So the big question is this, how do you become financially free in today’s world where you can do what you love doing, spend time with the ones you love and provide for your family without being chained and selling your soul to a nine to five corporate America job without having to sacrifice going out to eat so you can pay off the debt faster. The question isn’t, how do you save more? The question is how do you make more without spending more time. That is the question and this podcast has the answers. My name is Ryan [inaudible] and this is cashflow dad life.
Hey, what’s up everybody? This is Ryan Enk with Cash Flow Dad Life and I am super excited today because we’ve got a special guest and I’ll tell you about him in a second. But you know, one of the main questions that people ask and getting started is how do they get started? They’ve only got five grand in their account or they’ve only got $10,000. They don’t have a whole lot of money to work with. And the problem is a lot of people don’t get started because they’re not aware of all the opportunities and the sources that they can receive funding from. Now I’ve got a really special guest online, uh, and what they specialize in is helping people get a credit lines that are unsecured, uh, at zero percent interest. And you can get them up to $250,000. So you guys, you got to pay attention to this podcast.
Whatever you’re doing, stop doing it. And I want you to pay attention to everything and all the numbers because math makes money and having this source of income or this, the source of capital that you can then use. I mean, you could do all kinds of stuff with this. You know, I teach about flipping and making money on Rvs. You could buy an Rv at wholesale at a 40 to 50,000 and rented out with this equity line of credit.
You can be cashflowing on and then turn around and flip it for 70,000. You can buy a house, say you qualify for up to 250,000. You could buy a house with an unsecured line of credit for $200,000, then he could turn around and use a, uh, you could become a landlord and you can own or finance it to another person, make 10 to $60,000 down on it, plus cash flow on it, and then he could turn around and refinance this house you own up outright with a home equity line of credit through a bank because you own it outright with an unsecured line of credit.
Guys, this is a huge headstart for anybody who wants to get involved in real estate, investing in any kind of investing. Really, this is a starting point of capital. So I don’t want. I’ve already talked to you much, but without further ado, I want to introduce to you guys, Mike Banks. Mike banks is the, uh, is the chief operating officer of fun and grow. He’s been there for oversight. They currently get people what they’re doing right now. These are interest only. And um, and Mike, are you there?
Yeah, I’m here. Thank you so much for having me today. I’m excited to talk about this resource because like you said, it’s a great way for people that are either just starting out or even people that are flipping, you know, doesn’t the house the year to take it to the next level and do a couple more flips or buy that off that first rd or you know, put a little more money into their direct mail marketing budget.
So I think it’s like a really great resource for your group. It’s an incredible resource, you know, and how I got started was just by owner financing stuff and finding other people’s money through owners that can be difficult sometimes and that could narrow down the amount of opportunities you have. Where I really took off is when I had lines of credit to purchase property and that’s exactly what you provide.
So if you could just kind of give us an overview of how this company got started and how you’ve been able to help people with it.
Yeah, definitely. So we kind of are originated from a mortgage company. We used to do a lot of mortgage loan and the California area and that company dates back to over 25 years ago, but right around 2007, 2008 and the industry just wasn’t quite as booming as it was prior. So we started transitioning into alternative forms of financing and we got into business credit about 10 years ago and we’ve done over $350 million since then and we’ve been on the INC 5,000 list for the last couple of years.
You know, we’ve got ms dot tons and tons of new clients, usually about 200 new clients every month. And if you look us up, we got a lot of raving reviews on, on verifiable websites and all that good stuff. But that’s basically what we do. We set a business credit line for business owners, mostly real estate investors. We work with a lot of real estate gurus like yourself out there.
And, you know, that’s how we get the majority of our clients is, is through doing podcasts and webinars and things like that. And so what are basically what we do is we set up business credit lines for our clients. We do all the leg work, you know, this isn’t something that we just submitted an application and cross our fingers.
