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.
If you only have $1500, I would recommend first figuring out where your financing is going to come from. Unless you partner with an another investor or have family/friends who trust you enough that they'll put up 100% of the funds for a deal, $1500 isn't going to be enough get started flipping houses.
If you want to be an excellent flipper, buy J Scott's 2 books
http://www.amazon.com/s/ref=ntt_athr_dp_sr_1?ie=UTF8&field-author=Mr.+J+Scott&search-alias=books&text=Mr.+J+Scott&sort=relevancerank
Best $50 bucks I've ever spent!
Yes, they have changed their offerings lately. The real reason they are offering "free" trans funding for a year is because they know that 99% of their customers will be able to close ZERO deals in that year. So they get your fee upfront.
Same day flips are excruciatingly hard to close in the recent months. For a newbie to put one together is even harder. I have customers who were doing 1 or 2 a month and haven't done one for the last 18 months.
Providing Trans funding is a slowly dying business model and IFlip is trying a new way to squeeze some fees out of newbies before it fizzles completely. I applaud their creativity, but it is a horrible deal for the investor.
@Eric M. Thanks for your comments. I just went through the webinar and decided to sift through BP for feedbacks. As many have indicated, transactional funding is very beneficial. Can you tell me why is has been harder over the recent months and why is it a dying model? Thanks!
Back to back closes are just hard to organize and pull off. They have a lot of moving parts and getting them to come together is tough. Biggest issues are some some sellers or sellers lenders will not alot the property to be flipped quickly and most lenders will not finance the end buyer's purchase when the chain of title is not seasoned. So it eliminates many transactions and is only for cash buyers on the C end.
Trans funding didn't even exist 5 years ago. It popped up in response to regs preventing C buyers cash from funding the AB transaction. It came into vogue with the expolsion of Short Sales. In 08, 09 and even 10 lenders were panicked and just wanted loans off the books. Short Sales could get a massive discount but you couldn't assign the contracts. So Trans Funding was awesome. Then SS lenders started realizing they were getting fleeced so they put limits on flipping. Some states even put in laws preventing same day flips.
Then lenders started to notice that a legit back to back flip looked exactly like straw buyer fraud where an investor buys a property and a shady appraiser gives a high valuation to allow the investor to flip or refi. So lenders stopped lending to C buyers more than a year ago.
Then the nail in the coffin was the recovery of the market in general. In a sellers market, you can't get the kind of deals you need to flip with no rehab.
But it was a legit way to make money flipping with no money of your own so it is still sexy for gurus to sell the idea to newbies.
So from a legit lender standpoint, demand for same day Trans Funding dried up which makes it a bad business to be in. I still offer it because it is good money if it comes around but it isn't regular business. i Flip has figured a way to still profit from back to back flips with very few back to back flips actually occurring.
I am a new real estate investor in Orlando, FL. Like a lot of other newbies, looking at all the different systems that are out there to help (including the iflip). Thank you for everyone's very candid opinions on things, it really helps. I would love to hear more from Priscilla about the financing she has found in Florida. Im finding that getting people to finance your deals without a proven track record can be challenging.
I'm excited about this new adventure and think finding this website will really help me. Would love to hear from anyone in the Orlando/Central Florida area with any advice for a new wholesaler/rehabber.
Thank you!!
My advice is to be on the look out for the Càentral Florida BP meet up. We've had one thus far organized by @Ceasar Blackman.
It was a smashing success and we are planning on having more.
Welcome to the BP community @Kristi Stafne !
this sounds similar to what scott yancy (flipping vegas) or yancy events is selling people. I'm tryin to see the difference, is anyone familiar with this? Yancy events took me for $13000.00 and left me real skeptical about paying out $$$ for hope in the property game...
I actually purchased the system and it came out to be $1623 with tax. $1500 wasn't all the money I had to start a business, it was within my budget for some type of tool to aid in starting up.
I followed the techniques of acquiring bird dogs and now have a team of people going out finding vacant properties and uploaded the photos and data into the system and it's a time saver!
The system's so robust (Version 2.0) as it has an autoresponders, lead tracking for bird dogs, properties, contacts, etc. It also has a deal flow that's seamless that integrates with a 3rd party mailing service to blast out mailers/post cards to potential buyers/sellers or any contacts you manually upload.
We've been using it for about a week and got over 20 properties in it and submitting our first offers next week and hopefully get to use the transactional funding.
Will keep the updates coming as we're learning-as-we-go.
Priscilla,
I happened upon your 2010 post here about iFlip. I believe you purchased it at that time. Can you tell me your experience with it? Is it a must-have? Do you feel like it makes your job much easier? Would you recommend it for a newbie? Is there something better or comparable you're aware of?
I'd really appreciate any advice/feedback from anyone familiar with iFlip or something equivalent.
