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.
Wow. That had let wind out of your sails. I am dying to here what their response is. How far along in the buy were you?
...please please tell us what happened Rick.
I too am about to invest in Camerons course and would like to know how the funding worked out for you.
Sure let's do so, and I'll put my vote in this post (and I think it's a sure winner): NEVER!
i'm shocked about the proof of funds situation as i found the i flip course quite reputable, it was the problem of the sellers not wanting to sell at their asking price which was a bit crazy to me.
I used a POF from Cam on a SS that I was working on. The bank
apparently took one look at it and said "great, that will do"
didn't even contact Cam's office!
hi gail,
please keep us updated on the progress of your deal
Each loss mitigation department for the banks works differently than another
Some banks have "layers of workers"
Processors, that may look and initially approve a POF letter, while others will "send it upstairs" to an "assigned loss mitigator" for approval.
Think about it? Some bank processors and mitigators, understand what a proof of funds letter usually means.
In other words, they may already understand that most who submit a POF, are not putting any "skin in the game", or in other words, are using someone else's money to fund the deal.
While others may not have a clue just what a proof of funds letter represents.
While others may accept proof of fund letters, because they have successfully closed deals (double closings) without any issues.
So, after my "long-winded" explanation there are so many different individuals working for these "decision-making" loss mitigation departments for the banks, servicing companies and mortgage companies, that their decision to accept or reject a proof of funds letter will be as varied by so many different factors.
You can try to set-up a good, professionally written cover letter to accompany your proof of funds letter, via a pdf file so, when your proof of funds letter is received, it will also show your cover letter, illustrating just how fast you are ready to close, and how your professional team will work very hard with the "loss mitigation team at ABC Bank" to get this deal closed! etc. etc. etc.
As far as the (iflip) POF letter that was reported rejected? Like I stated, it could have been for a number of reasons.
I'd like to read some posts here on bigger pockets from individuals that have had some recent successes using proof of funds (third party money) letters and the use of "double closings" regarding short sales and/or REO deals.
If you have done some of these deals, can you kindly post your successes or failures?
TIA Bob
I used the iFlip system and was quite happy with it. You still have to advertise the websites to get bird dogs and filter out the obvious non performers. The system is part of his vacant house program. The biggest benefit to me was the POF and transactional funding. Great when you are just starting out.
Priscilla Z - No No No Do not spend $1,000. Period.
Why? Because if his system worked... then ask yourself... WHY IS HE SELLING THE SYSTEM AND NOT MAKING THE BIG MONEY HIMSELF WITH HIS SYSTEM.
He is making his quazillions of bucks on selling THE system and NOT on using HIS system for himself.
You do want you want... use your intuition...
Rick~
just curious: did you ever get a call back resp. an adequate response from Cam's team why the bank refused his POF? Is the POF letter Cam gave you for "liquid funds" or just the kind of 'paper' transactioanl funds that are never leaving the account during the transaction - which is what most banks will NOT accept?
Conny
Hi,
I am also trying to find out if IFlip is worth investing in, especially for the funding for my deals. I find you have been the user of this product for quite a while. Your input would be highly useful in decision making,
Peekay
@Peekay Kumar, unless they'vre change their system, you can start requesting them to fund your deals as soon as you become a member of their organization
Cameron Dunlap. Guess you're doing some advertising this week...it's working!
I've received many questions this week about his program. I'm double closing my first deal with him within the next week and I will post my experience once I finish closing with his transactional funding. One thing I will say right now, it's not as easy as it seems and you will need to be more hands on than what you think.
As far as his entire program of bird dogs, etc...didn't work for me in my market, doesn't mean it won't work for someone else in their market.
More to come...
I agree its definitely not easy seeing that you started this thread 3 yrs. ago and just now doing your first iFlip. I'm beginning to believe all these guru webinars are full of hype. They make it seem if these you can make a inflated income by investing in their system. It seems that they are making the inflated income by selling you the plan that may or may not work sometimes. Thanks for the input
Great feedback Priscilla Z! I'm starting Cam's iFlip so I can manage/screen my leads virtually. I would love to know more about the POF set-up you have with Cam. I also own a brokerage and am often overwhelmed by the deals, and need additional sources of funding.
