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...)
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.
Hey everyone! Another update! I just got my first contract accepted yesterday using Cameron's POF....now I'm working hard to get this house closed, they only gave me two weeks to close, so I will be using his funds to close this one...will be able to give you a review on that once it happens!!! So excited!!!! :)
Now after you close when do you make money, I get a laugh when folks say you make your money when you buy. Unless you can pull cash out and are planing to hold the property, you make your money when you sell.
So transactional funding is only going to work when you have a buyer in place at the same closing.
Hey Dennis....I will be making my money when I SELL....I never said that I would be making my money when I BUY...I don't know where you understood that from. I will be doing a DOUBLE CLOSING.....first I buy, then I sell....I make my money when I SELL. I hope you understand it better now....glad you "got a laugh"....even though you misunderstood.
And....no, I'm not a millionaire yet....I've never said that is my goal....
I think you are the only honest one in here. The others with only a few posts are here asking the "right questions" and talking up the program with just the right amount of skeptisism. I think you are just a new investor who got taken by some guru BS. STOP FOLLOWING THAN, did you not see his flip this house episode a few weeks ago? haha. He is out in cali now "flipping houses." It is really just to keep the TV show going. He sold a house to everyone he knows and is running out of people so he moves to cali to make a few more tv shows and live off the money you and other "students" pay him to listen to the same BS every other guru is talking about. I guess if Than can do it, I can do it. If anyone is interested in my $1000 program send me a PM and Ill think about designing one. Read a book and stay on BP. Sorry for the rant but it makes me so mad when people make these gurus rich because they dont know how to do things themselves. ALL IT TAKES IS SOME READING AND DOING!!!!
There seems to be several ways to look at what the "gurus" are selling. On one side, every guru is no more that a fraud and only wants your money. On the other side, the gurus are the second coming of Christ come to save our souls and wallets (For the low, low price of $497. But hurry, because this price goes back up to full price tomorrow.).
I think that if the guru is actually in the business and still invests in real estate, then why not purchase something from them? You are going to learn either way you do it. You are either spending time or money. If you have more time, then start by doing and paying tuition to the school of hard knocks. If you have more money, then purchase a good course or two and study it. Either way, you will learn.
I forgot to mention - I was researching Cameron and the iFlip program when I found this website. This very thread is what made me register on BP and start posting and asking questions.
Well welcome to BP. It is better than anything you can pay for because there will be no guru spin put on the topic or answer to your questions, and ITS FREE!
... there will be no guru spin put on the topic or answer to your questions ...!
Well Jeffrey, there are some gurus who are members on this site, and they do participate in the forums.
But one good thing about being here on BP is that somebody is quite likely to challenge the guru statements if it is some kind of nonsense. And those who are new to this can then be a bit more informed as a result.
Hey Guys...yes..the whole "guru" topic. I was actually in the same place as Christopher...researching Cameron Dunlap and the I-Flip program but could not find anything, that's why I decided to start this thread...I'm really glad I did!
I do have to say, Cameron's system is OK...the reason I went into his was because he give me back the money I invested in after I close my first deal with his funding...and he only charges 3% to use his funds.
From what I have found, others might charge 2-2.5%, however, they do have a minimum fee of $2,500....or charge an extra $500 processing fee...whatever it may be. Cameron's does not....and in my market...the deals I come across are usually less than 80K...which means that his 3% works well for me...and then he gives me my investment back.
Now, he does make everything sound soooo easy, when it's really not. The bird dogs, the houses they submit, finding the owners, etc, etc, is really a pain. I havent benefited from that at all.
Another thing I learned these past couple of days is that here in Florida we are permitted to do a double closing and use our buyer's money to pay the seller we are buying from. That is not the same in all states. So, I do not need to use Cameron's money when flipping an REO, however........in short sales, it is not permitted to use the buyer's money, so this is where using Cameron's funds will benefit me.
I think that's all I have for today guys....
