Has anyone used Blazevic Funding Group for deal funding?
Real Estate Investor · Oxon Hill, MD · Member since 2010 · 5 posts · 0 votes
Has anyone used Blazevic Funding Group for deal funding? They charge $750 for a membership to have access to their funding sources.
No legitimate lender forces you to be a member to get a loan.
Never heard of this company. I'd ask what guarantee they give in exchange for your $750. This sounds like a variation of the loan broker scam where you pay an up front fee to apply and then never manage to get a loan.
I haven't used them but I don't like these funding places that force you to pay upfront membership fees.
Hope this helps
Blazevic Funding has been a nightmare for us. We wanted to utilize their services for a no credit check owner occupied deal which they advertised. This began in mid September 2010. Since then, we have had to send complaint e-mails out to Blazevic exec's as weeks and weeks will go by and no replies to phone calls and e-mails. When they do get back in touch, they freely utilize the 'we are so busy' routine, then agree to improve their communication, then suddenly, no reply to phone calls or e-mails for the last 3 weeks as of the date of this reply. We are moving on and will just forget Blazevic exists. We hope anyone considering using Blazevic Funding stop and think if they would like being treated like second class citizens. If you want 'Customer Non-service' then utilize Blazevic Funding.
I would not recommend working with any company that charges a fee for access to their funds on an monthly basis. In many states this is illegal.
I can refer you to several sources that don't charge any monthly fees depending on what you exit strategies are.
Contact me personally below if you would like to take a look and chat about it.
Just had this forum emailed to me, so I would like top take the opportunity to address the issues and questions here.
First off, yes Blazevic Funding Group (BFG) is legitimate. We have close to 500 members in the group, at various levels.
Yes, we charge a membership fee. We are completely private and only work with members of our group. We are not a bank by any means. Membership allows us to stay private, and focused on the members of our group only.
We do much more than just lending money. We provide one-on-one support and guidance for new or seasoned investors. We allow members to market their properties to our network via the website. Members may participate in the No Credit Check program as either cash-flow investors, or by utilizing it as a means to sell a property. (More on that later).
Membership in the group is completely guaranteed at the 3-yr and Lifetime levels. We also have a one-year and month-to month agreement available. The guarantee on membership states that we will help you *at least* make back your investment in membership. If you do not, we will refund your membership payment (either in whole or in part). Yes, you have to get out there and do the work. You don't just sign up and money start flowing - and we never promise it does. But if you take advantage of the support, submit your deals, and work with us - we can absolutely get your deals done and help make you profitable. If you sign up, sit back and do nothing, NO lender is going to make you rich - we all know that.
Deals have to make sense. We all know that new investors get excited about their ventures, and sometimes the deal just isnt a deal. And, sometime telling someone that makes them upset. But the reality is that a deal has to line up or its not a deal.
Whats a deal? 65% of ARV or better. Sold comps to support the value (sold in the last 60 days, DOM under 180). Detailed rehab estimates by certified contractors. A solid exit strategy. You bring me these things and we can get something done. We can fund 100% LTV including rehab for strong deals and qualified buyers. If you don't qualify for 100% there are still opportunities with down payments or JV partners.
We are not all things to all people. We know that, and never claim to be. Our group focuses on investors doing fix-n-flips, and primarily in mid-value homes. If you are looking for long-term HM, then we aren't the right fit. If you are flipping million-dollar homes, we are not the fit. And, honestly, at the day if you think this is not right for you, we get it. We still want everyone to succeed because right now, investors can make strong buys.
To address the poster who had issues with us. This gentleman is not an investor, but is working in our No Credit Check program to purchase a home. That program is NOT the same as the investor program. It is also NOT $750, but only $100 to help get a person into a home after they have suffered some credit setbacks. The process is not fast, and can take time to get set properly. If you want info on it, email me and I will detail how it works. We are still more than happy to work with James, and will continue to try and get him into a home.
If anyone wants to discuss this post, or our company, feel free to contact me. Yes, I am on the phone CONSTANTLY. But if you get my voice mail and leave a message for me, Edy (pronounced just like "eddie). I will *always* get back to you within 24 hours. Usually the same business day.
I want us all to succeed in RE investing. And I think that 2011 is going to be a great year for it. Best of luck to everyone in 2011 and beyond :D
--
Edy Eddins
Blazevic Funding Group
[CONTACT INFO REMOVED]
Here is an alternative use for the $750 (probably less).
