IFlip - Cameron Dunlap?
Rental Property Investor · Palm Bay, FL · Member since 2009 · 511 posts · 290 votes
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!
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.
Happy reading.
HI Priscilla, I know it has been 7 years, but I am looking at the program now. The old has become the new new. Would you be so kind enough to briefly let me know what you think of the program, It looks to be similar.
Best,
Paul
this sounds like a scam to me and why the **** do you have to pay for everything how the hell can someone make money when these leeches are alwaus throwing a fee at them to pay for other things its ******** and all of you people who are doing this are a bunch of ****in dumbasses
i dont like what you people stand for prymaid scheme thats really what this **** is
I would like to know to as I have more deals then money at the moment.
Cameron Dunlap's systems are not what they are cracked up to be. For instance he offers a POF letter, you can get it on line for free in a couple of different places.
I purchased one of his offers to get a list of buyer. The list is real, it was a list of buyers that had purchased a property in the area that I wonted. The trouble was that a lot of it was 1 time buyers only. The bigger buyers hid there phone numbers or had a fake one. it wasn't very useful. If you wonted to spend a lot of time looking things up it might have a couple of nuggets. I will say that the 30 Day money back guarantee worked with out any problems. Remember this is my 2 cents worth.
Cameron Dunlap just gave a "live" webinar hosted by Larry Goins ("Filthy Riches," "How to Get Started in Real Estate Day Trading," "How to Buy HUD Houses at Half Off"). I had several questions and typed them into the chat box, but they were not addressed, which led me to think the webinar wasn't live. Anyway...
Dunlap's complete system is $1,497--(don't know why gurus never round up to an even dollar amount)--and includes "free" transactional funding. That's right...he claims to charge no points, no fees, no interest, no nuthin' for his funds. However! You must obtain an LLC because he won't lend to an individual--pursuant, he erroneously believes, to the Dodd-Frank Act. Seeing as how the guidelines of the Dodd-Frank Act pertain solely to consumers purchasing or refinancing a primary residence, I don't see why an investor must obtain an LLC as a condition to using Dunlap's money.
Furthermore, the usual 30-day test drive that accompanies Dunlap's system is neutralized by the LLC requirement because it takes => 30 days to complete an LLC. IOW, if I found a property tomorrow, I couldn't use Dunlap's money immediately because I'd first have to obtain an LLC.
Dunlap claims an extensive and proprietary Vacant House Data File as part of his system. I didn't understand how a database of vacant properties can ACCURATELY be compiled. After all, an owner doesn't report the occupancy status of his property to anyone. I can see how an REO would be considered vacant, but other than that, how do you know a property is vacant unless/until you visit the property? He said, "The properties in the database may be occupied one day and vacant the next and vice versa." Well, of course! Then why call it a proprietary Vacant House Data File? It's just a list of properties.
He also said that direct mail is a good way to reach the owners of these allegedly vacant properties. What--does the owner visit the mailbox of his now-vacant property daily to retrieve the direct mail marketing pieces you send?
I dunno...there were a few things that didn't add up. I may have been born at night, but I wasn't born last night. Dunlap claims he has a full-time programmer on his staff who keeps his unique software up to date with "verified" vacant houses. He must be attracting an awful lot of $1,497 per pop sales to pay for such a person. I was surprised that Larry Goins, who promotes a similar system [virtual wholesaling], hosted Cameron Dunlap, who surely must be a competitor for the same "marks."
Thoughts?
I am interested in hearing about everyone's experience with the Cameron Dunlap system.
@Catherine Coy there are a lot of sources for vacant house lists and they all originate form the USPS. It's just a matter of what each provider does to that list to better qualify each address as vacant or that there is equity. There will be vacant properties on these lists, but there will be a lot that aren't vacant or are vacant for a reason.
I've never used his list, but know people who have and the results didn't impress me. For the price he charges, I would want more actual vacant distressed properties.
Direct mail is not the best way to contact the owners of vacant properties. If you rely on just mail to reach them it will cost you deals and likely the more profitable deals. The problem with mailing truly distressed vacant properties is that you never know if the owner gets the letter. OR if they do get the letter, they may not call you even if they wan to sell. I highly recommend calling these owners. Once you skip trace you will find that some of them have died. These are GREAT leads when you find them.
Regarding the webinar.... you're right it was not live. They typical way they do this prerecord a webinar and then promote it as a live webinar. I wouldn't be shocked if they acted like it was "about to start" or at capacity lol. That's a very common misleading sales tactic in the RE arena and I think it's ridiculous. If you're not going to do a live webinar, don't pretend you are. I've never liked the way most of the RE guys selling education or services market their stuff in general.
Hope that gives you a little more insight.
Thanks for responding, Larry. You wrote: There are a lot of sources for vacant house lists and they all originate from the USPS.
Again, how does the Post Office know if a house is vacant? If mail is piled up on the front porch, is that ipso facto proof there's no one inside and never will be? Does the mail carrier report his suspicions to someone, who then compiles a list and sells it to gurus like Dunlap? Absent an actual visit to the property, there's no way to know if a property is vacant--and even then you might not be able to tell. Therefore, I dismiss out of hand anyone claiming to have a proprietary method of determining vacant houses. Indeed, such a claim detracts from their credibility.
One can, of course, VISIT the property to TRY to determine if it's vacant, which then, with enough follow up, may deliver a motivated seller into your funnel, but that's a LOT of work. One could spend several hours on a single possibility.
@Catherine Coy I forget if it's every 90 days or 120 days, but basically the post office determines a house is vacant if no mail has been delivered to it in 90 or 120 days. They then give this list to HUD every 90 or 120 days.
This is why there can be such inaccuracy. A lot of people have mail delivered to a PO box so they could live in a house that shows up on this vacant house list.
On the flip side, a house could be vacant, but still getting mail so it wouldn't show up on these vacant house lists.
I quit using these vacant house lists a long time ago due to the inaccuracy.
I quit using these vacant house lists a long time ago due to the inaccuracy.
Exactly.
I forget if it's every 90 days or 120 days, but basically, the post office determines a house is vacant if no mail has been delivered to it in 90 or 120 days. They then give this list to HUD every 90 or 120 days.
http://about.usps.com/publications/pub32/pub32_ter...
vacant delivery point: A delivery point that was active in the past but is currently not occupied (generally not occupied for 90 days or more) and not receiving mail delivery. It does not include businesses or homes under construction, demolished, or otherwise identified as unlikely to become active.
no-stat delivery point: A business or dwelling under construction, demolished, blighted or otherwise identified as not likely to become active for some time, or a rural route address that has not been receiving mail for 90 days or longer. No-stat and vacant tables are part of the Delivery Point Validation product.
Obvious logic: If no mail is being delivered to a house, why would an investor buy a list of such houses, and spend money to deliver mail to it?
I rest my case. No sale for Cameron Dunlap's iFlip system.