We, we submit the application, but we also follow up. We have contacted each bank that you’ve worked with and we discussed the application and the use of the funding and all that good stuff. We can do this for a client so the client doesn’t have anything, uh, working with us. Typically within the first 30 days, people get anywhere from 30,000 all the way up to 100,000. Some clients you can get 120 $150,000. That’s more on the rare side. On average. We’re right, we’re seeing people get 50,000 within the first 30 days.
But, you know, we don’t just do one round of funding for our clients. We worked with them for 12 months and we typically get them $50,000 on average every couple of months throughout that 12 month period. So folks are able to get up to $250,000. And, uh, you know, they can do whatever they want with it. There was no restrictions. It’s unsecured.
It’s not like a hard money loan. You can only use it for that specific property which you have to get approval from the hard money lender. I’m with this type of funding. It’s, you know, it can be used for anything you can keep and use the paid contractors. You can use it to, uh, to cover your direct mail. You could buy our needs with a, you can do whatever you want with it. But really the biggest benefit is the fact that the business credit account, they don’t show up on your personal report.
So if you’re carrying a large balance from a big purchase, like one of our clients just bought a duplex using these credit lines, he just bought a duplex and he is paying the cards down and go most likely refined to a longer term loan.
Um, but you can keep the debt off your personal report, which allows your personal credit scores just stay nice and high. I’m sure a lot of people on the call or listening in a, they’ve used their personal credit to start their business or to, you know, to pay for some marketing costs or whatever the case is.
Ideally you want to use business credit because you want to keep those expenses where they belong, which is on the business credit side. That’s like a huge benefit. Also, like you said, they come with zero interest. Um, so, you know, it’s just kind of what we do in a nutshell without getting too deep into it. Um, we, you know, we’d get people funding within 30 days.
For people that want to learn how to get into real estate, we work with them for 12 months and we pretty much do all the work as far as getting them the approval and getting the funding in their hand.
No, I want to hone in on one thing you said because this is, this is clutch. A lot of people were looking to get started in real estate. You know, and I teach about Rvs as well. You’ve got a traditional funding, you’re going to get a loan. Even if it’s a hard money lender, a private lender or bank financing that is collateralized against the property is secured against the property, which means if you don’t pay it, they get the property.
Now where that is key is if you’re able to start with a credit line that is completely unsecured, that means that they’re not going after the property. They’re there, it’s not secured against anything. So what that means is you can go to a bank and you could say, Hey, I own this house outright for $150,000.
So you got a hundred $50,000 credit line or I own this rv outright for the, you know, if it’s worth $50,000 you can go to a bank and it’s easier to refinance something that you already own than it is to get a brand new loan on something. So if you go to the bank and say, I own this House for 100, $25,000 outright, there’s no loan on it.
Then the bank will give you a, you know, maybe an equity line of credit or maybe a mortgage, something like that, that you could then use that money in a scalable real estate strategy. Now we’re not talking about just buying one property.
We’re talking about buying multiple properties over and over and over again because you used that seed money through an unsecured line of credit. Is that what? Yeah, yeah,
That’s exactly right. It’s like basically you, you basically have this cash and you can do whatever you want with it and you know, it’s not the same as going and get hard money loan the hard money loan.
You end up paying like two to three points on the money that you borrow. 100,000, you’re paying a couple thousand dollars just to get that money and then you’re paying on average about 10 to 12 percent and interest and that, you know, that has a finance up to like 12,000, $15,000 for the year.
Like you said, if you miss a payment, you lose the property. It was all the money you’ve put into it. And uh, and then that lender take the property and you’re screwed, but with this its own secure, there’s no asset put up and you like if you miss a payment, you’re, you’re, you’re pretty much going to be okay because with these credit accounts, you could miss a couple payments before there’s any negative consequence.
