I just saw this program on two webinars last week.....Cameron is offering transactional funding and charging 3%...and POF's, and the Iflip program to generate leads on houses (via birdogs) and to increase your buyer's list.....
Has anyone tried this? Can I get some reviews before I spend the $1,000 on this (even though it's a deposit and I get it back after he funds my first deal...)
I'd appreciate any input I can get. Thanks!
I was looking into this program for a couple of weeks as well.
Cameron offers iFlip program where you can get the all the leads, both sellers and buyers. I am not sure how that program works. If this works, I may be interested in.
As far as transactional funding goes, there is other transactional funding companies out there. I believe an agent or owner of Coastal Funding is the member in biggerpockets. Their website shows they charge 2% funding with $595 processing fee (up to $1m). Depends on the transaction, this can be cheaper. I think there are more companies like that out there. Someone here mentioned tempofunding before.
I have not used any of these companies as I am still learning. But I am just sharing my research.
Hey David....thanks for your input. I'm still considering it, don't know if I'm completely convinced yet.
The only question I'm waiting on him (or his staff) to answer for me is if there's a minimum fee for me to pay. Some companies charge a flat fee of $2,500 for transactional funds if the deal is less than 90K. If he really JUST charges the 3% on any deal (from $1 to 600K) and no other fees....then he might be the one for me.
Please let me know of anything else you find out. I'm also just doing my research.
Let me know what you find out as well.
I am interested in his program for finding leads. If his claim of getting both sellers and buyers for pre-foreclousres is proved to be true, he may be the guy for me as well.
Save your money!!!!!!!!!!!!!
Most webinars are reprints of what is available informaion on the web and or right here on bigger pockets.
Put "transactional funding" in the search box at the top right of the page and you will find almost everything you need to know about it without spending that money. All it takes is reading!!!!!!!!!
There are quite a few threads to read through including some talking about the companies mentioned.
Jawsette, thanks for the input....however, I have done my research on transactional funding. The program I'm talking about is not just about the transactional funding. They offer an automated system to collect leads on deals as well as to increase your buyers list. They charge $1,000 they call it a "deposit" and they refund it to you when you use them to fund your first deal. They charge 3%.
David, I emailed the company yesterday and asked if there was a minimum fee like other companies have, you know, anything less than $90,000 for example has a minimum fee of $2,500 or so forth.
They do not. It's 3% of WHATEVER amount you borrow....which works great for me. The market I'm in, and the deals I work with are usually less than $60,000. I'm working on a $10,000 one right now, so I would only end up paying $300 to use their transactional funding, and that would be taken from my deposit, so I would still have a $700 credit for my other deals.
I'm ALMOST convinced.....have you found anything else out?
I went ahead and got signed up tonite after the webinar. I think its worth the $1000... POF Letters! Not to mention the money is actually there to close with. Can you say HUGE!! I Cant wait to start writing up offers. I will let you know how it works out.
Thanks for the input and let me know what happens with the program.
I am more interested in their program, iFlip, that finds both buyers and sellers of Pre-Forclosures. This web-based program supposed to help you find the leads and build buyers list. If that program works like he promises, I think I am in.
I found it through this forum and others, POF letters can be obtained from other companies (sometimes with better term). So I don't think what he is offering is anything new. What works for Priscilla and some others, I think, is 3% flat with no minimum fees.
Most importantly I am interested in building buyers list, so let me know how's that part of the program works out.
Jon...I signed up yesterday too! So far, so good. Put in my first offer with his POF....got counteroffered already but you know, that's the name of the game!
David...as far as my review....so far, so good. Everything has been easy to use, as I told Jon, already used the POF...so easy! I'm registering my two domains for IFlip tonight and as soon as I have that up and running I will let you know how it goes!
Okay, here's my update on Cameron Dunlap's program.
So far since I've purchased it I was able to send the POF with my offer the same morning I signed up.
I've registered my two domain names, the one for bird dogs and the one for buyers...I'm not releasing those yet since I'm not completely done reviewing them (I'm one of those detailed people...looks at things over and over)...but as soon as I'm done I will give them to you all..
