Speaker 1you can get up to 500 000 with interest rates as low as zero percent and repeat the process every six months and it's just that knowledge of knowing that that's even a possibility more people would take advantage of it like chase for example you can get up to 150 000 without any documentation 13 credit cards in just 10 days he got 150 000 zero percent interest he got 13 credit cards he got a sign up bonus for each one so he ended up walking away with like fifteen thousand six hundred dollars in just free cash he just wanted the cash he didn't want to travel but if he wanted to use it for travel he actually could have got seven to twenty one x return off of it wow hundreds of thousands crazy wow i can get my credit limit transferred into my bank account and they'll do it the very next day i had no idea this existed oh yeah yeah yeah so many people don't
Speaker 2my guest today is an expert at using zero interest credit cards to get from five hundred thousand to over a million dollars in cash now this could be cash to start a business buy a business develop real estate buy real estate airbnb investment property whatever zero percent there are loopholes out there that are perfectly legal and ethical that everyday individuals can get and if you don't have good credit we talk all about very specifically how to get good credit in a short period of time it applies to anyone and everyone please enjoy how long have you been doing
Speaker 1this so
Speaker 2i've been in
Speaker 1the funding like what the banks do and what the mega wealthy do since 2011. so i've been doing it for 15 years okay i started in using it finally for real estate in 2015 okay and that started changing my life using credit cards to buy real estate
Speaker 2okay so are you exclusively helping people get funding through credit cards or is that just one
Speaker 1way it's just one way but the zero percent interest it's only in credit cards but there's over 400 different products and services that the banks offer mortgages first prioritize and then credit cards and then lines of credit or loans and then lastly
Speaker 2auto loans oh okay in that order like loans against cars that they own or just if you wanted
Speaker 1to get like a vehicle or something uh like it's the easiest to get okay so you want to do that last versus a mortgage they're going to be more critical about you know applications you've applied to in
Speaker 2the last six months so let's say i own a plumbing business million dollars in revenue yeah i pay myself 150 a year yep one crew i want a second crew i need a second van i need to hire i need to make some investments let's say i need 150. you said you start with mortgage what would you advise me to do as step number one
Speaker 1yeah if you wanted to prioritize real estate right now and get a mortgage then we would talk about that first but if you're not then you're just looking for capital like working capital cash then you would go after credit cards and i would want you to go after the zero percent and on the business side specifically if you're going to leverage it okay okay and then if you needed vehicles to actually just grow and scale on that end then we would prioritize that you would just identify how many vehicles do you want and then obviously we want to put it on the business side and we want you to leverage the full amount not just like i don't want you to have to put anything in so there's different loans and different opportunities that you could build the for example like bank of america you could open a brand new business account with them wait about two weeks put some money into it and then afterwards apply online and you can actually get up to four auto business loans up to fifty thousand dollars each very
Speaker 2easily okay so if i let's just say i needed four vehicles for my business yeah
Speaker 1you'd go straight to that yeah i would go straight to that to get pre-approved and then there's some cool hacks that i would recommend uh for just auto dealerships or getting a car in general like going the last day of the month and then also uh looking each dealership has like a uh leadership board and so you want to look for that and you want to look at the guy on the last maybe not necessarily him because he might be getting canned already yeah and go to the next guy right above it and go about two to three hours before they close okay on the last day of the month on the last day of the month because they're willing the financing department and the company itself are willing to go yeah hand over fist to be able to hit their quotas and hit their numbers maybe
Speaker 2the last day of the quarter even better right yeah sometimes yeah yep and so if john is the second or third worst the the yeah i've i've sold used cars before he was the worst yeah but uh you're thinking all right this guy's hungry like he needs something for real he's willing to to maybe sell it for a little
Speaker 1less yeah the manager's willing to work out something for them just to keep them alive like they're they care more about the volume and so sometimes they'll they'll be okay with even taking sometimes a loss you'll get the best deal then
Speaker 2okay yeah okay so that's just kind of like you consulting but in addition to that you would probably say go to bank of america
Speaker 1yeah get those pre-approvals first because now you have more power to go into yeah and then now you can really negotiate because it's like oh it's basically cash yeah you know like i'm good to go right here
