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Fund More Deals with Mike Banks

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Do you know that you can start a business or an investment using your credit card and skip the hassle of applying in lending agencies? Mike Banks, the COO of Fund and Grow, talks about the humble beginnings of their company and how he stumbled into helping people gain access to business credit lines. Through the company site, Mike offers a convenient prequalification method before moving them on as a client. This episode will surely lead you to the right path on how to start your investments and fund more deals using your credit card as Mike’s company can help you qualify for credit from various lenders. —

Watch the episode here:

 

A Unique Funding Source

I’m talking with Mike Banks. He and Ari started a company and they help business people, not just real estate investors, but anybody with a business that needs some access to some capital. Who doesn’t when you’re first starting out? When I started out, I was so broke. I couldn’t rub two nickels together. If I had something like this, it would have changed me. Now, I absolutely did what Mike Banks is going to talk to us about. I bought my first hundred houses on credit cards because it was the only lending place I could go that didn’t want to over analyze what I was trying to do with my money. I knew what I was doing by money. I knew I was going to make a profit, but trying to explain that to some guy in a silk tie across an oak desk usually doesn’t work out. I have to have good credit. I had access to credit cards and back in the day, it was a lot less complicated. If you had good credit and you put in an application, you automatically got the card and you got the full amount of cash withdrawal access by virtue of having good credit. A lot of people did exactly what I recognized we could do. I could have taken all those credit cards and I could’ve gotten about $600,000 on my kitchen room table. It’d taken me about ten days, but I had 45 credit cards. They weren’t holding that against you either back in the day. You could get as many credit cards. If you had good credit and you turned in the application, they’d give you the card. They didn’t care how many cards you had. That’s different now because they recognize that people like me could get $600,000 on a dining room table and then take off to Mexico and never pay them back. I guess a certain number of people did that. There are different kinds of regulations. Mike, how are you doing?

I’m good. How are you doing? Thanks for having me.

I’ve been sitting here talking about buying my first 100 houses on credit cards and Mike is over there nodding his head up and down because literally I bought my first hundred houses on credit cards. Mind you, it was twenty years ago. It was a different time. We’re going to explain some of the differences and why Mike Banks’ company is more important than ever now because there are different regulations and different algorithms than there ever used to be. The bad apples ruined the good thing and they made it tough for everybody. Back several years ago, I could buy a house for $20,000. I would walk into the bank and I say, “I need $10,000 off this card and I need $10,000 off that card,” then they’d give it to me. I need $10,000 for the rehab. I’d take $10,000 for the rehab. I’d have $30,000 in this property and I go fix it up. I would sell it, owner finance it for $60,000 and then I’d sell the note for $53,000 cash plus I’ll pick up a down payment. I did this a 100 times in a row before finally, my bank called me and said, “Would you like a line of credit?”

I have tons of clients doing that by the way.

There are other things too. I never did wholesaling. Because I had access to this, I went straight to buying the property, fixing it and making the bigger bite out of the apple, but picture all the wholesalers out there. They need $2,000 or $3,000 sometimes to tie up a property. You could tie up a lot of property with a very small amount of credit cards and start flipping contracts. In some of the more expensive or nicer properties or when you’re talking to someone who’s a little savvier, they might want more than $10 earnest money or $100 earnest money. They want a substantial commitment from you. If you don’t have any money, you can’t do that. Mike and Ari have a company that helps anybody in any business. If you’re not in the real estate investing arena, that doesn’t mean that this conversation we’re fixing to have is not for you because I can’t tell you how many businesses I know could use some advance on their payroll or advance on their invoices. They do not have to go to a loan shark city where they’re charging a kabillion dollars. Tell us a little bit about your background, Mike. How did you stumble into helping people gain access to business credit lines? How did you get in?