Usually there’s a two to three month grace period to get. You might have to pay a late street just like with anything else, but you don’t just, you’re not just completely screwed out of the deal because it’s unsecured and like you said, you can refi as much easier to refi out into a longer term loan. Uh, so it’s really a good move for any real estate investor or a, any even like a wholesale or if you’re like wholesaling properties and you’re not even buying the property outright, this is something you should have in your arsenal as well.
Because you know, the direct mail ads up, you know, you’re spending several thousand dollars every month. Direct mail. I know I use, I use this type of credit. I do a little wholesaling and flipping and I have a couple of rental properties as well and I use this type of credit.
[10:35] It’s like a great resource. I do have some hard money lenders that I, that I use as well, but I like to have multiple tools in my tool bag and with this it’s like right in your back pocket whenever you want, use it. You don’t have to get the deal approved by the lender or sometimes they don’t think that the numbers make sense, but sometimes I do think they do make sense and I’m right most of the time. So, uh, you know, it’s just nice to have all these different types of tools in your tool bag for sure. Yeah. Let’s talk a little bit about some of the terms of these cards. So you know, one of the benefits as well as that some of them are zero percent financing for 12 months. Can you tell us a little bit about, you know, the terms and how they work?
Yeah, exactly. They come with zero interest. Introductory period is on average 12 months and the good thing about working with us is that we don’t just get you that 1:12 month offer at zero interest, right?
We work with you for 12 months and so throughout that period of time we’re actually going to get you three to four rounds.
We call them three to four rounds or three to four batches of funding and so that consists of a few of these zero interest offers. So if you get with us that day to day and we’re even if you do this on your own, because we’re, we’re doing a Webinar, we’re going to break down the entire process and show you exactly what we do and how it works.
So whether you work with us or you try to do it on your own, whatever the case is, you can get zero interest offers every few months and you can roll the balance the after that zero inches runs out after 12 months, you can roll that balance into the news zero interest offer and extend that period of time.
So you might have started out with 12 months, but you can actually, you can extend that and uh, and get a lot closer to like 18 months, 24 months, so you can keep your balance as zero interest. So again, these are introductory rates right there.
Let’s just be clear, they’re not zero interest for life. That’s just not how it works. But that’s a really big benefit to using this type of funding. It has zero interest on average 12 months or 15 months or nine months. We have one that’s 21 months long. That’s something that, you know, like, uh, a lot of the higher end people are getting. But after that zero interest rate runs out on average, we’re seeing the rates and around 12 percent depending on where you’re at when you applied and all that stuff and just not varies person to person. So that’s just the, that’s an average.
Um, but the idea is isn’t really to use the credit. I’m with the interest rate. We want to, we want to work with you guys where we want you guys to do this for a couple years at a time. And extend that zero interest as long as possible and uh, and then once that time runs out, then you look at refinancing into a longer term, a type of a mortgage investment mortgage or something like that.
So that’s Kinda how it works. They don’t show up on your credit report here. So if you’re carrying the large balance, even after the zero interest runs out, it’s still not showing up on your personal report. So it tends to be a lot easier to, to refi into a, a, a longer term loan.
That’s awesome. So, so zero percent interest, are there any principal payments on that that you need to make within the, within the 12 months or you know, the, the extended 12 months on the other cart?
Yeah. As far as payment goes, you just make the minimum monthly payment. I mean you can mend, you can make a larger payment, but the required is that you make a minimum monthly payment each month and it’s usually a, it depends on how big your balances, but I’m starting out. If it’s one percent of your balance, it could be even less than that.
If you have a larger balance, but it’s a typically one percent of whatever balance that you’re carrying. So if you’re carrying, you know,
Say it’s $100,000, $100,000,
So in that case the payment would be a thousand, a thousand dollars a month. If you do the math on, on a, a hard money loan, you know, you’re, you’re, you’re paying, you’re likely paying more than that principal with 12 percent interest. So the cost ends up being a lot more, um, compared to a or a, the costs with this is a lot less compared to a hard money loan.