Speaker 2okay what would it take for a business owner to qualify for that one specifically like 700 credit score or what what would they look for yeah
Speaker 1ideally they're looking at credit score they're looking at um sometimes bank statements uh just the last two to three months okay um so there's cool different techniques that you can do just to they just want to see more money going in than going out yeah over the last 30 60 90 days in some cases does the bank care about profit or revenue and or like transaction volume they care about transaction volume uh they care about how many transactions they get very jealous and territorial because they're marketing companies basically they're competing against other banks so they want to feel like they're the only one so if you can be with them for a long time never close out your bank accounts have multiple products and services with these banks and then have at least 17 transactions or so per month going in and out of 17. yeah okay because otherwise if it's just sitting there then it feels like it feels like it's stagnant it's going to run out eventually right
Speaker 2they need to see movement
Speaker 1yes they want to see movement they want to feel like they're the only ones uh that they're looking at the average balance that you're holding they want to see more money going in than going out some banks care all the way up to six months you know but a lot of them 30 60 90 days they'll care about so let's
Speaker 2say i need a hundred grand for my business um just for operating capital or whatever i'm assuming credit cards in that case yeah
Speaker 1especially zero percent the zero percent is anywhere from six months to 24 months but on average it's very common to see 18 months okay and the cool part is every six months per person you can repeat the processing and do it again okay and so our goal is to show members how to actually get up to 500 000. so if you got just a hundred thousand it'd be a super disappointment
Speaker 2yeah how is that possible like what types of cards are you having to put together to get 500
Speaker 1anywhere from 10 to 50 plus applications
Speaker 2okay at different cards like yeah
Speaker 1like amex for chase whatever well those are those are the common big banks so how we break it down is three levels big banks first regional bank second small local credit unions last okay there's a lot of power in the small local credit unions but each one's going to be different between your area okay
Speaker 2and there's the fewest of the big banks and there's probably like a medium amount of the regional banks and there's thousands of the of the credit unions
Speaker 1there's thousands so big banks there's about a dozen or so maybe a little bit more you know chase bank of america wells fargo city capital one most money yeah they have the most money you know so they're going to be some somewhat easy but they also have certain bank rules like have you ever heard of the chase 5 and 24 rule or the 2 and 30 day rule so these rules are specific to the banks like chase the 2 and 30 day rule is if you've already been approved for two cards in the last 30 days with chase they're going to naturally deny you for a third okay unless you have a business bank relationship manager that's good and knows what they're doing okay if you've applied for and got approved for five cards with any banks in the last 24 months two years with chase they're just going to deny you okay because they're very jealous and territorial they're not great but there are rules to the game
Speaker 2yeah so if someone were to get 500 000 in zero interest credit cards what would that breakdown look like how much would they be getting from the big banks versus medium versus credit unions
Speaker 1yeah that's a good question um it is probably on the lines of like two to three hundred they could get just from the big banks okay uh like 150 to 250 something like that okay um and then uh the regional banks you can get another 200 or so um and then small local credit unions all this really depends on your relationships with them and what you're saying and what your current credit profile looks like if you have credit cards with limits under a thousand dollars then when a new bank pulls your credit they're going to see oh this bank over here that you've had a relationship they don't like them why should i like them exactly they're going to say well they don't trust you with even a thousand dollars why should we yeah so it's important to use your credit properly to get high limits and saying the right things once you do that and you position yourself in a stance then you can you're just doing it in a domino effect and if you get that like are you just getting a cash advance wired to you yeah so liquidation right how do you liquidate the credit cards in the cash right so there's dozens of ways to be able to do this how i originally started is there's you know the quote-unquote balance transfer transfer or cash advance like you mentioned but you want to make sure it's at a promotional rate if you don't do that then it's going to end up being the mafia rates of 20 30 40 percent so you don't want to do that but you can call into them and you can ask is there any way that i can get my credit limit transferred into my bank account and they'll do it the very next day and the cool part is usually it's a flat fee of one to five percent okay there's other platforms like plastic that you can use bill pay zill money uh milo there's dozens of different ways they can just become a little bit more uh terms and conditions you got to understand them so you can weave
