All Forum Posts by: Spencer Wenger

Hi there, Alex. This is Spencer Wenger. I checked out your website. It looks like you offer turnkey rentals? Awesome. I'll bet you're loaded with lots of good information regarding rentals. I'd love to pick your brain sometime. 

Thanks, 

Spencer Wenger

Hi Nadine, 

     My name is Spencer Wenger from Columbus, Ohio. I am currently using John Herrick's unsecured lines of credit to help fund 3 flip deals and 2 rental deals. 

     Really, the product is extremely versatile. It is a blending together of multiple lines of credit, many of which are reusable for 5 years OVER AND OVER AGAIN! Range of funds is anywhere from $50-$250K. Plus, the lines of credit are NOT tied to collateral. The lines can be used as funding for rehab, down payment assistance, or complete purchases (depending on the purchase price, of course). The application process can be found at www.growmoney.us. 

For any investor a boost of $50-$250K makes a significant difference. I'd be happy to chat with you about more specifics and the application process. Best wishes. 

Spencer Wenger

Unstoppable Holdings, LLC

(330)749-1686

[email protected]

Brandon, 

      It sounds like you're interested in some good cash flow. This also could be an opportunity to bring on a joint venture partner. This is someone to purchase the property up front for you, and then you offer them their money back PLUS a percentage of the profits when (if) you sell it as a turnkey rental property. 

     Also, to follow the advice of John Herrick, I would ABSOLUTELY get my hands on some unsecured lines of credit working in my favor. In your scenario, once you have the owner finance portion spelled out, you can offer down payment money from your lines of credit. Then, as the property is cash flowing, you can pay off your lines of credit from your rents. Like John said, I am more than willing to guide you through this process, as I am currently using the said credit lines to assist in financing flips and rehabs (2 flips in Columbus, 1 in St. Mary's, Ohio, 2 rentals in Columbus). email: [email protected]; phone; (330)749-1686. It is making a major difference in my investing career. 

Okay, lots of interest here. Thanks for keeping the discussion alive, guys. Robert Breen, I signed up with credit check total and have had no issue with security. I've had several banks and hard money lenders give credit to it as well. As far as the username/password, giving it to us...that information is only used to look at credit check total if need be. This allows us to closely audit the credit details in order to secure the largest line possible and give advice as to how to get that credit looking as clean as possible. That is honestly just the beginning of the process. 

Backstory: When I signed up for the credit lines first as a consumer, I was referred to John from an investor friend. That's how I got interested in helping to offer them as an item of value. So...I will get to the process, and you can call me, Spencer, anytime (614)468-3025, to verify, as I have actually been a client for this product. 

John Herrick's company is in Dallas, TX. His number is in the posted ad as well, and can be called anytime. I'll see if he can throw in his two cents on the product here on bigger pockets. He has entrusted me to advertise his product in order to expand outward. He's a whiz at creative financing. Call him if there's any doubt, as he has years of experience as a real estate investor, banker, lender, broker. No bull.   

---First, if there is anything on a credit report that looks suspicious (e.g. loads of inquiries, recently opened credit, poor scores), the process of funding with credit lines cannot go forward right away. A squeaky clean profile would be high credit scores, less than 50% utilization on ALL credit products, minimal inquiries, and payments on time. However, there are ways around that (rapid rescore service, credit repair). I was required (as you will) to provide a credit pay down summary, to where I documented how I was to achieve 50% or less utilization (prior to funding, I had a HELOC and several credit cards). Once that is complete, John will let you know when you are ready for funding.

Next, and hopefully this will make everyone feel more secure...none of the funding happens without you being "in the moment" and nothing happens without your consent. I signed such documentation once I arrived to Dallas for funding. Yes, you will have to fly, drive, or bus to Dallas, due to that being company headquarters. Plus, it's just good business to be able to meet a client face-to-face. It was mentioned earlier that some companies do little to actually help you to secure those lines. There was someone with me every step of the way before and during the funding process. From there, we take you (over the course of one-two days) to obtain multiple lines of credit from various banks, credit unions, funds, etc. Yes, credit cards can be utilized as well, if you wish. I'll tell you, I think credit cards can be used especially well for rehab property (down payment, actual repairs). Need to buy a small bank-owned property? Extra funds in smaller doses? You can use your square, or other mobile card reader to make processing fees your only charge for quick cash from the card (without taking a cash advance), then pay it back like you would any other loan. 

Dashon, 

That is a great strategy. It is the beauty of REVOLVING credit. Use of this product is incredibly flexible. You can fund rehab, downpayments, gaps in funding, combined with hard money, small fix-and-flips, notes, wholesale deals, etc. 

Thanks for reaching out, everyone. We'd love the opportunity to help you fund your deals. 

--Spencer Wenger

That is one strategy, yes, but this involves actual lines of credit that aren't cards. Honestly, if you talk with John, he can explain the process the best. 

http://horizonfinancialgroup.ventures/unsecured-li...

All of the application steps are listed in the link provided. The trick is that the funds are from multiple lenders' credit lines all for your personal use, not just one... Steven, I agree on the strategy you've mentioned. I wouldn't use them to BUY a buy and hold property, but they can be used to fund rehab on one. It definitely works well for Fix and flip and transactional RE, especially because once it's paid back it is reusable.  

The points are deducted from the amount of credit awarded, and that is done AFTER the fact. It'd be impossible to do up-front points payment. It's not a LOAN, but a revolving line of credit. 

Jay, 

Great to hear from you, and your interest. Yes, personal responsibility with such a large USLOC is necessary with adequate bookkeeping, etc. A stronger credit profile will ultimately give you better results in this case. Personally, I had opened several credit cards prior to applying and therefore the lenders looked at my credit history as being too young (even though my scores were high; 750+), but got about 60K regardless. However, I encourage you to give John Herrick a call at 925-253-0808. He can talk you through it in extensive detail. 

Best, 

Spencer Wenger

 -Fees: one time cost of 15 points on the amount for which the borrower takes

Hi David,

Sorry about that. The cost is 15 points of the amount for which a borrower qualifies. One time only. 

Thanks.