The company has been around for many years. Before we started focusing specifically on business credit, we were more of a mortgage company. The guy that started the company ten years ago was a mortgage broker in California doing a bunch of high-end loans and then he ended up getting into this niche. Many years ago, Ari took over the company. He basically sold it to Ari. I got with the company about several years ago and we’ve been growing very steadily since then. We’re at about 40 employees now. We just bought a new office building in Spring Hill, Florida. We did about $15 million last month in new credit that we originated. Before I got into this company, I was working in a pharmaceutical company as a wholesale distributor. That was what I was doing before here and also going to college.

Were you friends with Ari or did you just bump into him through business?

REIS 316 | Funding More Deals

Funding More Deals: Paid advertising is great, but it’s the relationships that you develop that brings success to the company.

  It was just through business. We weren’t friends first, but then we ended up becoming friends and grew the company together. When I started, there were two other employees here and we bought the office building we’re in now. We’ve had to upgrade and get a bigger building. We’re doing really great. We’re on the Inc. 5000 list again.

I always like the backstory because a lot of people are wondering when their ships are coming in and you just never know.

Having these kinds of relationships, that’s what’s brought so much success to our company. Paid advertising is great, but it’s these relationships that we’ve developed where we’re really taking care of our affiliates group. I’m not sure where you’re at right now, as far as your group, your total credit gain for your group.

The last I heard, there were about 230 people that had gone to your company through my efforts.

You’re up to $13.1 million is the total amount of credit that we’ve established.

Those people got over $13 million worth of credit. I’m a real believer in this. I’m a member myself and I have gone through the gauntlet with you guys and picked up lines of credit and picked up stuff and continue to work to make sure that I have lines of credit that don’t even hit my credit bureau, my personal credit reports. That’s a new level of kind of freedom.

That’s a super attractive thing. You can carry $50,000 to $100,000 if you’re doing a flip or whatever and it doesn’t even show up on your personal credit. It doesn’t bring your personal scores down. We’ve got a lot of clients that are doing that. What’s cool is you were talking about how I used to do it, you would go to the bank and get $10,000 here and $10,000 there. Now you can just literally send a wire transfer from the credit line to the closing company so you can close on a cash deal as a cash buyer, sending the wire for escrow and then you can close on the deal.

I used to get advances on credit cards when it started out. They were charging me 3% or something and when you’re doing 3%, it was a hefty little fee, but it was really nothing in the big picture. I discovered that you could get the credit card checks and it was $50 for whatever the amount the check was. It was just the flat dollars or flat $100, whatever it was. It made a whole lot more sense to call the credit card company to get the checks. Do they still do that at all?

Yeah, they do still offer convenience checks and they’ll still do balance transfers which is what you’re talking about with the 3%. Those are still happening with our clients, but then the other option is the wire transfer option where you can have our third-party vendor charge your credit card and then send the wire transfer to wherever. Whatever places of business it is, let’s say they don’t accept credit cards, you just do the wire transfer and you pay the third party. They charge your card, it costs 2.75% for a wire transfer and then for a check or an ACH, it’s 2.5%. When you do the math, it’s a lot cheaper than going out and getting a hard money loan that’s going to cost you 12% and then two to three points to originate that hard money loan. That’s going to cost you $15,000 to do that, but with business credit, you can do it for way cheaper. We’ve had tons of clients do it. What most of our clients are doing is flipping houses. We have a good percentage of clients that are also landlords that are buying rental properties distressed and then fixing them up.