Speaker 2through them okay so if i have like a venture rewards card forty thousand dollar limit i call them up and say hey i need i need that 40 grand in my checking account yeah and there's they'll say one percent fee and i say done done yeah okay
Speaker 1that's that's pretty common it's common for about three percent that that's
Speaker 2a more common fee you're saying yes
Speaker 1okay and some like chase or uh some of these other banks they've been doing uh the last year or so they've been doing more of that closer to five percent flat fee okay so
Speaker 2in this case it would be twelve hundred dollar fee not getting that back you're not
Speaker 1getting that back it's one time it they just they'll liquidate the full amount they'll put it into your uh into your checking account you can use it it's cash um now you have you're responsible for making your monthly minimums right and then it's zero percent interest for let's say 18 months so it's not due the whole principle until then um so that's great but you also there's certain little terms and conditions you want to be mindful of many times you can't use that credit card for any new transactions if there's a little bit of availability on it if you use a transaction or a subscription on it then it will actually start hitting you with interest for all of it it's crazy i've learned that mistake a few times and luckily you can call in kind of complain and they'll reverse it and get you taken care of
Speaker 2okay yeah but then i have like a full credit limit and that's not good for your credit right don't you want to lower credit
Speaker 1utilization score correct so that's why when you leverage you want to do it more on the business side the personal is really your foundation to get more business and down the road let's say you get a million in personal credit down the road you can use 29% of that credit and you can use that credit and you can use that credit and it's not going to hurt your score it's not going to fluctuate your score going up and down even on the personal side so if you get a million on the personal side then you can take out 290 000 have a balance of it and it's not going to affect your
Speaker 2score okay so let's say i want to buy like a short-term rental right something for airbnb it's 500 000 the bank needs 15 down yeah so 75 grand yeah right um if that were you personally you wanted to buy a 500 000 airbnb yeah um what would you do specifically yeah to get that 75 grand you had no cash in the bank you had no what if you have no business you have you have no entity no llc nothing dude this
Speaker 1was my story exactly i didn't have an llc i went after business credit though anyway okay and so with some banks especially the big ones you don't necessarily even need an llc you're just like
Speaker 2a sole proprietor yeah it's just a doing business as okay and i put
Speaker 1my social for the ein number you know and then you have to pay for it and then you have to pay for it and so my score was good luckily i had decent size credit limits from every six months just randomly asking for more and i paid it off like i would use the card heavily and i would pay it off each day you know just get into that routine so uh so i don't need to get out of control with it and at the end of the day with certain credit cards let's say you have uh like a twenty thousand dollar credit card limit right with chase for example and then you have another airline um and then you have another airline and then you have another airline and then you have another credit card with chase that is a a fifty thousand dollar limit but it's not zero percent interest but you're like what am i doing with this card you can actually call that bank like chase and just ask them to transfer the limit over into your zero percent interest card that twenty thousand you can combine it you know that whole bank chase they've given you the the threshold of seventy thousand or whatever you know those numbers are right yeah and so you can actually call that bank you can just leave a thousand dollars on that one card transfer the rest of the limit on this zero percent interest card smart be able to stack it up yeah and then i would ask them hey is there a way that i can i have this great opportunity like i want to take advantage of it it's going to be an awesome investment you know can i use your balance transfer the promotional uh zero percent you know and get hit with a flat fee they'll put it in the bank account
Speaker 2and balance transfer that's just you getting the credit limit as cash in your checking account yeah so
Speaker 1the balance transfer uh truthfully it's their best terminology that they're going to understand yeah so the best thing that you can do is either label it as the balance transfer or cash advance but at a promotional rate and you want it not to pay off any other credit cards or any other because that's what i think of
Speaker 2as a balance 100
Speaker 1yeah but instead you want it into your bank account
Speaker 2okay so if that were you in that case um you wanted to buy this airbnb what in this scenario what kind of a credit score would you need to have yeah
