off the cuff ideas
how about please putting the questions up on the screen
Thank you. There is alot of scams out there. Trying to take advantage of many.
Rachel, your very welcome and agree! Thanks for watching.
Awesome information.
I think I've seen this! I couldn't believe that a person I respected and have learned from would try to lead me and others down this road. Thanks for pointing out this misleading endorsement.
D.J. Langehennig, thanks for your comment. We feel part of our education is to inform our audience about the risk and danger of programs like this. I hope we helped. Thanks for watching.
The really frightening thing is that often times, these services hinge on the premise, that you sign on to their "coaching program".., but none come w/ any actual walk through on HOW to even FIND a deal on a property that could render an actual profit; let alone, a margin favorable enough to clear the fees set for services rendered, aside the borrowed funds.
Insanity. Pipe dream, at best.
Good Video, thank you. The method could work but very risky.
Tim J Diesel, thanks for watching and we appreciate your feedback!
Good insight.
Richard gordon, thank you for watching and commenting on the channel.
This has to be Fund and Grow lol!
El Light, shhh... don't tell anybody. LOL!
@@VIPFinancialEd You got it! LOL
I went to their channel, the curious thing about the majority of the comments on their videos is that they’re bots, if you know who he’s talking about (fund and grow) check the comments and click on a lot of the profiles, all bots leaving good comments and reviews 😒
gp5, interesting.
Whats the best bussiness credit cards to get for a vending machine business
SteVocArter, I think that depends on what rewards and spending needs you have. Look at creditcards.com to identify your options. Thanks for watching.
You are putting out bad info sir. That's terrible on your behalf. First off to apply on someone behalf to a bank. You have to have power of attorney. So instead of downing this company for being compliment. You should commend them. Inquires do not bring your scores down in that way. This companies use banks that pull from different bureaus. So the inquires are spread out across the board. They explain there services to clients and provide them with a client agreement. So they are not blind to what they are providing as a service. Again this is based on you not going through the process yourself. But your giving your opinion based a short video for marketing.
William Bradford, I don't think you watched this video. If you had, you wouldn't have made the comment you made.
Ran into your channel a few minutes ago and I'm already like 4 videos in lol... awesome tips. Subscribed.
That's great to hear, Jessika Jay. Welcome to the channel.
You can get a 0% interest card on your own and use plastiq to get the funds. 2.5% fee thats it
Hello steve mahler. 2.5% one time fee is a 30% apr. At a glance that seems pricey to me. Thanks for watching and commenting.
@@VIPFinancialEd how did you get 30% apr? 2.5% fee for say 10k is only 250 bucks. This is less than most balance transfer fees or 4-5%. do you know any better alternative financing out there?
Fund and Grow
Hello my name is meek
Hello Meek Rodriguez. Thanks for watching.
VIPFinancialEd nice to meet you