And my final thought.....I agree with everyone else about investing their time in BP. Read a lot and learn.
Bigger Pockets is the BEST investment I have made....I have learned soooo much!
I thank Joshua, the great moderators and all the BiggerPockets members for that!
I think you are missing the point. I say this line all the time because it is TRUE. Basically, if you buy right, that is how you make money. Of cours ein the literal sense, you don't get actually "paid until you sell" but the meaning of the sentance is to buy right because that is where you make your money (especially when flipping is concerned)
I think you are missing the point. I say this line all the time because it is TRUE. Basically, if you buy right, that is how you make money. Of cours ein the literal sense, you don't get actually "paid until you sell" but the meaning of the sentance is to buy right because that is where you make your money (especially when flipping is concerned)
And my final thought.....I agree with everyone else about investing their time in BP. Read a lot and learn.
Bigger Pockets is the BEST investment I have made....I have learned soooo much!
I thank Joshua, the great moderators and all the BiggerPockets members for that!
Thank you for the kind words, Priscilla. Please don't forget that it does cost money to run BiggerPockets. Do be sure to visit our advertisers, and think about giving back with a donation or by upgrading to PRO.
Now back to your regularly scheduled discussion . . .
Yes everyone...let's listen to Joshua! We wouldn't be where we are without BiggerPockets so let's give back!
With that said, it was brought to my attention that I haven't been here in a while to give my Cameron Dunlap update.
That's because I've been busy marketing my bulk seller's properties and also putting in offers on short sale properties in my area. I have not used Cameron's transactional funding yet because I have not been ready to close a deal that needs his funding. As you probably know, short sales take A LONG time so I'm waiting to hear back from the banks on my offers.
However, I will say, having his proof of funds letters have helped me with putting in my offers ALOT and his website for my buyers is helpful in keeping me organized with what my company is doing!
And, you do not need transactional funding for double closing if your investor allows you to use their money to close your deal (please note I am in Florida so I'm only speaking about here, I don't know how other states laws are)....
But...if you are doing short sales, like I am, you do need to have transactional funding....
I will update everyone as soon as I use his transactional funding to close my first deal and get my $1K investment back.
I got cameron dunlap program and it is worth the1k you get it back after your first deal plus you get a website for buyers and bird dogs 2% and unlimited pof"s
Ok guys, I don't profess to be an expert, but I signed up for Cameron several months ago and I am satisfied. Yes, they always respond to my questions quickly. Cheryl Pierce is an absolute angel helping with technical questions. I don't use bird dogs, because I work with foreclosures. I am building my buyers list however. They often send links to sites where you can find properties and post your own.
You can find other transactional funding but usually not without pretty high set-up fees. I got a note not long ago from Cameron that they lowered the fees to 2% over $100,000 for the whole amount. They also suppose to help with closing if you need it. I have 3 foreclosures in the work and have not closed yet, but it is good to know that I have the available funds.
Great to hear that others are working with Cameron....I agree 100% with Anna....Cheryl Pierce is great, always attentive to any problems or questions that come up.
I listened to Cameron Dunlap's webinar a few wweks ago. He never mentions anything about EMD. He just says all you need is the POF letter and the transactional funding.
You can get free POF letters from several transactional funding sources. He says his 3% transactional funding fee is low compared to 5% that most others charge. I haven't seen anyone else charging more than maybe 2.5%, plus a few hundred dollars for processing.
Anne, Deric,
Did you get your $1K back?
I am an investor in Houston and am considering using Dunlap's transactional funding. From the comments from the people in the forum, it sounds like this is a good outfit to work with.
Thanks for any further comments.
I don't have any experience with Cameron's program, but if you are considering purchasing it just for the transactional funding/proof of funds letters, there are a myriad of transactional lenders you can use for no upfront fee, and they will also provide you with POF letters free of charge.
Just wanted to be sure that you were aware of that.
If you Google "Free Proof of Funds Letter" you will see what I mean.