Speaker 1so to be able to get funding um you can really be in even the 600s like high 600s if you don't have any late payments collections derogatory remarks at all then most likely you're in the low to mid 700s okay and if you're there there's no reason in the world why you can't be and you shouldn't be in the 800 club in the next 30 days yeah it's very simple it's very easy and so getting to the 800 club in 30 days all it comes down to is after the fixing is done you're not going to have there's six boxes that make up your credit profile three of those are for fix related like late payments your payment history derogatory accounts like collections charge off things like that and then your hard inquiries okay the other three boxes are for build those make up 55 of your fico okay and so it's a big deal and a lot of people sleep on it what that includes is the total accounts you want to be at 21 plus total accounts like
Speaker 2total accounts as in bank accounts credit cards like they don't shopping
Speaker 1cards or yeah yeah so they don't count bank accounts like checking and savings but they do loans credit cards shopping cards yeah so it's six different products it's uh personal loans auto loans mortgages student loans uh retail credit cards and regular credit cards okay so six different
Speaker 2products 21 plus of those is ideal yeah
Speaker 1it's not the myth that we grew up with having only two or three right you know right they want to see mixed use as well that you can handle and manage credit properly so that makes up 10 of your fico your average credit age it makes up 15 of your fico it's a big deal and this is the part where many people are sleeping on because they actually want to see that you have nine years or higher average credit age yeah and how they're doing that is they're adding up those 21 plus total accounts the age on them and they just simply divide it by that many accounts i swear my
Speaker 2on my credit score that's like my only like yellow everything else is green 100 and i swear it's been like four to five years for the last 15 years well it's because you get
Speaker 1new accounts every so often so that brand new one averages it lower it doesn't seem like i get that many new ones though but it's not but that's why like over time they start rewarding you and so you're like all right brandon well what the heck like how am i supposed to you know your utilization it makes up 30 percent of your fico you're always good there you're below nine percent you pay off your bills on time by the statement closing date not by the due date but by the statement closing date you're always good there you're below nine percent you pay off your bills on time by the statement closing date and so all the other boxes are good but you're in the yellow over here so you're in the mid to lower 700s you're like what the heck all it comes down to is adding authorized users so you could go to your parents for example or friends family uh there's an industry online that you can actually purchase them from right trade lines and so you can get an aged you just need to do the math so we have on our website there's a au calculator it's called and you're just plugging in all of your total accounts and then you're seeing hey if i added a 40 year old account on there what would it do would it boost me up would i get if i'm at 20 total accounts cool i need one more to get to perfect you know and then i need one card that's 30 years old to get to to where i need to be or i need two cards that are 60 so
Speaker 2it does two things in one it gets you to the 21 and it increases your average amount of time
Speaker 1it does three all three of those boxes so the utilization it impacts the total accounts and the age so that's where that 55 makes it's very valuable and that's what will take you to the 800 club and it only takes 30 days max yeah so after
Speaker 2the fixes are done yeah
Speaker 1you have to do fix otherwise it's lipstick on a pig right because people do that out there too and it's it's the silliest thing because you could have late payments collections derogatory you're in the like 500 which
Speaker 2matters more than all this
Speaker 1other stuff 100 so like your score up to the 800 club and or like not the 800 club if you have late payments and collections because it's going to drop 60 to 100 points so you can be in the high sixes or low 700s with all these derogatory accounts but you're boosted up but the banks are going to see and they're like oh we don't trust you because you have all this nasty stuff how do
Speaker 2i find those people okay and how do i attach them to my account while being aware of like privacy concerns
Speaker 1and yeah so you aren't going to attach them to your account you're going to attach them to your account you're going to attach them to your account you will get attached to their account okay so they're gonna basically let's say i had a 40 year old credit card you know, I'm going to add and you wanted to, you would lease it basically, it's called for like 60 days. Okay. You would be the buyer, I would be the seller. And it would, you would basically I would need your full name, your date of birth and your social. Okay. Now, they're going to ask two other things. What's the address to send the card to? And what's the phone number, I would put my phone number and I would put my address. So the new card is going to have your name on it, it's going to come to my address, I'm going to call it activate it, I might use it at the dollar store for one transaction just
Speaker 2to show something just to show me as the buyer as the new authorized user on that account. I'll never you'll never get hard. You'll never they don't want me spending on it.