BEWARE...this post is EXTREMELY LONG! :)
Here I am, as promised. I’ve already mentioned the websites & bird dogs, etc part of his program enough, so I won’t be talking about that in this post. However, I do have to say that after much consideration I think the bird dogs could be a good tactic IF you have the money to pay them per lead that they bring just like Cameron says to do, plus the money for hosting your websites.
Okay, now onto the transaction. I am going to be very meticulous in explaining our experience, as I think it is fair for all that have been following this thread. I started this post over three years ago, and the reason that I did not use his transactional funding yet was because I got into rehabbing and landlording. Now we have gone back to wholesaling and found ourselves needing his transactional funding for this deal.
Like I stated in my previous post, you will need to be more hands on than what it seems. It’s not that you just ask for the funding, you also need to open communication not only with the two closing companies (if using two) but also with Cameron’s staff.
The Good:
We closed our deal. We were able to use part of our $1,000 retainer fee with no problem, the fee for this transaction was roughly $600 so we are still left with $400 of our retainer for the next deal. We were only charged 2% fee for a one day transaction. And………….Cameron himself called us ?
The Not-So-Good:
It took a lot of coordination, A LOT more than ever expected. We used two closing companies; one for our A-B transaction, the other for our B-C transaction, and this all had to be coordinated with the transactional funding disbursement. There were various emails going back and forth during the week and everything was set to close on Friday. We were told by Cameron’s staff that as long as there was confirmation of the B-C money being in escrow, then the transactional funds would be disbursed for closing of A-B. We were never told that the B-C documents needed to be signed before they could wire the funds, we were just told the B-C money needed to be in escrow.
To make things easier to understand, here is the timeline of the transactions:
Friday
9 AM: A-B documents signed.
10:46 AM: Cameron’s staff informs us that wire will be sent this morning
1:19 PM: We receive the Fund Disbursement Agreement signed by Cameron, which led us to believe the funds were sent as promised.
1:48 PM: Everyone (us & Cameron's staff) receive an email from the A-B closing company asking for wire transfer of money. Since this was a HUD property the money needed to be received the same day that the documents were signed, otherwise we would have to RE-CLOSE the transaction.
2:03 PM: Cameron’s staff informs us that the wire has been “prepped” but they missed their bank’s cutoff time for the wire transfer (2pm EST), therefore the money would not arrive until MONDAY.
2:08 PM: A-B Closing agent informed us and Cameron’s staff that since they didn’t received the wire, we will have to RE-CLOSE the transaction on Monday.
2:15 PM: We received a call from A-B title company repeating the email just sent, and telling us that hopefully HUD will approve the RE-CLOSE.
3:00 PM: We close the B-C transaction. Everything remains in escrow until verification of recorded deed from A-B.
4:14 PM: We informed Cameron’s staff that we dry closed the B-C transaction.
** Because of the wire not being sent on Friday morning as we were told would happen, the A-B transaction had to be RE-CLOSED on Monday. But first, we needed HUD's approval, so there was a risk that we would lose the deal. Luckily, HUD gave us their approval to re-close the transaction. On top of that, we had to pay an additional closing fee to the mobile closer to come back to re-close. **
Monday
11:16 AM: We are informed by Cameron’s stuff that the transactional funds have been sent to close A-B.
12:00 PM: We re-close A-B transaction. The closing company promises to overnight the deed that day for recording to take place the next day.
Tuesday
3:00 PM: We receive confirmation and digital copy of the deed being recorded. We inform our B-C closing agent she can wire Cameron the money back.
4:00 PM: Our B-C closing agent calls Cameron’s office to verify the amount that needs to be sent since it was only a 24 hour transaction and 2% fee and not 48 hours and 3.5% fee as we agreed to sign with Cameron (if the Deed wasn’t recorded the following day, then we will have to wait one more day in order to send the money back, and that would be a 2-day transaction and 3.5% fee). Their phone system was down. We were able to contact them through their online chat system and find out that we would be charged the 3.5% fee because it was past their 2 PM EST bank cutoff time and the money wouldn’t arrive until the next day (Wednesday) so it would be 48 hours. They then call the A-B title company to verify that they need to wire back a 3.5% fee.