Like if you do the math, it’s literally half the price to use this type of funding. Uh, you know, after you pay our sti and after you transfer the money into your account or you can even just send a check directly to a vendor.
So if you’re going to like, let’s say you want to buy an Rv, you can send a check directly from this resource we use called plastic and they will send, they’ll charge your credit line and then they’ll send a check directly to the are the, uh, the RV company or to let’s say your title company or closing attorney. We’ll send them a check. They can put that, then they can put that money into the escrow account and now you can buy the distressed real estate that you were looking to buy and due to your slip.
So you know, there’s other ways that you can get the cash directly off their credit line. There’s just a two to three percent fee. Just wanted to disclose that to people. Um, so it has zero interest for 12 months on average, but there is a two to three percent transfer fee to a get the get access to the conscious essentially, which ends up, like I said, it ended up costing you half of what a hard money loan would cost because there’s no interest.
No, I wouldn’t even think of it as a cost as like an expense that you’re, you’re, uh, like encouraging personally because what I would recommend is people use this and the difference between rich people and poor people is that, you know, poor people acquired debts and then they pay them on their own. Rich people acquired that’s, and they have other people pay for them.
They’re called renters, you know, so, uh, you know, if you can find a deal where even if you’re paying that one percent per month, you’re still making an incredible amount of cash flow on that particular deal and the renter is paying that cost for you. And the good thing is that they’re paying down your principle of the equity in the house. They’re not. That money is not going towards interest for at least 12 months,
Right? Yeah, no, it’s definitely a definitely something that you don’t need to worry about. Like you’re going to make profit on the house, whether you’re going to hold it and rent it or whether you’re going to flip it.
Either way, you know, that money that you’re, maybe you might have to, uh, you know, you might have to spend a little bit like with a hard money loan or whatever it is, or even if you’re coming out of pocket and you’re using your own saving, um, you know, you’re still gonna put some money out, but obviously you’re going to get a return on investment. And uh, it, it’s always worth it in the long run. But yeah, you’re right.
Like some people who, uh, who aren’t into investing and they’re just working their nine to five and a lot of those people, they don’t buy assets.
They buy liabilities. They even like you could even look at buying your own house that you live in. If you have a mortgage on that, you could even look at that, like, that, that’s actually costing you money. Whereas you could have went and gotten a mortgage where you could have one God this type for credit and a and purchase an investment property and then put a renter in it and, and collected, you know, $500 cash flow every month.
And, uh, and that’s actually like, you know, possibly even could be viewed as a better mood rather than just buying a house that you now have to update every five to 10 years, you know, that can be reviewed more of a liability than an asset or investment. But of course you have to spend money to make money. And so, you know, it all adds up in the end.
You ended up getting a return and uh, you know, if you don’t have the savings, if you don’t have the cash in the bank and you need to borrow money, whether it’s from a hard money lender or whether you’re leveraging your credit to invest, I mean that’s something that I do.
I own properties, but I personally rent where I live and uh, and I’m trying to let, I’m just because I’m trying to leverage my credit as much as possible to get as many investment properties going so that, you know, my rent basically paid for by the cashflow and making on the investment property.
It’s called house hacking. Tell us, tell us, tell us a little bit about the guarantee as well. Because a lot of people might be skittish and wonder if it works, you know, they basically do get a guarantee on, uh, on the, on the funds.
Yeah. They go to the Lincoln. We’re about to give out. Well, we’ll be able to learn more about the program, like we’re kind of just breezing over everything, but we’re going to grill and give away all the nuts and bolts and get into like the real, a finer details on the Webinar. But really it’s pretty straightforward. I mean, we get business credit doesn’t show up on your personal report, but we just, we go over that, all of that in detail on the Webinar.
Um, and we do also disclosed the fact that we have a 60 day refund period. And so it’s basically if you go and you will sign up with us and you and you want to work with us and you and we turns out when we Redo your consultation because here’s how it works. People go to our Webinar, they listen in and then they sign up for our membership at the 12 month membership and we do all the work.