Speaker 1Yeah, exactly. So you're not going to get access to it. You don't know any, you know how when you call into your bank account, or your the back of the number on the credit card, they ask you a series of questions. Yeah, you don't know any of those, you know, security questions. So you're not going to be able to don't have the login, you don't have nothing. So they have all of yours. Okay, you have none of theirs. You're at the mercy of their whatever, like, there could be a bankruptcy collections derogatory, but on that one card or several cards that they add you to, it's got to be good. Like it's got to be no late payments collection, like it's got to be in good status, long history, ideally large limit and low balance. Now, a lot of people add friends and family, but they don't educate them on this piece. So therefore, they end up having a large balance one day. And so whatever is on that credit profile, it reports every 30 days. On the statement closing date, there's a statement opening date 30 days later statement closing date that balance gets reported to the three bureaus TransUnion Equifax Experian. Three weeks after that, it's the due date, you have to make the due date. So you don't get a late payment. But that statement closing date, that's what reports and so everything on that good card is going to start showing up underneath your credit profile to boost your stuff up. Yeah, but vice versa. If there's a late payment out of nowhere, or a shopping spree, and they forgot the statement, you know, closing date, could
Speaker 2do me more harm than good. Yeah, it could hurt you. Yeah. So with me as the buyer, right, the person that needs a higher credit score, the risk to me is that that person suddenly becomes like an untrustworthy borrower, right? And their credit utilization spikes, or they declare bankruptcy, and that would negatively affect me, right? Just that one
Speaker 1card, if it ever did, you can just remove it. Remove yourself from it. Okay, you call up the bureau and you say, Hey, this isn't mine. I need it removed. It's hurting my profile.
Speaker 2Okay. And then you're back to where you're back to where you were. And then what is the risk to the seller? The seller? There's no risk to them. I can't see their transaction. You can't see any card. Nope. Okay. What what does that trade for? Like, what would that cost?
Speaker 1It depends. So online as a seller, because there's an industry of trade lines, they've been doing this for a long time. They've been doing this for a long time. I used to sell mine on there and I would make $125, you know, 200 bucks and time. Yeah, and they would they would sell it for like 2000. Really? Yeah. So they make a hefty middleman. Holy crap. With that being said, too, you can lease every credit card has anywhere from like five to 10 spots available. And you can you lease them for typically about 60 days until
Speaker 2like it's reflects on the score and they got what they need to get done.
Speaker 1Yeah, correct. After that, they don't really need it anymore. Yeah, because you're gonna they're boosting their score up so they can go to the bank's qualify, get their application sequence and do their mass apply, get a lot of funding. And then once you get funding, you know, you get 10 to 50 plus applications approved, then you're really just seasoning it being a good steward of it over about six months. Yeah, because and then you can do it again six months later. The reason why you have to take a pause and wait six months is because the banks again are very jealous. And so when that whether you get one credit card approved, or you get 50 approved, the banks are going to start hitting you with the denials when they start seeing it on your profile stating that you've been searching for too much credit. Yeah. And so we don't want one we go for 50 then.
Speaker 2So I had a venture rewards card for like 13 years. Sure. It's always been paid off. So you're saying that is an asset to me. And people like me. Yeah, there are marketplaces out there where I could let's say there's 10 spots. Yep. That's me and my wife. Let's say there's eight left. Yep. Right. I could do that for 200 bucks 2000 bucks, whether I have a middleman or not somewhere in between if I find eight people. And I can even do that on like a quarterly basis.
Speaker 1Dude, yeah, you so I would recommend you can do it every like two weeks add somebody. And like if I filled it up, if I added
Speaker 2eight people and it's full, I could swap them out every quarter or every two you can do every two
Speaker 1months. Yeah, that's the going rate online. Is this legal? It is legal. Yeah, it's a it's a legitimate. It's a legitimate business. It's legal, moral, ethical, no issues.
Speaker 2Okay, like it's specifically adding authorized users and selling authorized user access or whatever. Yeah, okay. Yeah, you can look it up. So this is the best way. I had no idea this existed.
Speaker 1Oh, yeah. Yeah. Yeah. So many people don't and it's a it's something that can help it can finish the boosting of your score. What's cool too, is after you're removed from that credit profile, it still stays in the closed account section. And the the age adds value for the next 10 years. Okay, so it's going to be in the closed account. So those three boxes that it helps, it no longer helps the utilization because you don't have access. But the other two it does total accounts and the the average age, it's still adding value there. So it's great. It's like an investment for your credit profile.
Speaker 2What is the 8020 of getting your 500 credit score to 700. So you can start doing stuff like this. If you have derogatory marks and all that?