If nothing else, right off the top of my head, let’s say you’re a person that has a full-time job and you’re happy with it, but you’d like to make some extra money. Go get some credit with Mike’s company and then loan it out to people like me who can give you ample collateral. The best thing that would ever happen to anyone who loans me money is that I don’t pay them, the collateral that I put up. I function off of $16 million, fixing to be $20 million worth of private people’s money. I got 8% of private money for five years and then a lot of those people I can call up and say, “I need to put this on a ten-year am,” or “I need to put it on a fifteen-year am.” It’s hard to find a deal with so much meat on the bone until you get the hard money lender to agree to do the deal on.CLICK TO TWEET The old people don’t want to go on a fifteen-year am, but the younger people, they can’t get to for twenty years. I’ll say, “I’ll put it on fifteen years and let it ride. I don’t want to go in and out. I just want to keep making my 8%.” I use the credit cards and these lines of credit to launch myself. I found a little bit easier way. It’s not as cheap though. Some of these credit cards are 0%, 1%, none percent. What we’re doing right now and the reason why Mike and I decided to go both get signed up with Mike and Ari is that we’re going to do all our rehabs with low to no interest rate loans. We’ve calculated, we’re doing a 100 houses this year. Not all of them got rehabs and not all of them go through rehab, but it’s enough of them. We calculated that the interest savings alone would be about $37,000 from the profit. We figured that would take he and I and the company on a nice trip and still have money left over. We talked to the company and said, “This is going to be a little bit of an effort. We’ve got to put some effort in to keep track of this, this way. If you all want to keep track of it, we’re taking you all on a vacation for four or five days.” Everybody said they were more than willing to keep up with it.

Speaking of vacation, what’s cool about this whole concept is that you can earn rewards points as you’re spending on these business credit lines and then you can get free travel and free cashback. That’s another perk.

We figured that all the airline tickets were going to be free because we’re going to have enough air miles. That’s another thing. I have over a million air miles right now. We’re right at a million air miles. Flying in the continental US, the contiguous United States of America, it’s not an issue. I never pay for any of that unless I want to do something, I was going to say last minute, but it’s even covered in. The only thing that really wouldn’t help me is I want to go overseas and sometimes it even helps with that. Plane tickets are not an issue for me. When I go somewhere, I just go. It doesn’t cost anything. Last time I talked to you, you had a little website. We’re going to send everybody to REInvestorSummit.com/grow, but you had a site that you could go and people would plug in their social. I wanted to bring this right out front. They’d plug in their social and you’d give them a pretty quick snapshot. They’d fill out a little questionnaire or something. You give a quick snapshot of what you could do for them in a very short period of time. Do you still have that going?

Yeah, we do, but for this link that we’re using, we’re going to keep it simple and not ask for people’s social and just have them tell us what their credit score range is. When they go to that link, it will ask them, what’s your credit score range? We’ll call them, ask them a few questions about their credit, about their business, and all that, and then we’ll give them a prequalification and say, “Here’s what you prequalify for in the next two weeks.” We’ll get them started and move them forward as a client.

Go to REInvestorSummit.com/grow and then you’ll get over to the show notes and you’ll have an opportunity to get a snapshot of what your available credit could look like in a very short period of time. Is it 30 days or 60 days?

We used to promise 30 days and that was our turnaround time, but now we changed some things up internally and we basically deleted this one week of waiting time where people would be waiting to get on a consultation call. Instead, now as soon as they sign up, we go in there, we review their credit and we respond within two to three days. In many cases, we’re applying for credit within the first week that they signed up. That’s why I was saying before, two weeks is the new turnaround time so you can have up to a $150,000 in the next two weeks.

Believe me, it doesn’t matter what business you’re in, you need to have this in waiting. You don’t want to wait until that opportunity of a lifetime comes by because it’s too late then. You need to be ready with your lines of credit, with your availability. You don’t have to use it, but when something comes by, normally, the greatest deals on the planet are happening because there’s some huge backpressure for the guy that has to liquidate. There’s some time pressure of foreclosure. Something imminently not good is going to happen if they don’t do something soon about some situation. If you like to start, you have to have this availability. You have to be ready to strike. I would say if you’re in a business that opportunities roll around from time to time, you need to get in and get ready.

