Attorney · Bettendorf, IA · Member since 2015 · 106 posts · 47 votes
i have been listening to the Epic Real Estate and Turnkey Real Estate podcast and keep hearing Epic Fast Funding advertised. Has anyone used them?
Currently I use private money for cash purchases and then refi after renovations are completed. According to the advertising, this company provides loans based on personal credit with no interest for a year. After that what are the terms? If the loan is paid off within a year, where is the profit for them?
I'm a bit late to the scene, but for folks researching this in the future, I hope I have useful info. I have used this funding method.
Epic fast funding (epicfastfunding.com) is Matt Theriault's branding covering Seed Capital. He advertises for them under his brand OR he also owns Seed and simply brands as two companies. As soon as you drop your info on his website, Seed takes it from there and follows up with you. Matt is great, but this funding is a hair short of a scam.
THE SEED SERVICE & PROCESS I am a "seed survivor" as I have paid for their services. Seed applies for credit cards for you, and "consults" you for 12 months. If you get over $50k (I think) in credit lines, Seed charges somewhere in the neighborhood of $6500 when it is all said and done. My firm opinion of Seed is that they are mostly a scam. Customer service is dodgy with cancelled/forgotten appointments, and the price they charge to sign you up for credit cards (you can do that yourself) is OUTRAGEOUS.
USING CREDIT CARDS TO BUY REAL ESTATE I noticed some questions about how this works, what exactly does Seed do, etc. Using credit cards is a completely legitimate way to start investing in real estate, but you have to be very meticulous in the process so you don't wreck your financial situation overnight. It is a great way to fund a rehab if you don't have bank / private / hard money funding (yet).
Apply for many credit cards, and make up your income level (at least north of $150k per year). Many of these have promotion period for balance transfers with no interest for 12 months or so. You do still pay a one-time 3% BT fee. Do the balance transfer and cash the check in your checking account. Some cards will only honor the check if it is made out to someone besides credit card holder, so use a business checking account or trusted friend. Each month, you'll pay a ~1.5% principle-only payment on each card. Remember, you can simply borrow extra from the credit cards to float those payments until you sell the completely rehabbed house.
You have to be very careful for this to work. You must know exactly when the interest begins accruing, and you must pay the card off at that time. Use another card with another promotion balance transfer promo period if you like. Yes, initially, your credit score will take a hit because of all your revolving debt. Continue making timely payments, pay off the cards, and in 12 - 18 months your credit score will likely be higher than before.
In sum, my advice would be to go for it if you don't have other funding options, but be careful. Secure a higher credit limit than you will require in case things come up or a company decides to drop your credit limit mid-rehab. Only take on a simple rehab that you are pretty confident will only take a couple months. No rentals unless you know you'll have reliable funding soon. Be extremely organized in managing balances and on-time payments. Remember, you only have to use this method on a handful of flips before you have enough cash to do them on your own. Plus, by then you'll have a track record and can get cheap bank money most likely.
this looks like they exact same thing as funding4flipping I believe, this company was discussed within the last couple of weeks so do a search. Not sure I have the name exactly correct.
What they do is help you get intro zero interest credit cards and rotate the balances. They also show you how to access the credit line for cash. Never used them.
this looks like they exact same thing as funding4flipping I believe, this company was discussed within the last couple of weeks so do a search. Not sure I have the name exactly correct.
What they do is help you get intro zero interest credit cards and rotate the balances. They also show you how to access the credit line for cash. Never used them.
I am interested to hear if anyone on BP has actually utilized their services. I know a newbie investor outside of BP that claimed it was an horrible experience.
Just heard the podcast today on what they do and they said the approx. $3500 flat fee for funding 50k to 150k loan.
On no APR / no fee, I wasn't clear if that applies only to undrawn line or even to the borrowed funds. It would make sense if no fee, no APR until you actully draw funds. Once you access funds, I ma sure they'd have some sort of APR applicable.
Hoping to hear more from the board on this topic as I am currently in discussions with Epic Fast Funding --> Seed Capital. So far I have read some mixed things on the board, but have heard good things on the Epic Real Estate podcast. I've also talked to some BP users via PM about using Seed Capital, and again heard good things. You have to obviously proceed with caution (like in any situation such as this), fully understanding how the service works and how it could impact you and your credit, given funds are in the source of unsecured credit cards, and may be more ideal for short term use (i.e. flips)
Hello all. I have used them, WCAP, Seed, F4F. Seems to be all under the same umbrella. The beginning was fine, the fee was over $5k, did get the cash from unsecured credit cards however I was left to try to buy & flip my first property alone (haven't yet) when I was originally told ______ would walk me through the first in order to make the money to pay off some of the credit card balances. I'm now struggling to pay & 1 Co has added interest, another has closed my account & I've reached out to them for help & nothing. I've purchased Brandon ' s books, watched webinars & now on my quest to buy & flip. I'm not giving up! Any other questions, let me know.