We, we get them credit, we set it all up to them, um, and then we charge them the sheet, right? So if we just decide within the first week of working with you, we do a consultation, we review your credit, we review your business and how you want to use the money.
If we do that consultation and we decide, you know what, uh, you’re, you know, we don’t think we can get you approved for a large amount, you know, we’ll tell you, hey, we think we can only get you $30,000 in the first 30 days. But over the 12 month period we can likely get you a $1,000 or 150 depending on where they’re at with their credit when they start.
So we’ll tell everybody that in the first week we’ll do the consultation, they’ll get a funding plan, we’ll give them that funding plan and we’ll let them know like what we’re estimating are and what we prequalify them for right then and there that first week.
And so, you know, if somebody signs up and they say, you know, I wanted, I wanted 100,000, but we’re only, we, we tell them that we can only get them 30,000 in the first 30 days over the course of 12 months, they can get over $100,000 easily when that person now has that, you know, they had that information.
Now they understand what they need to do to improve their credit that they need to make a couple pay downs or things. Let’s say they maybe have a late payment from a cell phone bill or whatever it is from a few years ago.
We say, look, we think we should remove this item is derogatory items. We think we should remove this before we go and apply for these, these credit lines for you because we want to Max, we want you to get the most amount of funding possible.
So we go over all that stuff very, very in depth. And we give everyone the funding plan regardless of whether they decided to stay in the program or not. But uh, like 99 percent of people come to the program and they stick with it and the reason after that is even if they have a, even if they don’t qualify right now, right, it has something wrong with their credit or their maxed out or whatever it is.
I stick with the program because we also help people improve their personal credit. We do. We have, we own a credit repair company and they’re extremely aggressive and effective. They removed bankruptcy is four to five years earlier for our clients and remove tax liens, foreclosures, late payments collections, like pretty much any judgements, any, any negative item, uh, our credit repair company has been able to remove.
And so a lot of people will still sign up with us and stick with the program even if they have like bad credit at the time because we’re going to give them the full credit build out.
We’re going to help them improve their personal credit. We’re going to help them set up the corporate credit, which would corporate credit is more of a vendor trade line types of credit. And we haven’t really talked too much about that, but that’s something that a lot of people start working on. Their personal credit is screwed onto the time.
They’ll start working on corporate credit, they’ll build their paid x score and build up their corporate credit rating so that once we once were done improving their personal credit report, then we’re able to go and get these zero interest credit lines. Now having that personal credit foundation and having that corporate credit rate in allows us to get them the maximum amount possible on, on a, on a zero interest business credit side.
So even if you don’t qualify, you can get your money back, you could sign up with us and let’s say we, we aren’t able to give you funding. You get your money back and you have 60 days. But that’s really just a soft timeframe to 50 days. Like we don’t hold anyone’s money hostage. If somebody goes through the program and you know, they thought they were, they were hoping they were going to get more than they actually got. You know, we will still refund people. But we also don’t let. We also don’t like just set up credit lines for people for free.
You can go to them program and get $50,000 and then say, oh, uh, you know, I thought I wanted to get 60,000 so I want to respond, but I want to keep funding second.
A lot of time that doesn’t, that doesn’t work because you know, we put a lot of money and man hours into it and 99 percent of clients understand that no one asks for a refund after they got credit. Really the only stipulation, like if you got credit and it just substantial amount, you can’t refund and keep the credit.
So that’s how, that’s how the guarantee works. I know that was a long answer to a simple question, but I just want to give everybody the details of how it works. Sixty Day refund period and you’ve figured everything out in that first week.
We tell you everything you’d known the first week and uh, and we start getting you results within the first, like right after that within the first couple of weeks we’ll start seeing approvals come through and you’ll have the funding in your hand within 30 days.