REIS 316 | Funding More Deals

My Life and 1,000 Houses: Failing Forward to Financial Freedom

I was thinking to myself, I wrote this book My Life & 1000 Houses: Failing Forward to Financial Freedom. At one point in this book, my wife is going to divorce me because she found out I had $250,000 of credit card debt that I didn’t tell her about. We’d only been married about 30 days and she thought she had married a complete nut job, that I was one of those made for TV show specials. She was going to divorce me and I was sitting there trying to explain to her that I had $500,000 worth of houses free and clear. This was what I bought them with. We ended up going to a marriage counselor over this and in 24-36 hours, we were at the counselor because that was part of her demands. It’s a fight. There are all kinds of funny things about this story. I won’t go into all, but the guy’s name was Dr. Love. Believe it or not, that was his name. He was a marriage counselor and he’d been married three times. You’ll come to find out, I didn’t know this with them when they signed up. Anyways, this is a true story. I hope he never read this. My wife tells the story about how she’s petrified and then I’m going to ruin her future and her credit and all this stuff. She told her story and it was very convincing. I was ready to tell the doctor about credit card debt and I have a point to this though, because credit card debt, it’s supposed to be the enemy, but there’s good and bad debt. It doesn’t matter how you get it, whether it’s through a credit card or a line of credit, it doesn’t matter. I happen to have this good debt, but it didn’t look good on the outside. She explains it to the doctor and I’m listening to her tell the doctor. I’m thinking that’s pretty convincing. If I was him, I would definitely believe all that. He got over to me and I started explaining to him how I bought these houses, what these houses are worth, why I knew what these houses were worth for and my method of how I did it. The fact that I didn’t have any money, I didn’t have any choice, but if I was going to let this deal walk past me, I could get out my credit card and I could take it off the market. I could control it for a certain amount of time. I didn’t have to take it even all the way down. I didn’t even have to own it or possess it. I just had to control it for a certain amount of time with the contract and then I can make all this money. About halfway through my explanation of it, I noticed a paradigm shift in the conversation. I’m now giving him financial advice. Into the conversation, he wants to know if he can loan me money. My wife loses elective crap right there. I’m walking out the door and she’s pissed and she’s getting on the elevator because I had turned the psychologist into a potential investor. On the way down, I said, “I’m sorry that I’m so screwed up that even the doctor wants to invest with me. Just give me 60 days and let me show you what happens.” Anyways, the point is people are petrified of credit card debt, but if you could get $100,000 on credit card debt at 18% and 25%, that’s annual interest. You can make $50,000 or $100,000 in two weeks, three weeks or five days. It doesn’t matter what the interest rate is. It doesn’t matter where you get the money, just get the money.

Speaking of interest rate, everything we apply for comes with zero interest for an average of twelve months.

I know, but what I was doing it, some of these cards were at 18%, but it was 18% annual interest. I wasn’t going to own this property in 30 days. You have to find a daily rate and figure out what the date you’re going to pay. For the month that I was going to pay $2,000 or $3,000, I was going to make $28,000. Who cares? If you don’t have the credit card at 18%, I wasn’t going to make anything. You’re talking about 0% interest, which is exactly why Mike and I got together and said we’re going to start doing our rehabs. We looked at our rehab budget and we thought it’s a lot easier to borrow money from a private lender. Let’s say you want to borrow on $100,000 house. That’s what it’s worth. That’s what I can sell it for. Let’s say I want to borrow $50,000 to buy it in $20,000 for the rehab. I need to borrow $70,000 on a $100,000 house. I’m talking to a private lender potentially and I want the audience to put themselves in my shoes right now. You’re talking to a private lender about borrowing $70,000 on a $100,000 house. Wouldn’t it be a lot easier to borrow $50,000 to talk him into lending you $50,000 on a $100,000 house and you use the $20,000 off of your credit cards to do the rehab, which is 0% interest anyways, which is a good reason? This is how you raise private money. I’m going to tell you part of how you get successful at connecting with potential private lenders is you use your credit cards to limit the amount that your private lender has to give you to get into the house. Again, I’m going to say it, this house is worth $100,000. I need $70,000. It has nine days on the market. I’m going to take $50,000 to buy it and then I needed $20,000 to fix it, so I’m asking this private lender for $70,000, but the house is worth $100,000. That’s not great. It’s a disparity. It’s good enough. You can find some people to do that deal. It’s not out of the realm, but it’s so much easier to say, “I tell you what, give me $50,000. I’ll spend $20,000 of my own money,” you don’t have to tell them where it comes from, “on the repairs and you owe me $50,000 on this $100,000 house, a 50% LTV.” This is how you start your private money career, raising private money. If you have access to money like this, it makes it really simple for a private lender to go, “Why wouldn’t I do that?” It’s a no-brainer. You turn something that they have to contemplate into a no brainer decision because you’re going to get $20,000 from a different source and it doesn’t encumber your $50,000 private lender’s first lien position. He still got the first lien, now he’s just got a first lien with only $50,000 on $100,000 house. I’m telling you, there’s a reason why I got $20 million worth of private money. When I find the big fish out there that I want to get to know, that he doesn’t know my name but I do know he’s a big fish, I create no-brainer deals like this using my own money or using credit card money. I make it really easy for him to do one deal with me. That’s all I want it for them to do, one deal with me.

