funds for flipping aka F4F . Scam or real deal

Creative Real Estate Financing
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funds for flipping aka F4F . Scam or real deal

Jerry Morello
Wholesaler · Revere, MA · Member since 2016 · 16 posts · 7 votes

brand new to BP just getting back into REI after lengthy absence. starting with limited capital so i've been looking for funding options saw F4F yesterday applied and got preapproved for 70k no strings no collateral ! final call on upcoming Wed. Sounds to good to be true so probably is but any advice would be appreciated

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Jay HinrichsBusiness Member
Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
10y

@Dion Johnson @Jerry Morello  just credit card set up company they usually charge about 3 to 5k for their services.. caution yoiu take out 60k in credit card debt and your fico will drop through the floor so manage all aspects of this.

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  • Anthony Ellison
    Houston, TX · Member since 2016 · 103 posts · 33 votes
    10y

    Do you have a website for this F4F?

    0Reply
  • Jerry Morello
    OP
    Wholesaler · Revere, MA · Member since 2016 · 16 posts · 7 votes
    10y

    Name of the company is funds 4 flipping or go to seed capital the f4 f was a marketing deal for face book but ultimately you'll end up with seed capital! Be interested in your Feds back I'm in the funding stage but still wary!

    0Reply
  • Dion Johnson
    Flipper/Rehabber · Shelton, WA · Member since 2015 · 18 posts · 7 votes
    10y

    Hi Jerry we used them and we had a positive experience. They opened up a total of 60k in total lines of credit. All 0 percent for 18months. This allowed us to finish one of our flips. About 40k we could cash advance the remainder we can only use to charge. 

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  • Jay HinrichsBusiness Member
    Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
    10y

    @Dion Johnson @Jerry Morello  just credit card set up company they usually charge about 3 to 5k for their services.. caution yoiu take out 60k in credit card debt and your fico will drop through the floor so manage all aspects of this.

    Podcast Guest on Show #222
    JLH Capital Partners51 Review
    WebsiteView Page
    2Reply
  • Dion Johnson
    Flipper/Rehabber · Shelton, WA · Member since 2015 · 18 posts · 7 votes
    10y

    Yes thay do have a fee. But when no banks will lend to you, shoot you have to do what you have to. Lol especially when you have a smoking deal.

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  • Jay HinrichsBusiness Member
    Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
    10y

    I hear you

    Podcast Guest on Show #222
    JLH Capital Partners51 Review
    WebsiteView Page
    0Reply
  • Jerry Morello
    OP
    Wholesaler · Revere, MA · Member since 2016 · 16 posts · 7 votes
    10y

    so far have 24k in commitments still waiting for more

    0Reply
  • Reece O.
    Investor · Mexico City, Mexico · Member since 2016 · 100 posts · 19 votes
    10y
    Hi, How much credit have you received and what was your credit score? Would you share a couple of the cards that you got approved for? Thanks!
    0Reply
  • Luis Roel
    Lender · Jersey City, NJ · Member since 2016 · 68 posts · 24 votes
    10y

    It works... If your credit is worth nothing to you :/

    0Reply
  • Denise Higgins
    Frisco, TX · Member since 2016 · 1 post · 0 votes
    10y

    I did find a Rip Off Report is that's of any interest to anyone:  

    http://www.ripoffreport.com/r/Funding-for-Flipping/nationwide/Funding-for-Flipping-joshfundingforflippingcomjoshsrecnowcomJosh-Cantwelljoshallenf-1291752

    0Reply
  • Jerry Morello
    OP
    Wholesaler · Revere, MA · Member since 2016 · 16 posts · 7 votes
    10y

    Have $56k in cards as of now. Took about 4 weeks.was told I'd get $70k but don't think that's going to happen! Beware that some of the cards you'll get can't be turned into cash without crazy cash advance fees and the ones that you can convert are thru balance transfer checks that typically cost 3% to convert.

    So as of now my thoughts are that yes it can get you cash but just be aware that the total amount of credit you get will not be the amount you can truly use and the fee for this was $8,995.00 which they grabbed as soon as we had the 50k guarantee! So between their fee and the conversion cost your down instantly $10k. Plus your minimum payments start immediately on any of the lines that you use.

    Not going to call this a ripoff because I went in with eyes wide open and if you need the funds for a deal you just chalk it up to the cost of doing business. But I would strongly advise anyone that uses this program to be aware of all these costs beforehand!

    2Reply
  • Account Closed
    Rental Property Investor · Philadelphia, PA · Member since 2014 · 240 posts · 94 votes
    9y

    @Jerry Morello great story. Congrats on your accomplishments. Goes to show sometimes you have to invest first to get access to capital or help for your business.

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