4:25 PM: The B-C title agent informs Cameron’s staff and us that the money has been wired back.
Thursday
We received a couple of voicemails from Cameron on Wednesday and my partner finally has time to return his call. To summarize the 30 minute phone conversation, we come to find out that Cameron received the money back on Tuesday and that he would only be charging us the 2% fee. Cameron said he did not send the money on Friday because we had not closed the B-C paperwork (even though the B-C money was in escrow – which is the only thing we were told we needed for Cameron to send his funds to close A-B).
We found it very odd that he did received the money on Tuesday after we were told that they wouldn’t receive it until Wednesday because we sent it at 4 PM and the bank’s cutoff time was 2 PM, therefore they would charge us the 3.5% fee because their bank wouldn’t get it until the next day and it would be a 48 hour transaction.
We also found it very odd that the excuse that was given to us by Cameron’s staff for not sending the money on Friday was that they missed their bank’s cut off time. Cameron himself told us that it was their policy not to wire unless B-C docs are signed and money in escrow.
Things to think about:
After going through the experience of this transaction, it would have been helpful if Cameron and his staff had disclosed to us that their bank has a cutoff time of 2 PM (Eastern time that is – so that would be 11 AM for you West Coasters!) both for sending and receiving money. If they don’t get the money by 2 PM EST then they will receive it the next day, so you will be charged for an extra day.
It would also have been nice to know that they have a policy that they cannot disburse the funds until the B-C paperwork has been signed AND the money in escrow. We were never told this; we were just told the money had to be in escrow. And we did tell them, on more than one occasion, that the B-C closing would close at 3 PM. They could have told us that 3 PM was past their cut off time, so that if we wanted them to wire that same day, then we would have to close B-C earlier.
With this said, I would like to disclose, if you will be using Cameron’s transactional funding:
1. Make sure you dry close your B-C BEFORE your A-B
2. Make sure you close B-C way before 2 PM (Eastern Time) so that you beat his bank’s cutoff time and they are able to wire the money for the A-B.
3. Make sure you wire them the money back BEFORE 2 PM the next day so you won’t get charged for an extra day.
4. In order to accomplish all this, you should close both transactions really early in the morning.
5. All of the cut off time headache could be avoided by closing both transactions with the same Title Company, and if you really look, you might not even need to use Transactional Funds. If the B-C is cash, the Title Company can use those funds to close A-B. We know most title company won’t do this, but they are out there. Search and you will find.
With all this said, I have now given my full testimonial of Cameron’s program. He is real. His bird dog program is real. His proof of funds letters work. His transactional funding rates are the best out there, if you are successful in returning his funds in 24 hours. He does not charge any additional processing fees, and you will get your $1,000 retainer back.
Now, it’s not as easy as it seems, it never is. Make sure you are involved in the details of the transactions. If it wasn’t because my partner asked the questions, we would have never found out all the details of it. We have closed many different types of deals. We know what to look for in transactions and we know how to read the paperwork and what questions to ask. However, this is not the case for a lot of newbie wholesalers/investors. Learn, educate yourself on the transactions and ask the questions. If you are new to this, befriend a title company, or better yet, a seasoned investor, so you have someone who will guide you through the process.
And finally, keep in mind that in this real estate business you must be persistent and consistent in order for things to work. They don’t come easy, they take work, and usually more work than what we think.
Hope I’ve been helpful in my review.
To your success!
Posted twice! Sorry, had to fix it! :)
Priscilla Z.....I can't thank you enough for starting this post. I am even more grateful that you kept coming back over 3 years to provide updates, despite the sometimes seemingly unappreciative rough crowd. (although there seems to be more that do appreciate you). Your persistance in your business and your follow up with documenting your journey is a huge help to me. I learned alot from your experience. I am seriously considering getting into the real estate business. I have been researching a lot of different strategies and am just looking for the best fit for me. Along the way I have heard and seen a lot of BS out there. But you are truly a breath of fresh air. [b]YOU are the real deal. You tell it like it is...but always in a cordial respectful way. You take responsibility for your choices and look to improve upon what you are doing, rather than dwell on blaming others. I hope our paths cross once I get rolling in real estate business. I think it would be great to work with you!