Get a list of recently sold properties (last year is fine) where there is no underlying mortgage. This should be relatively inexpensive to get.
This means that the buyer purchased the property with cash.
Contact those "homeowners" either by direct mail, or look up their phone number.
That is one way you can find both private lenders, and/or prospective buyers for your properties.
Brian
Edy: thank you for stepping up and answering our concerns with a frank and straight forward reply.
"First off, yes Blazevic Funding Group (BFG) is legitimate. We have close to 500 members in the group, at various levels"
just my observatin, went to the Blazevic web site and there did not appear to be a large number of properties listed for an organization with 500 members
. As a cash buyer of inexpensive properties (under) 50k I was expecting to see more opportunity.
perhaps i did not manipulate the site correctly.
Edy if you have any input i would welcome an explanation. I am here to do business and will consider all legitiamte opportunities.
@Michael - Happy to address this for you.
Our property database is fairly new. Well, thats not entirely true. We took the site down about 5 months ago, and completely overhauled it. IN the preocess, the property database was purged. I encourage all of our members to list properties on the database, but unfortunately very few do. The database consists entirely of properties our members upload. As such, if they aren't uplaoding, its not growing.
I frequently tell peolpe that a membership in our group is just like a gym membership. If you sign up, but never hit the treadmill, you won't get results. You have to get out there, be active, and put the work in. Same holds for all the training programs (ie Kiyosaki, Montalago, etc),
If you have properties you would like to list, I would love to put them up there, free of charge. I am doing all I can to grow that section. I extend this same offer to ALL subscribers and participants of this board.
I recognize we need props. If you have them, and want to list them, let me know. I will get you a guest ID and password so that you may post.
Thanks for the question Michael. If I have not properly answered, please let me know.
Hello Edy,
Ive got wholesale properties in Texas if you would like to provide me with guest info I would happily post my wholesale deals. P.M. me if you would like, or feel free to contact via email/phone.
Patrick - This site is still new to me, so I have no idea the best way to reach you. Look for an email with login ID and PW to post. The ads do not go live right away, I have to view each one and approve.
Yes I have and Steve Blazevic can help you make a lot of money.The program is the best I have ever seen.If you don't want to join the program simply ask Edy if you can take it for a spend for 1 year membership after the first year you will want to become a life time member. They are just that good.If you don't make money with them it will be because you just don't understand the basics of real estate.
Hmmmm... I don't know about these guys. I worked for a lending / finance group some time ago for free. Pay was based on the loans I could muster - basically I was a bird dog. I got a lot of people to pay there lame fee and none of them recieved anything in return. Come to think of it, neither did I. Even though Blazevic Funding is a little different, they sound amazingly similar. Hmmmmm.... I wonder if... nah, they couldn't be.... During recessions many people are gullible, such as me.. I learned my lesson the hard way. Some of you will too. On the other hand, if you want to strike it rich, start your own funding group.. LOL.
Oh... I almost forgot... I think they are using my surname. The other company I worked for also used a friends name after he had quit. They had listed him on their forms as a lending officer. LOL. I have looked at Blazevic's basic forms and they look amazingly similar to what I previously mentioned in my first post.
Jason,
If there's something that your trying to infer to the member's of this forum, you night be better off just coming out and saying what needs to be said straight up.
People need to know whether this outfit is legitimate or not. If so, your testimony might save someone out there a lot of pain.
I don't believe someone can be so stupid to think that they are the only one in this whole wide world with the last name BLAZEVIC. The owner of this company first name is Steve his last name is Blazevic. Why should he not use his last name for the name of his company if he so chooses to do so? Edy Eddins has made several post on this forum.He has presented Blazevic Funding Group in the most professional manner possible.
I have noticed most of you have complained about paying a membership fee.They are several employees in the Blazevic Funding Group.You don't work for free so why should they.The membership fees you pay will pay their salary for underwriting, advertising, web programing,member counseling, and the list goes on and on.Frankly I am surprised that Blazevic Funding Group can sell a membership this cheap for the services they offer.That is the simplest way I know how to explain the fees.
For those of you that still don't understand the program of Blazevic Funding Group look at Blazevic Funding Group as a match maker they simply match your loan proposal with one more of hard money lenders that is associated with Blazevic Funding Group.You may also look at Blazevic Funding Group as a hard money broker.