Especially for the beginners, because it’s hard to find a deal with so much meat on the bone that you get the hard money lender to agree to do the deal on. I’ve heard before, usually you have to have multiple deals under your belt before you can even get some lenders to work with you. By what you’re saying is you could find a deal that’s not the greatest spread, but it’s still a deal. You can make that one happen by having the credit lines available to basically supplement the amount that you’re getting from the lender.

Let’s say the house needed no rehab and it was a $70,000 house. You could take $20,000 and put it towards the house and you can borrow the $50,000 from the lender. You’re just making it easy for this guy. At some point, it’s not about you. When you’re trying to find private money, that’s one of the biggest obstacles. When I’m trying to teach people to find private money lenders, they’re like, “I don’t have good credit. I don’t have a track record. I don’t speak the language that well.” It’s not about you, boys and girls. It’s about the collateral. What are you going to give this man as a security in case you don’t perform? Is it good enough or is it a no-brainer? How you make no-brainers is this example and that’s all you do. It has nothing to do with you. Charles Manson should have been able to get these loans. He’s going to bang on the bars with this metal cup until the warden showed up and he said, “I want to borrow $50,000 from you.” People with better credit can get funding right away.CLICK TO TWEET The warden says, “No, why would I do that?” He says, “I’m going to pledge $100,000 house and if I don’t pay you, you’re going to get my $100,000 house.” All of a sudden, I don’t care how many murders Manson had committed. I’m going to loan him $50,000 and if you don’t pay me, I’m going to get a $100,000 house. It’s a good day in jail and he can’t come get me and kill me because he’s in jail. That was a really bad example. I’m trying to drive this home in the worst scenario possible. Anybody should be able to get these loans. It doesn’t matter about your track record. It doesn’t matter about any of them. What matters is pledging. This is a way to make your collateral look good.

Personally, I’m in the middle of doing a rehab on a house right now and the house I got foreclose to those numbers basically was worth about $115,000. I got it for around $65,000 and it’s not that big. It’s not the best spread, but it wasn’t like it needed a new roof. It didn’t need a new roof. It didn’t need anything. It needed AC and cosmetics. I tried wholesaling it. I tried finding a buyer and everyone I could find just wanted it for what I had it for, but I couldn’t get the seller down because he already had a contract from another guy who was going to come in and do this. Anyway, I used my credit and I used my own money, but I could have gone to a hard money lender like what you’re saying. The only thing is I didn’t feel confident because it wasn’t really a good enough spread and then I would have to go and pay the hard money lender 12% so I just use my own money and credit and that’s how I’m getting it done. Whether you’re using a lender and the credit, your own money and the credit, either way, it gave me this extra confidence of being able to spend more money on marketing, on direct mail and having that extra drive to get my feet wet. Before, all I did was wholesale a few houses, like five.

This is what we want you to do. I want you to go to REInvestorSummit.com/grow. I want you to go there. Just by virtue of using that link, you’re going to get $500 off the traditional price. I know this is a true discount because I’ve been doing this. Two hundred thirty of my students have used this company. They’ve done a great job. It’s helped them a lot. You have to apply yourself though. Get the free consult, let them talk to you. I think you need about a 720-credit score to shoot right out of the barrel. If you don’t have a 720-credit score, they can help you fix that too. This is another thing that your company does so well, Mike. The credit repair business is a crappy business. It is one of the most crappy-written businesses on the planet and there are a lot of shysters in that business because they take the money and they don’t ever do anything. You guys are not charging very much for this. I know people that charge a ton for it. You’re not charging that much for it. It’s really easy to handle and you guys actually get it done. You’ve got a bigger reason for doing this.