Thanx again!
Season's Greetings All!
What a nice thread to stumble upon in my search for POF info on the web. I'm new to BP and relatively re-new(ed) in REI. I had dabbled in rehab and landlording beginning in 2005, but nothing very dedicated nor focused w/DD as I am doing this time 'round.
ANYWAY, I just wanted to add my "things that make you go hmmmmm..." comment. First of all, thank you, Priscilla for sharing your experience and learning on this product. As for this program, if it's been going on for at LEAST 3yrs, one would expect that such newbie errors as you just described in your transaction would have been handled VERY EASILY. GRANTED, not all locations, companies, transactions are equal, the timeline, what to have ready, and communication SHOULD HAVE handled the intricate timing between the 2 companies (a-b, b-c)!
Your comment a few pages back (as well as those who had similar customer experience w/staff) about the customer service indicates that cameron's system has worked out the bugs to make things run smoothly in the (easy part) setup of front-end: websites, POF letter, who, how, when, what of building the leads list. By how poorly (and barely) the staff AND Cameron's DIRECT interaction in your transaction played out, I'd be willing to bet you're in the top 1% who actually close!!
This system from start to finish, should have equal excellent customer service from setup/start to close/finish just in the same way you had exclaimed how great their customer service was in the beginning of your journey w/their iFlip system.
He does seem to have a WONDERFUL system FOR HIMSELF, though... I get 1k to let ppl use my templates... meanwhile, I can use that pool to fund various short term deals all day & night... my hold time for the 98% of the growing pool is the average statistical time it takes the users of my system to close on a deal. I don't think that what he has setup makes him a bad person, NOR that this system is illegitimate/invalid. However, I am quite impressed with what he's built for himself while only barely really helping others - ASSUMING that Priscilla Z's experience of a basic(?) close ALMOST got screwed up b/c of lack of detail and due diligence.
Your exit/close should have been as flawless as your entry into his web... er... system! ;) Unfortunately, there was no clear documentation nor communication of BASICS of what to have ready, what to possibly expect, and when/how all the players interact on a close to ensure a smooth transaction. Your review/experience could have EASILY gone sour had HUD decided NOT to re-close OR someone in the process decided to drop the ball a few more times.
In closing, if a user is buying into a system (sourcing leads, getting funding, and completing a transaction w/the funding), the user isn't just buying the front-end and middle part of that system. they're buying into a system that should work from start to finish without beginner/basic near screw ups that Priscilla's story described!
Anyway, congrats on your successful close! I wish you many more successful transactions.
Seems its just easier to assign contracts then dealing with all these headaches, however, guess it depends on the deal. I do have iflips but I didn't have to pay 1k. So far it seems to run pretty good with several benefits like the birddog system and buyers page. Of course I'm still using my other methods of marketing, locating properties and etc but so far iflip is fine by me. I'll post later if I get into using their transaction funding but I do know of 2 people that it went well for which is what made me sign up and check it out.
Hi everyone! I've been super busy with LIFE, hahaha, so I haven't had time to be on biggerpockets or read these responses. I'm glad that my experiences helped others. I started this thread with that intention and succeeded.
On another note, I wanted to share something else. After I closed the HUD deal with Cameron the closing company that closed my A-B transaction (the closing company the HUD uses here in Central Florida) called us and offered to close BOTH ends of my transaction on the next HUD one that we wholesale, WITHOUT transactional funding.
So, that's exactly what I did. I wholesaled another HUD in December and did both transactions with that closing company. They saved me money on transactional funding and I will be using them for as many wholesale deals as I can.
Just some more information....good luck everyone!
I am new to the game of REI and am trying to figure out what tactics work in this ever changing market. Is this strategy that Cameron Dunlap uses still producing results or is it outdated?
I just watched a video on You Tube and Cameron is charging 1.97 for the first month of his IFLIP course which has 3 websites and after the 30 days you are billed 49.99 per month. There is no mention of a 1,000.00 fee????
What link has the 1000.00 deposit for this course. All I see is 1.97 for the first 30 days use of the site. You are able to setup 3 sites for buyers, sellers and birddogs and you are charged a monthly fee of 49.99 if you decide to continue with the program