I'm impressed with how fast his staff works. As soon as I bought the domain names I followed their instructions and within a few hours they had my pages up. This was all last night. This morning I requested them to activate my email addresses, and again, done within a few hours.
The only thing that I see could be some work for some people is making changes on the webpages.... I have webpage knowledge so to me it is easy (I created my company's webpage as well as others) but I think to some other people it could take some time.....but, they do offer technical support, provide a contact phone number and email address....
So far, I'm happy with my investment. I'm sure I'll be even happier when I close my first deal that comes from one of these leads!!!
So what is the $1,000 for?
Website? Access to buyers / sellers?
i get the transactional funding part - but not clear on what your paying $1,000 for?
Hey Scott, the $1,000 is for hosting of your two website for three months (one for your bird dogs & one for your buyers). After that it's $50 a month. They actually put up the websites for you, all you do is buy the domains and send them the domain names. They have BOTH sites created already.
You can check mine out...since I dont think I can include them here in the post (dont want Joshua or one of the moderators to think I'm not following rules!) and it doesnt fit in my signature, send me a message and I will send you the links so you can see how it works.
The system has me pretty impressed thus far. I finished up the details yesterday and 5 minutes after I posted my first ad in craigslist I had three bird dogs signed up...not too bad!
The $1,000 also include the POFs you need...and you get your money back when you use them for your transactional fund...which is my next step.
Hope this has answered your questions!
well - I am looking forward to hearing the rest of your story because $1,000 for two "pre-generated" sites (meaning you chose from a template and just provide your info) is a huge some of cash. This can be done for $50-$100 at a lot of hosting companies. (give or take).
I get you get it back when you do your first deal - but knowing 80% of the people will never do a deal that is quite the biz plan they have going.
I know your in the 20% who will work it which is good but that is still a ton of cash if all they are doing is hosting a site and giving you POF.
Even $50 a month a huge - I pay about $100 year for hosting an unlimited number of sites/domains...
So that is a huge cost - looking forward to see if there is anything to they buyer / seller lists - that is really the only way I can see this making financial sense.
But - I to each their own and I appreciate you sharing your experience and I am glad you are happy with what you are getting thus far - that is the important thing.
Thanks for your input Scott...
I guess I also forgot to mention that they don't just give you the template for your website....it's a whole database where the birddogs input the information, put in pictures, and that is connected to your buyer's list where the buyers can see the properties you "accept".
Anyways, yes, this is definitely something that works for me, so I will keep everyone posted on my review...so far so good.
Thanks for including me in the 20% of the people that you think would make this work!!! :)
Can you get the 3% flat rate transactional funding without paying the $1000 for the websites?
I am listening in on Cameron's webinar right now. How is your progress using his program? Have you flipped your first REO yet?
Cameron Dunlap, the iFLip Guy, has apparently doubled the buy in to 2K. The same deal otherwise? Three Months free, $50 a month thereafter.
Strike that. Because of so and so and the relationship with this affiliate, the deposit is cut in half. I understand that a significant number of folks don't follow through so collecting even 1K is a good deal if 90% of the depositors don't take action. Regardless of the 'only the first 10 get this great deal' if this is really that good, a 2K deposit ten days from now after I do my own due diligence may not be a burden. Or I will just wait until this affiliate, or another one, runs the webinar again. I find it interesting that none of the questions that I posed, and I posed a lot, were addressed in the post-presentation period. Okay, now they extended the half price offer to the 15 folks. Such showmanship.... :-)
If you are interested, I can give you a link that will get you the program $1,000 right now.
I know they do that all the time, getting first 10 people in half the price, etc.,
If you are interested, please send me a message, I will send you a link. I have been looking at this program for some time, so more feedbacks from people using this program, the better,
Joe, the price is $1,000 period. I used the link my affiliate (Than Merrill) gave at his webinar and it still charged me the $1,000.
You said you had asked them some questions, maybe you want to post them here and those of us that in the program can answer them for you from our experiences?
My progress now, I have 33 bird dogs from just advertising three days. I have an assistant that posts ads on craigslist...