Any way you look at it,they are simply making it possible for you to get a hard money loan done with no credit check and no 10% down.I have done several hard money loans with Blazevic Funding Group.The first one was a flop the other 4 went smooth as cutting butter. I simply did not follow their guidelines on the first deal and they did not approve it.The guidelines are in place to protect you as well as Blazevic Funding Group.Blazevic Funding Group will not let you screw up no matter hard you try.I hope this has explained in simple terms what Blazevic Funding Group is all about.
And by the way Edy if anything in this post is not true and correct please feel free to correct it.Now for those of you who have not heard of Blazevic Funding Group keep your negative comments to your self. How can you possibly make an intelligent comment on something or someone you know nothing about?
Robert - I appreciate your support, but there are a few areas I would like to make clear:
We have multiple investor sources we work with. There are private parties with private funds who work through us to lend. We have people utilizing self-directed IRA funds, so that they may benefit from real estate without doing the heavy lifting. We utilize our own internal funds, and we have other sources we can reach out to. We are not strictly brokering, nor are we strictly lending our own funds. Each project will have a specific, different 'best fit' from those sources.
Actually, lets make sure that this area is absolutely clear. We *DO* check credit. However, credit is not the be-all end-all determinent of a deal's approval. We are more concerned with the strength of the project. We have 100% funding available, including the rehab. However, that is based on the viability of the deal, and the borrower's credit - yes, it is a factor.
But, lets say you have a great deal, and bruised credit. In those situations we can structure deals with down payments to get done, JV opportunities and partnerships with other investors. If you have a deal that fits the criteria, we have ways to get them done.
While I can never guarantee the structure of a deal without looking at it, I'm sure you are aware that would be the case with anyone lending money. We need to see the deal, and the individual, in order to package the best scenario for all parties. After all, it has to work for all of us or it wont work for any of us.
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Folks, at the end of the day, here's where the rubber meets the road. Do you want to sit around, asking each other questions that none of you can answer, about a company you have never reached out to? Or do you want to become informed?
As you can see here, I am perfectly willing to tell you where we are strong. I am also completely comfortable telling you where we aren't. If you bring me a deal I can't do, or would advise against, I'm going to say so up front and not waste your time or mine. If its a deal we can do, I will give you a preliminary idea, based on what you send me. That's fair, right?
As I said before, the beauty and danger of the internet is that it provides a level of anonymity for people to say what they think. That's a wonderful thing, when the ideas come from a foundation of respect and are informed. But if you aren't informed, rather than assume and infer, ask. I have absolutely no issue with answering every question.
Ironically, one person in this thread (not robert) has already posted 2 properties on my site, and has availed himself of the opportunity to discuss these things with me. The feedback has been positive thus far.
Anyone here has the chance to reach out to me at any time via phone or email. Full disclosure - and Robert will back me on this - I am on the phone constantly. I may not answer when it rings, but ifyou leave a message someone will ALWAYS call you back.
Lets all try and keep this discussion professional. Thank you.
I believe that I have been very professioanl and respectful of this forum, its members, and those posting. If you feel otherwise, then please accept my apology.
I just spoke to someone who was trying to purcahse a home and using blazevic as the funding company...these were individuals in the process of getting foreclosed on and they were trying to purchase a home only a month after redemption expired on the house they were losing...they were not happy with the process and dissapointed that they were trying to discount the purcahse price and markup to them...basically they wanted to buy a home for around 110k, blazevic was going to offer about 70k to the homeowner and then take a down payment and carry around 100k note with the end buyer...they did not mention having to pay any upfront fees...although they were frustrated... I did not hear of anything illegal from this particular individual...If any private investors or brokers know of anyone else that would be willing to do a deal like this with someone that just got foreclosed on please let me know...I have tried to do deals like this before as a real estate broker and I can tell you they just never seem to work out...either the buyer gets cold feet because the markup is to high, or the investor gets cold feet because the return on investment is too low and risk is too high...
In following up on my December post, Julia from Blazevic Funding called us a few days later apologizing for such a long delay in contacting us. We were offered a good rate and they continued to work with us. We did not realize it takes weeks and weeks just to have offers made on properties we had interest in.
We are eagerly awaiting the opportunity to post a positive end result.
In response to Edi Eddins post, he made reference to our having issues with our credit. We had already made reference in our first post we were in the no credit check program so we had nothing to hide.
It is true, we had credit setbacks. We have 2 autistic sons that have required an incredible amount of energy to handle, to speak nothing of the costs. We saved up a lot of money and continue to work hard to overcome our difficulties and improve our FICO on a monthly basis. We are not miracle workers but we are trying.