We have a lot of clients that come in through Fund and Grow on a webinar or on a video like this and they sign up and they’ve got 650. They thought they had better credit. We need to do a credit repair for them and they need it to perform so we can get them to qualify as soon as possible to keep them as a client, but about that, we transitioned to a pay-for-delete model. Before that, we had a six-month refund period and we weren’t just doing a monthly thing. A lot of the other companies, they get you on this monthly recurring payment and you’re still in the program for a while. Our goal and the way our model was set up was to perform as quickly as possible or we had a six-month refund period, but now we’re doing pay-for-delete on that. Usually, it’s a 680 score and up. Some people in that 680 to 720 range, they still have strong credit, but at the time, they might have some high balances that need to be paid down to around 35% because a lot of people fluctuate from 680 to 750 a month.

What you do is go there and get your $500 discount. If you choose to go the long haul, you’ll get a $500 discount. Also, they’re going to get you a free phone consult when you get out there. They’ll answer all your questions, figure out where you’re at, figure out a game plan and tell you what’s possible. People don’t understand how much it costs them when they don’t have good credit. When you don’t have good credit, you are paying extra for all kinds of things that you have no idea like car interest rates, even health insurance, any kind of insurance. You’re going to pay more for it. You don’t get a favorable rate anytime you want to do an installment. I bought a car at 1.75% because my credit was good. I’ve got a big old pickup truck, four-wheel drive. It’s the kind of stuff I could swim rivers with. Get out there. Get some credit, find some deals. If you’re paying too much for something, make that be your goal. Get your credit up. Go refinance your house at a lower rate. There are a hundred ways to save money with this. It starts with your credit and then beyond that, be ready for when an opportunity presents itself that you can go someplace and grab the funds to capitalize on it. It might be a Corvette for half price or a Rolex that you could pick up for pennies on the dollar or it might be a house that’s in your business, but it doesn’t really matter what it is. Usually, when there’s over the top deal on something, you’ve got to move.

Not only the people with bad credit, but obviously the people with better credit can get funding right away. Something that we’ve seen happen a lot is people with 750 credit scores, they go and try to get access to business credit lines on their own and the bank denies them because they don’t have any previous business credit history. We see that come up a lot when we apply for people, but when we apply, we get on the phone with a decision-maker, we talk to the underwriter and we have those decisions overturned into an approval 99% of the time, that’s what’s happening. We have a whole team of people here that are on the phone with each bank talking about each application, making sure everyone gets approved. Even the people with 750s, when they go and they try to do this on their own, then they get $5,000, maybe, $10,000 but they’re not getting $50,000, $75,000, $100,000 like we get. It’s because we do so much volume. We have relationships.

It’s a difference between being an amateur and a pro. You’ll know that you’ll do this every day. You’ll know the algorithms. You know how they want it presented. You know what they want to hear. You know what they don’t want to hear. You know how to talk to them and to go out there yourself, I can completely understand it.

We have that confidence. We know this person qualifies. We’ve seen them get approved and that type of a scenario thousands of other times. You enforce that when we get on the phone. Another thing when you apply on your own, usually, that’s just a computer systematically responding to the application and it does the algorithm like you’re saying and that’s it. Whatever that decision is, that’s what sticks, but by having our teams speak with the decision-makers every day on your behalf, going over those applications, we really do get a lot more credit. When we do a webinar and we show you guys the credit gain view, you can see the initial auto-approval columns with all those zeroes, a couple of $2,500, $5,000, $1,000, mostly zeros in that initial column when they audit on the auto-decision. That’s what most people get when they do it on their own. Having our team do it for you will bring in way more in a shorter period of time for sure.