Speaker 1Yeah, what's the fastest way to fix that? So we've had people with bankruptcies, collections over a couple 100,000 late payments, galore 70 plus hard inquiries, we've had people remove things as fast as 24 hours, wild stuff. And then we've also had people with legitimate bankruptcies take 12 months. And so the simple truth is, when it comes down to credit repair, quote unquote, it's, it's a crazy industry. I'm not a fan of it. And some of that stuff gets over promised. And the fact is, number one, it's illegal for anybody to ever promise. any timeframes. It's illegal. You can't, like, yeah, as bad as you want it for yourself to get your stuff improved. And as bad as we want it for you. It's not up to you. And I can't control for it. There's Yeah, yeah. It's like, it's, you know, you're putting Yeah, the bureaus are data collecting companies. And they're like mom and pop companies. Okay, they're big conglomerates. But they are they make mistakes all the time. Yeah. But the problem is they are data collecting companies. And they want to keep the data. So they are very and they also know that Americans aren't being taught in school this stuff. They're not being taught at the dinner table. It wasn't for me, at least. It doesn't mean that that's our fault, but it is our problem. And so it's very common that these bureaus are going to give stall tactics. And so when they give stall tactics, many Americans just give up, they just quit. And when they quit, then it doesn't hurt the bureaus, they're good to go. If you know the legal laws and the codes and how to fight for it, then and doing it in a timely manner and have records of it, like mail to and calling in and fighting for it, then you can get favor you can it's just a matter of time. Oftentimes, you have to actually pay it off, I imagine, right? No, no. See, that's a that's a myth to like, think if you have a collection, draw a tour remarks, thinking that you pay it off. And that and a lot of people do this, they get scared. They're like, Oh, my God, my score just dropped 100 points. Yeah. And they go to pay it off really quick. That is not going to solve your problems. All that is going to do is show that it's paid off. It's still negative on your account. Okay. If you are going to pay it off, which nine times out of 10, if it becomes a charge off, you don't need to. They the bank that you're going to
Speaker 2charge off, what do you mean if it becomes a charge?
Speaker 1So typically, six months of being late in a row, with whatever bank, it becomes a collection. And then a charge off. Okay. And so the collection is the derogatory account. The charge off is when the bank says, Hey, we're writing it off. We're, and they should send you a 1099, because they're writing it off on their taxes. Only 10% of banks out there are sending the 1099. Why? Because they're greedy. And they want to double dip, they, they write it off on their taxes, then they sell it for pennies on the dollar to a collection company that hunts you down like a dog.
Speaker 2And then they've already written it off,
Speaker 1even though they've already written off, they make money there as well with the with the collection company. And then they're also willing to when you come back to them to finally pay it one day, they'll take the money too.
Speaker 2So they create into a profit center.
Speaker 1Oh, dude, it's a it's a full ring. It's a full circle. And depending on the dollar amount, and depending on the bank, they might actually sue you. Like Bank of America. They're so good at this. They're the best in the industry. They have their own sister company. That is its own law firm. If you owe Bank of America, they're coming for their money, they're going to get their money.
Speaker 2So with getting these derogatory remarks removed, you're who you calling? Who are we to? And what are we saying?
Speaker 1Yeah, so number one, you typically want to get your credit report first and you want to identify what's legitimate on there and what's not 70% of Americans on their credit profile, there's something wrong, inaccurate off, like the status is wrong, the dates are incorrect. So there's something wrong on your credit profile right now, the chances are 70%. So with that being said, what you can do is challenge it, but you got to look at your credit profile first and then afterwards you can mail in or you can upload online i call it the backdoor methods you want to make a free account not a paid one but a free account on the three main bureaus transunion equifax and experian so you make a free account there and then you'll be able to upload your credit report you want to circle highlight the negative areas you want to get a written document the cool part with ai right now dude you can so many people can just put their credit report in ai and say hey like find all the areas that are incorrect that's wrong yeah you know fight this for me fight this for me uh i'm trying to do credit repair i want to get it legally ethically morally removed improved and drastically trained change like now yeah you know what do i need to do and it will draft up a letter sometimes you're going to want to do a handwritten aspect because a lot of these bureaus are giving that stall tactic initially saying it looks like you're working with a credit repair company as if that matters it doesn't matter but so then they'll just stop and they won't do anything yeah on your social security card it's got to have your signature on it to make it valid and then on your proof of residency what that looks like is it could be a utility bill a bank statement you don't need the whole thing and in fact you do not want dates on it okay but what you want is three things you want the header which is like you you know san diego sdgne utility bill or chase bank statement right below that to the left it's usually your name below that it's your address okay those are the three things that you want for proof of residency okay and you mail that in there's ways you can do it it's called that backdoor method that you can just upload it online