Thanks in advance,
Teri N in California
I agree with the moderators here. I'm not very seasoned, but I've seen many companies offering only 1.5% on transactional funding. If you are a newbie I believe you need to do your homework and get your own system down that works for you. In this business, it's best to lead by example and not be lead, there are many resources here on BP, most for free, if one would just take the time to read. I just listened to the iFlip webinar, but I already know most of what he was saying, so it seems he is targeting newbies to join. His system is high in my opinion. One can get his own birddogs, own website, own virtual assistants, look up one's own deals, talk to sellers, find a funding source, and make one's own buyer's list. iFlip is basically for those who are too lazy or are too uninformed to do the work that a true wholesaler does and is supposed to do. I'm not hating on anyone's decision to purchase these Guru systems but, if one has a few true buyers, they will buy from you constantly because they flip houses for a profit. If one has a few true bird dogs, they will feed you good solid properties to get under contract for your buyers. If one knows his areas of interest that are growing and lucrative, a few good Sunday driving for dollar days, will provide you as a wholesaler your own leads as well. Just do your own due diligence and work for your craft which in turn will build your own system over time.
That's my two sense... If you like it I love it
@Priscilla Z. How did things work out with iFlip? Did you get any business using it? Would you recommend it? Are you still using it? Thanks in advance for your reply!
@Gabriel Terrell Can you give us an update about your experience so far with iFlip? Has it been worth it? Have you used the transactional funding yet? How did it go?
Thanks in advance for your reply!
I came across this post regarding Finger Lakers Funding, Inc. program. I see there are several people who have signed up and used the proof of funds. Can someone provide feedback on the proof of funds. Do they provide a letter and some evidence (acct statement etc) that there are proven funds?
julia promised to refund the $90 they schemed from me, BUT as usual, they never followed through:
the virtual service does not work
customer service does not help
they defend the poor service and nasty behavior
they blame me that it does not work
they don't follow through
They may also dba:
1daydough.com - Cameron Dunlap - Specialty Communications, Inc - CameronDirect.com - iFipRealEstate
I'm sorry that you feel this way about our company Reda D.
You had signed up for our service, did not use it during your service period, and then when your monthly billing occurred, you called everyone in our office complaining about our service and support. We are a customer centric organization and always strive to ensure our clients are thrilled with our services.
In your specific case, you did not contact us at any point for assistance. Instead, you demanded a refund for previously billed service periods, despite signing and agreeing to the terms of service, which indicate all billed periods are non-refundable. We even offered to issue a courtesy credit to your account so that you could skip a payment and take the time necessary to actually familiarize yourself with the service you signed up for. Additionally, our dedicated Client Support team offered to walk you through every aspect and feature of the service.
There are two reasons why we’ve been in business for over 20 years. The customer comes first and our services work. However, like anything in life, effort is required on your part to get the job done. A shovel isn’t going to dig a hole by itself. Would you call and complain to your cable provider if you paid for service and didn’t bother to turn on your TV? I doubt it.
Our services do work. We've helped tens of thousands of clients over the years reach their goals. This isn't some get rich quick scheme, and if you thought you’d sign up and a check would appear in your mailbox, you were mistaken.
Julia W.
Gabriel Terrell has not provided an update to his original post from 3/20/14, in spite of being asked at least twice by others, so I'm going to conclude he has nothing more positive to say about the Iflip program. In fact, I bet he's considering it a waste of his time and money.
Be forewarned, everybody!
True Ed.
This is some junk:
You get nothing for your money.
They are spiteful liars.
Their so called "virtual" service does not work.
They are a waste of God's green earth with a spot in hell waiting to singe all their hateful lieing ways from existence.
If you have lost money from them, don't be shame nor affraid, report them to the bbb & ftc.
They need to be locked up for scamming funds via bank wire across federal lines.
I will post my youtube link once I finish editing the video documenting several emails to them as well as the numerous complaints they have on multiple sites.
They really suck at what they do. Then they stalk the customers who warn others with retorts that prove how un-virtual they are; their service is about as vitual to real estste as a shovel is to gardening.
D o n' t waste your time, keep your money.
Please see my response to your previous post Reda D.
We are a very customer centric business and have a dedicated support team to help customers with using all of our systems and programs. However it does seem to be coming more of a common practice in today's society to push blame to others, instead of taking admitting self cause for ones personal failure to succeed.
As I said before this isn't some get rich quick scheme, we provide real services and education to help one become successful in their your own business that they have to work at in order to become successful. We've helped tens of thousands of clients over the years reach their goals and I have been very fortunate in the almost 3 years of working with this company to see the amazing success that our products and services bring to people.
At the end of the day not everyone who signs up is instantly going to be successful with checks in their mail box but we do makes sure to help in any way we can so that our customers do succeed.