They have already submitted three properties to me and I'm in the process of doing my research on those properties to make offers.
I like the way he links the buyers list with the properties the bird dogs bring in. You do not have to do anything except accept the properties and put a price on them when you decide whether its a good deal or not, then your buyers can look at them directly.
Um...that's all I can think of right now....questions?
Priscilla Z can you help me. I heard a webinar as well but out west and I'm trying to get to the $1,000 deal - I like the POFs, the points and the web system. Do you have that link? Thank you. :D
Just wanted to update everyone on my review of the "iflip" program. So far I have 90 bird dogs and 40 properties submitted. I haven't been using my buyer's website because I already have a long buyer's list and I wanted to concentrate on getting leads of houses.
Here's the thing...the website is GREAT. I love it, very user friendly for both me and my bird dogs. Pictures come out great, great template, all that....the only thing is...that Cameron doesn't tell you about all of this, is the work that it takes to find the owners of these properties. Yes, to me, I personally don't mind...it takes me a few minutes to look through tax records and then through county records to find out who owns it and whether its in foreclosure or not. This will not work for EVERYONE. My partner HATES it and has no time for it. Cameron offers services that will find the owner of the property for you, of course, you have to pay for them.
So, with that said, again, like everything else in life, IT TAKES WORK. It will not happen over night, but...if you invest the $1,000 in the program like I did, you better be willing to find that time to dedicate to it to make it work.
Another thing, with the foreclosed properties that are bank owned. One thing I have learned is that because the final judgement foreclosure papers say the name of one bank, it doesnt mean thats the bank that owns the property. You need to look at the original deed.
I haven't closed a house yet, however, I have one property that I'm negotiating with the bank on. Will hopefully get it under contract and use his transactional funds so I can give you a review on that....
Hope this helps...
I'm a beginner and am also interested in this program. I just had a few questions on how realistic this is?
Using this program to find prelist REOs, will the REO agents really be willing to talk to me as a potential buyer before they list in the MLS?
Is this a good program to get a buyers list? Wouldn't my local real estate group be better? I guess the bigger the list with more quality buyers the better huh?
Are simultaneous closings common? Cameron says we can use his title company that does this all the time, but do other title companies do this as well?
Thanks for the help and Priscilla, I look forward to your updates!
I have listened to 2 webcasts with Cameron talking about his POF and iflip system. I see that you invested in his system. Do you have any updated for us now that you have been using it for a little over a month? How realistic is it? Also; what do you know about Jason Loucks (7 Day sale system) he is based out of the West Palm area?
Any help would be greatly appreciated.
Hi Christopher and Daniel,
I apologize I have not been around lately to answer questions, I've been extremely busy these past few weeks.
Christopher, you are right about the agent and being informed about the property pre-list, I have not had any luck in that area. However, that's only for bank owned properties. What I have found on the 60+ properties that have been submitted to me is that a lot of them have not been foreclosed on yet. They are pre-foreclosures and are either the owner's rental properties or the owners left. With these I have offered to get them on board with a local agent who specializes in short sales, and I would be the one putting in the offers on those properties.
As far as the bird dogs go, we have about 97 bird dogs that have registered with us, but only six of them are hard at work looking for properties. What I would suggest if you do get into this program is to have some money to pay your bird dogs the $5-10 per "accepted" lead (you choose to accept or not) that Cameron suggests. I unfortunately did not implement that, I offer $500 if I close one of the houses, my partner and I are in the process of re-evaluating this system and possibly taking the route that Cameron suggests.
So, as you can see, I have bird dogs bringing me have properties that can potentially be a good deal, but it takes time. You need to research the properties, send a letter, and wait. And if you don't want to wait, find the owner's phone number, which can be a dead end.
I personally think it's a good investment thus far. My buyer's list has increased by about 10 people, that is using craigslist and some people just found us from google searches. His POFs are wonderful and that is what I'm using with my 25+ offers per week.
I hope this has helped, any more questions feel free to ask! Daniel, I have not heard about Jason Loucks' system, do you have any info on it? I'd like to hear about it....
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