And then we repeat that process three to four times over the 12 month period…
Yeah. So, I mean, you’re, you’re offering a phenomenal service. Yeah, you really are. I mean, it’s, it’s, uh, it’s not just, you know, go to a webpage and submit an application. I mean, there’s consultation that you’re providing for people and you’re helping them not just, you know, if there’s credit repair needed, great.
You know, but you’re also giving people the best channels in order to get as many lines of credit as possible that they can go out and purchase huge assets with, you know, that’s something that probably most of you listeners before listening to this podcast, we’re not aware of or did, he didn’t even know that you could do.
But, uh, guys, I want you to take advantage of this. Um, we have on our website cashflowdadlife.com. We have a resource page and on that page you can go and uh, and, and click on the fund and grow a link and from there what are they going to see from that link? Mik…, information name, phone number, email, and also it’ll ask you what your credit score is. So if you don’t know it was put in what you think it is, but I mean most people know about what the credit score in on.
Then from there we’re going to give you guys a call and we’re going to go over your specific scenario and we’ll give you a prequalification amount, but also will give you access to the Webinar that we’re going to be doing coming up and on the Webinar we pretty much go over what we just went over, but in much more detail.
We have the live q and a, so we opened it up for a q and a on the webinar and everybody really loves. I mean we get tons of positive feedback when we do these webinars because it’s not just the sales pitch whatsoever.
We literally, for the first hour, we educate people on, you know, business credit, how you could use it, what you can invest or what you can buy with business credit and how you could use it for real estate. And we talked about corporate credit, which is different than when, which is different than business credit.
Corporate credit is another great avenue of funding that we only talked a little bit about on the podcast, but we go into more detail about that. We talked about personal credit, we talked about the approval process and we go over all these things. You know, all of the links to the chain so that basically after Washington Webinar you’re fully educated on a this resource on business credit and you know, you can, you can try to do it on your own. Just takes. It takes time. The US spend a good amount of time following up on each of the applications. But the bottom line is you will learn everything you need to know about business credit, corporate credit, and how your personal credit is tie into it.
We also talked about entities and, and how you can set up a lendable empty on that, on the Webinar. So, you know, at first you sign up, you see a, you may get asked you your name, phone number, email, and your credit score, and then we’ll give you a call and then we’ll register you for the, uh, for the Webinar that’s coming up as well.
Very Awesome Mike. Thank you guys. If you were, if you were hesitating to get started because you just didn’t have that seed money and you didn’t know where to look for it. This is a, an incredible strategy, like I said, because it’s unsecured. It’s a zero percent interest card, uh, lines of credit that is unsecured that you can use to leverage to purchase assets. And then you can refinance them through the bank.
There’s all kinds of things that you could do once you have this initial money to invest with. This helps you play in the realm of some of the big dogs. You know, there’s some people that don’t get started with civil sheriff foreclosures because you need cash up front. Well, this gives you that cash up front as well, so there’s all kinds of options that all of a sudden open up to you as an investor.
You are now in the beginning phase of doing a scalable real estate strategy that you can do over and over and over again. You can quit your job in 12 months or less by using certain strategies using this money to start off with.
Okay, so please take advantage of this checkout our website and Mike. Hey, thank you so much for, for taking your time today and joining us and educating us a little bit about what you do and I hope that all my listeners go to our page and register for that Webinar and a register for that initial round of, you know, trying to discover what they, uh, what, what, what, what am I trying. They qualify for initial qualification.
So, um, thank you so much man. I appreciate it. Thank you so much for having me and we look forward to seeing everybody on the Webinar. Awesome.
Thanks for listening. Please remember to rate and subscribe. You’re going to want to listen to every episode because each episode will have an idea or a strategy that changed my life. It could change your. Say it only takes one for more information and for some great passive income investing resources. Check out my website, cashflowdadlife.com. Until next time, my name is Ryan Enk and this is Cash Flow Dad Life.