REIS 316 | Funding More Deals

Funding More Deals: If you’re paying too much for something, make that be your goal to get your credit up.

  From my own personal experience, when they ask you to do something, you’ve got to do it if you need to. I went down and showed up at Bank of America because they have some stricter policies. They wanted two forms of ID to make sure there wasn’t a scam or something. I drove by the First Bank of America I saw. I walked in. I got an appointment. They had some case number. I gave the lady and they looked it up on the computer. We got in touch with the right person. I showed them my ID, I was off and running. That resulted in an extra huge bump in my credit line. You’ve got to do your part.

I will say that’s more on the rare side. That’s not something that’s happening for every client, but in some cases, it does happen. Some things like that will happen here and there.

I’m very happy because I said, “How much can I get on this card now?” They said, “Basically we’ve just uncapped you.” I said, “What do you mean uncapped?” “There’s no limit.” I said, “Could I go buy a house for $100,000?” They said, “Let me see.” They plugged it in and they said, “Yeah, it would go through if I hit this button.” I said, “What about $150,000?” They said, “Yeah, we’ll go through if I hit this button.” I said, “What about $200,000?” They said, “Yeah, it will go through if I hit this button.” I said, “I’m glad I stopped by here.”

We love American Express. They approve a lot of our clients. We have a great relationship. We’ve been working together with them for a while and we get a lot of approvals, sometimes $75,000, $100,000 on one account and then in some cases we have those no limit cards that are getting approved as well.

When they said there’s no limit I thought it was BS, so I was trying to push them. I didn’t want to go any further than that, but I did take it to $200,000 and I said that’s good enough. If I need more than that, I’ll call him. It was a good deal. I really want to thank you for taking the time to come on. Is there anything you want to say or did I miss any points that we need to cover?

Not really, just basic stuff. We’ve been working together for years. We’ve referred each other clients. We’ve done over $13 million or $15 million we did for your pool.

It was $13 million. I know for a fact it was over 230 students. I talk to them every Tuesday, most of them or a lot of them.

There are tons of reviews from your clients also. It’s a great relationship. If anyone wants to prequalify, just go to that link and we’ll give you a call.

Go to REInvestorSummit.com/grow and get your $500 discount. Get your phone consultation and get prepared for when that the opportunity matches this kind of money. You can take advantage of it. I told people the fee that you charge compared to what you can do with these lines of credit is completely a no-brainer stupid decision. It didn’t even be on your radar if you’re making any deals at all.

If you compare it to hard money, it’s so much cheaper. It literally costs you 2.75% to send the wire transfer and now you’re at zero interest for twelve months. It literally costs you $2,750 to use that $100,000 to buy a house, send those wire transfers over to the closing company versus paying a hard money lender $12,000 to $15,000 because of the 12% interest plus the two to three points.

The time, with hard money lenders, sometimes they’re not that fast.

They won’t approve every deal like the deal I did. I would’ve just had to let that go and let the next guy get it who had the money to do it.

Let me put it to you this way, if you didn’t get this one deal because you don’t have this, you’re going to be kicking yourself down the road and it won’t happen again. Save yourself the frustration. Go to REInvestorSummit.com/grow. Mike, I’d like to thank you so much for taking the time to stop by. I’d like to thank the clients for taking the time. Get you some Mike Banks and learn about these unsecured lines of credit and business credit, and take advantage of it.

Thanks, Mitch.

Click Here for the Podcast

-Mitch- If you haven’t given us a rating or written a review in iTunes yet — we would greatly appreciate your help! Here’s how:  Step 1: Open iTunes.com  & Login Step 2: Search for “Real Estate Investor Summit” in the upper right corner in the iTunes search box Step 3: Click on the Real Estate Investor Summit show icon in the search results Step 4: Our show page has a tab for Reviews. Click on the “Ratings and Reviews” tab Step 5: Give us a star rating and then click the “Write a Review” link to leave your review   Don’t have an iTunes account?  Here is how to get one: Get an Apple ID to subscribe and review the podcasts: If you don’t have an Apple ID or have never used iTunes before you should first go to:

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