@Sharon Carter I'm curious. Is there process basically having you apply for a number of credit cards and then ask them to allow you to use the credit line as cash? I've heard a couple of people say you have to call the CC companies and make up stories for why you need the credit line in cash and have the cash sent to a special bank account. I'm curious as the stories I've heard all seem a little unethical and a little crooked. Would love to hear more about what they had you do. Thank you!
I called & signed up with WCAP but my relations manager is actually with SEED Cap. I don't know if they are affiliated with EPIC or not. WCAP/Seed guides you through applying for credit cards that offer 0 interest for at least 1-yr. (I think they have a list compiled already) The cards go direct to you and then they guide you through getting the cash from each card of which also goes direct to your bank account. The only money they get is the fee you pay from one of the credit cards they help you get and you have to authorize payment to them. Everything is legit & it works. There are some draw backs; having to make payment on the credit cards until you start making money, credit card companies can re-check your score & decide to make changes to the agreement, companies can decide since your score is now lower they will close your account, etc. I anticipated getting help from them with my first flip, however I should have paid closer attention because that part was verbal - not included in the contract. To be eligible you must have a credit score of 750+. Now my score is 638. I was able to purchase a townhome & renting it out so not all is lost. I'm preparing & planning to join a local group to learn more and start earning money. Right now I'm overwhelmed & a bit confused!
Thank you for the details @Sharon Carter. Hang in there and please keep us all informed. There are many of us who are trying to learn about the legitimacy of services like this. Your info has been very helpful for many to understand the pros and cons.
@Warren lfergane, could you explain the process and how do you compare this strategy with HML's. The fee they are quoting is about $4000 on an annualized basis so if you flipped your property say in 6 months it would only cost you $2000 or 4% in total. Since it is a 0% interest for the first year that would be a great deal. I can see how that would work for funding a re-hab but how can it work to purchase a property for cash. I would assume the c.c. would not give you all cash advances for a purchase. Can you explain a bit how you use it. I always fund my re-habs myself but the purchase of the property is where I can save costs. Appreciate your input.
I'm a bit late to the scene, but for folks researching this in the future, I hope I have useful info. I have used this funding method.
Epic fast funding (epicfastfunding.com) is Matt Theriault's branding covering Seed Capital. He advertises for them under his brand OR he also owns Seed and simply brands as two companies. As soon as you drop your info on his website, Seed takes it from there and follows up with you. Matt is great, but this funding is a hair short of a scam.
THE SEED SERVICE & PROCESS I am a "seed survivor" as I have paid for their services. Seed applies for credit cards for you, and "consults" you for 12 months. If you get over $50k (I think) in credit lines, Seed charges somewhere in the neighborhood of $6500 when it is all said and done. My firm opinion of Seed is that they are mostly a scam. Customer service is dodgy with cancelled/forgotten appointments, and the price they charge to sign you up for credit cards (you can do that yourself) is OUTRAGEOUS.
USING CREDIT CARDS TO BUY REAL ESTATE I noticed some questions about how this works, what exactly does Seed do, etc. Using credit cards is a completely legitimate way to start investing in real estate, but you have to be very meticulous in the process so you don't wreck your financial situation overnight. It is a great way to fund a rehab if you don't have bank / private / hard money funding (yet).
Apply for many credit cards, and make up your income level (at least north of $150k per year). Many of these have promotion period for balance transfers with no interest for 12 months or so. You do still pay a one-time 3% BT fee. Do the balance transfer and cash the check in your checking account. Some cards will only honor the check if it is made out to someone besides credit card holder, so use a business checking account or trusted friend. Each month, you'll pay a ~1.5% principle-only payment on each card. Remember, you can simply borrow extra from the credit cards to float those payments until you sell the completely rehabbed house.
You have to be very careful for this to work. You must know exactly when the interest begins accruing, and you must pay the card off at that time. Use another card with another promotion balance transfer promo period if you like. Yes, initially, your credit score will take a hit because of all your revolving debt. Continue making timely payments, pay off the cards, and in 12 - 18 months your credit score will likely be higher than before.
In sum, my advice would be to go for it if you don't have other funding options, but be careful. Secure a higher credit limit than you will require in case things come up or a company decides to drop your credit limit mid-rehab. Only take on a simple rehab that you are pretty confident will only take a couple months. No rentals unless you know you'll have reliable funding soon. Be extremely organized in managing balances and on-time payments. Remember, you only have to use this method on a handful of flips before you have enough cash to do them on your own. Plus, by then you'll have a track record and can get cheap bank money most likely.
@Allan Smith help me understand the method for turning the credit lines to cash. Are you saying all you have to do is use the transfer checks, but instead of making the check out to another credit card/bank you write the check to an account other than your name? Then you have to just deal with the 3% charge? Or is there another method...perhaps calling the CC company and asking for a cash advance with no interest? Thanks for sharing your experience.