@Eleena D and @Ken Bryant ; I cannot speak to any of the programs that are offered by Finger Lakes Funding but I can tell you that I have closed at least 3 deals for a client who has used funds provided by Finger Lakes Funding. She had a letter issued by them noting that there were indeed funds available for the purchase. The "A to B" Funds were wired in a timely fashion and as the closing attorney involved, I received clear instructions as to how to return the funds from the "B to C" portion as well.
Again, there may be 'better' or 'cheaper' out there--I am just telling you that the process for the closing itself worked from my perspective.
@Eleena D and @Ken Bryant ; I cannot speak to any of the programs that are offered by Finger Lakes Funding but I can tell you that I have closed at least 3 deals for a client who has used funds provided by Finger Lakes Funding.
I can't speak for the transactional funding company (I know nothing about them), but I can vouch for anything Bo says...he's been my closing attorney in Atlanta for many years now...
Where can i get the iflip course for 1000$
I wanna try this course, I am total newbie, if it doesnt work for me I might request a refund
I don't believe the negative comments above. I got Camerons course 2 years ago, have not used Iflip yet, but am about to sign up for it. I have about 4 email addresses with Camerons people, response is outstanding. They are not selling pie in the sky, you have to make your business work. I have been using a different system, which I don't like. If Iflip doesn't work, I will just sign off, as I know of a 3rd one. No fuss
Priscilla Z. How it's everything going for you? Have you been using the iflip system still?
A few quick comments about iFlip, specifically the bird dog function and process.
I'm a real estate investor who was approached in early 2014 by someone who had apparently purchased the system. Her proposal: She would serve as an intermediary. She'd find bird dogs, train them in the system, supervise them, provide the site where they could register their properties, make an initial phone call to sellers or send them a letter offering to buy their property, and so on.
The question has come up: Who pays the bird dogs? In my case, it was me. Initially, the pricing structure was $4 for a lead without a phone number; $8 for a lead with a phone number. It apparently became apparent to the bird dog manager that that wasn't enough, so the pricing went to $7 for a lead without a phone number; $12 for a lead with a phone number. In addition, I would pay the manager $1 per accepted lead. She would contact the property owners, either by phone (when the number was available) or by letter. I'd also pay for the stamps and envelopes.
PLUS: On any actual transaction, 6% of the profit would go to the bird dog and 4% to the transaction manager. So I'd be paying 10% of the profits . . . which was OK since 90% of something is a lot better than 100% of nothing.
We started off in one suburban area on the East Coast and had several active bird dogs. Lots of leads but very few interested sellers. This was in a more active, healthy area, and lots of the vacant houses were about ready to go on the market, or had been sold but weren't showing in the tax records yet. Some property owners were upside down; there was no margin for wholesaling.
After a few months (and no transactions), the bird dog manager suggested I expand to another area--suburbs of another city about 1,000 miles away. I figured I'd give virtual wholesaling a try. This second area had been hard hit by the recession: Lots of vacant houses, with values below prices dating back to 2000. The manager found a couple of VERY active bird dogs in that area. They sent in a lot of leads. While they were vacant properties, many were still underwater. WAY under water. And in this second area (unlike where I am), a lot of wholesalers market their properties as FSBOs. So, before I caught on, we received a LOT of vacant house FSBO leads (for which I was paying $7-$12 each), only to eventually find out that they'd already been snapped up by investors.
What's the bottom line? Six months of activity. More than 600 approved "leads." More than $5,500 paid out to bird dogs. Not one closed transaction. Not even one accepted offer.
So that's a cautionary tale to investors who might be using Cameron Dunlap-inspired bird dogs. And for anyone considering buying his program with the intent of managing the bird dogs themselves: Paying up front for leads is a very dangerous strategy. It encourages the bird dogs to find any properties that "qualify."
My manager and I tried to tighten the criteria. First: No condos and no townhouses. Then: No properties that had been sold in the previous year. Then a few other things. But no matter how we tried tightening them, most of the leads we got were lousy. And, honestly, the bird dogs didn't care. They were making so much off their approved leads (hundreds of dollars a week) that they had no incentive to refrain from submitting worthless leads that we hadn't yet been able to set criteria to block.
Who made money off of this? Not me. And, really, not the person who was trying to implement Dunlap's iFlip program. A dollar for the work that person did (managing the activities, phoning the owners, printing and mailing out letters) seems more than fair. Only the bird dogs made money--in some cases, a few thousand apiece.
I felt like the bird dogs saw me as the goose that laid the golden egg. And I sometimes felt like a gambler in Las Vegas, doubling down hoping to recoup my losses and come out ahead.
Sorry for such a long post. But I kept reading this thread hoping someone would address the bird dog aspect of iFlip. No one else did; no one came forward with their glowing stories of success. Maybe there's someone out there who will.