All Forum Posts by: Mark Butler

Greetings and Happy New Year!

I am looking for private money for buy-and-hold rentals here in Kansas city.

Referrals would be most appreciated.

Thank you for the advice.

Quick question:  A year ago, I bought 3 SF rentals for around $125K each (in Kansas City). Each property is on a 15 year note with a traditional loan and they cash flow around $200/mo for each unit.

I was planning to pull my equity out and repeat the process, but my lender said that I cannot extract the equity until the properties have "seasoned". I figured the BRRRR snowball could gain traction faster but I think I financed them incorrectly.

I'm currently planning to buy a small condo and I need to do the BRRRR better this time so I can repeat the process faster. Advice on how to finance a BRRRR property better on the next one would be most appreciated.

I live in Kansas City and would be interested in taking a look at this home. 

Hi Quinton, will you please tell me the full address of this property? I am interested. You can call me at 913-215-2750. I have a few questions.

Our impression of you, Michael, was similar to that of Jay Hinrichs'. That is why we chose your whole-tailing program. Unfortunately we were met with deceit, which was very disappointing.

, part of the program agreement was to use their CRM platform for $97/mo. That was discussed and we were fine with that. 

We did not sign the agreement, thankfully.

I hesitate to write a negative review on a public forum, but I feel it is necessary in this instance. My business partners and have done our diligence to research several 'wholesaling programs' in hopes of teaming up with experienced wholesalers to provide guidance and a bit of a safety net when launching our start-up company. We settled on Michael Quarles program and arranged a phone conference with one of his reps to get the particulars and decide between the Gold or Platinum.

After an hour and 20 minute phone discussion, we decided to go with the Platinum Program which is $5000. Seemingly a small investment to get such seasoned experts on our team for a 6 month period. During the presenter's pitch, we asked him many questions. Towards the end of the talk, I asked him explicitly "what other fees or charges did we need to know about other than what we have discussed?". He gave a very thoughtful answer and said they had disclosed everything. At that time, my team and I had a few minutes to ourselves to discuss our decision and then we called them back and proceeded with the $5000 payment.

The next day, they sent us the "contract" via DocuSign to read, sign and return. To my surprise, the contract had some very substantial monetary elements in it that were not mentioned in our hour+ meeting the day before. In section 5, the contract reads: "Transaction Fees: Student will pay Mentor a Transaction Fee in the amount of $5000.00 (Five Thousand Dollars) on each transaction (Property Purchase) entered into during the term of this agreement. The Transaction Fee Will also be payable by Student on any Purchases that are Pending (under a written Purchase and Sale Contract during and up to the end of the Six-Month Term), even if this Agreement has expired when the Purchase Closes."

This was a real game-changer for us, especially since it was not even mentioned by the presenter the day before. So my team and I are going to do all the heavy lifting, take all the risk, and we are going to give $5,000 per deal for 6 moths and this was not something that might be brought up during a long discussion? We immediately felt that this company was attempting to deceive us and the presentation was fraudulent.

I wish that I had better things to say since Michael Quarels is well respected on BP, however they have still not returned our money and only offered a remedy after we called and asked where our money was. Hopefully we will not have to take legal action, but I write this post in the spirit of full disclosure in hopes that future aspiring investors don't get burned the way we have.