Speaker 2okay to experian transunion and aquafax yes sir
Speaker 1okay all three of them yeah okay yeah and then give it like two to three days and then call in or you can mail it in to to them as well i like to do both sometimes just to make sure that yeah they're not playing games because if they keep giving you stall tactics you're going to want to have like clear um certified mail um numbers and tracking and everything dialed in so that you have a paper trail so that you can actually go and sue them yeah and people get scared when it comes down to like oh suing these bureaus get sued all the time there's data breaches all the time and they play games all the time and so if you have something that's wrong inaccurate that they're going to have to deal with then you need to fight for it and it costs small claims court like 50 bucks 70 bucks and when they get served usually they don't show up you naturally win if they do show up you can fight it and most likely you can even walk away with some money yeah and getting it removed yeah so it's like why not yeah when
Speaker 2it comes to like getting six figures in business credit yeah how important
Speaker 1is an llc or not so i told you in the beginning that when i first got started in 2015 i was getting credit without an llc and yes it's definitely possible um you will get much much more trust me if you have an llc yeah and so i do recommend it there's people out there that think you need dozens of llc's you don't yeah like one two three max is enough yeah but understand this um they are judging you from that entity as well most people set up their entity structures incorrectly the state the the name high risk industries you know you don't want that you want something generic that goes right underneath the radar we don't want to ever turn in documentation or paperwork we want right underneath the radar of what these banks are able to fund yeah without going to underwriting and do something crazy right and so um how old that entity is matters the big banks are okay with some of them are okay with brand new entities most go off statistics again yeah so statistically they know that most businesses fail brand new ones within the first year or two yeah so a lot of regional banks small local credit unions they want to see at least two years in history before they're able to start funding you yeah so there's value behind aged entities yeah this is something like i like talking about but i also i'm terrified of talking about because there's a lot of aged entities being sold out there and it's it's a it's a complete scam dude people are getting charged 40 50 grand getting promised they're going to make 20 million off of it oh geez and they're not it's one piece of the whole pie there's 45 rules on the checklist basically on how underwriting is judging us and so entity is just one of them dude it's one of them so the
Speaker 2banks don't need to see like 10 years or two years or four years of bank statements or pnls under the they just want to see like when was it first incorporated
Speaker 1yes and so they're only going to ask for full documentation if you're asking for the world yeah and so each bank has a certain threshold like chase for example you can get up to 150 000 without any documentation each bank has a different number and so stay under the radar and stay right below the threshold if if the cap at that bank is 50 000 then stay under there yeah it's easier you get quick just faster funding and there's so many banks you don't need to yeah just get this one build a relationship with this one get all these other 10 20 40 banks and then after six months of being a good steward of it paying it off making your investments work hard for you then you can get increases and you can go to other banks
Speaker 2yeah yeah so i mean could someone theoretically go get a million dollars in zero percent loans and just put them in treasury bills and then just pay it off dude of course yeah 50 grand i mean at the
Speaker 1end of the day you could put it into a cd for god's sakes and make four and a half five percent interest so yes like yes a lot of people get scared of hey what do i do with it after what we do is we use a lot of it for real estate i've done the burr strategy buy renovate rent refinance repeat um so i love that strategy just the value add and cash flow and appreciation tax benefits but uh lately we've been doing more ground up construction in san diego and it's amazing it costs 300 a square foot to build there and it's worth 950 to a thousand after so it's crazy after it's built or after it's built and rented after it's built and then i can do a refinance get cash out refi get all my money back plus some i use credit cards to do it yeah so i get free vacation and i can do a refinance and i can do a refinance afterwards so uh it can be pretty fun so chase
Speaker 2you said 150 grand or less no little to no documentation no documentation okay yeah like what i mean name yeah yeah you got to fill out social name you just got to say yes not like financial no financial okay or
Speaker 1credit they're going to do assault they're going to do a hard pull on your credit
Speaker 2yes what are some other banks with like common like thresholds yeah
Speaker 1so u.s bank you can get up to about 80 000 um bank of america 50 000 depending on the relationship if you have a strong relationship and for a long time like you can some of these just do very well you know at a young age i was i think 22 23 i had several credit cards with bank of america with one at 65 000 other 80 000 and i was like i was working restaurant jobs i was making like 30 000 a year you know like i was a bus boy and by credit limits bigger than you know a couple years yeah so so when
Speaker 2you say chase is a 150 is that like a chase credit card or like a just a personal loan from
Speaker 1chase dude we've had people get no loans uh because there's are certain banks out there that can give loans up to 25 maybe 50 000 um but those are unsecured and hard to get no those those would be secured personally guaranteed
Speaker 2okay so secured by your personal finances
Speaker 1correct so uh but with some banks they're not going to ask for documentation with loans a majority of loans they will ask for documentations the ones that aren't going to ask is for credit cards yeah but at the end of the day you know how i told you about the two and 30 day rule with chase you can't get if you've gotten two approved you can't get a third one okay with our relationship manager he'll actually override that okay because he works directly with underwriting and so he's helped one of our members joseph get 13 credit cards in just 10 days and so he got 150 000 in funding zero percent interest he got 13 credit cards he got a sign up bonus for each one normally it's 600 for each of those he got double the sign up bonus so 1200 so he ended up walking away with like 15 600 and just free cash yeah that if like that could have he used it for statement credit because he just wanted the cash he didn't want to travel but if he wanted to use it for travel he actually could have got 7 to 21 x return off of it wow hundreds of thousands
Speaker 2crazy wow why don't more real estate investors do this for down payment
Speaker 1cash you know there are it's just a lack of knowledge man if at the end of the day if people knew it was out there and it was possible credit wasn't talked about in school and in many homes it was like frowned upon like credit or dave ramsey approach and don't get me wrong dave ramsey is incredible if you have no idea how to manage money and you're spending too much right like soak up dave ramsey but at the end of the day there's a big big difference between good debt and bad debt and i can sleep so much better at night knowing that i'm not using what's so popular opm other people's money like you know thanksgiving's coming up uncle john if he sees and he's like hey where's my money dude or you got grandma loving heart and she wants to invest in your first thing but it's her retirement and the whole family's looking at you like hey don't mess this up yeah like it that's a lot of pressure and pain and you could mess up yeah so that's friends and family that you don't want to you know i don't want you to lose sleep at night yeah you know so at the end of the day obm other banks money it's out there and it's possible and the banks have to lend to us you can get up to five hundred thousand with as low as 0% and repeat the process every six months. And it's just that knowledge of knowing that that's even a possibility more people would take advantage of it do you ever
Speaker 2use busy for making llc's new entities 100 yeah busy's the best
Speaker 1yeah yep yeah it used to be inkfile.com and um they're great anybody that's looking to set up a brand new one it's it's a great resource you can even call them they're very communicative and understanding and like can kind of guide you through but within 15 minutes you got a brand new entity 200 bucks later it's like the next day
Speaker 2well because the the state filing websites are terrible like they're terrible to work with and busy doesn't even charge like if you need registered agent services they'll charge you for that but you have to pay for that anyway it's like they just one way or charge you the state filing fees that they pass on so it's simple yeah i love busy yeah um well and busy will do your ein too i think yeah
Speaker 1100 yeah you can add it all in there and i highly recommend it yeah brandon
Speaker 2this has been amazing where can people find you or your business yeah
Speaker 1man we do a live boot camp once a month and so our next one coming up is actually it's october 5th through 9th okay and uh it's it's a it's a really badass thing like we pour so much value and the whole goal is that we teach you the whole process and so they can go to capital boot camp dot live okay and uh and yeah find out more info so capital boot camp dot live it breaks down the whole process and people can get their tickets to to join the event just a virtual live event otherwise on instagram it's brandon elliott investments and our business page it's credit council elite okay thanks brandon yeah thanks man appreciate it hey guys if
Speaker 2you're still listening to this it's probably because you haven't had a chance to take your airpods out you're still mowing the lawn you're still driving what have you if you're still here with me i would really really love and appreciate a five-star review on spotify apple or wherever you get your podcast it would mean a lot if you want to go the extra mile share this episode with a friend that might have an interest in starting a business it would mean a ton hope you have the best day of your life today
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