There’s a website, Investorcashclub.com, that advertises they will fund your deals and do the appraisal, etc., for you. All you need do is call 'em up, give 'em your club number and the address and they do the rest. Check’s in the mail, if the house meets their criteria. Cost to join, though, is $897. And they charge 3 pts. and 12% after 6 months, which is very high, unless you have a great deal. I’m just starting to look into the real estate business because my job goes away next year and I’m too old for anyone to hire me (probably). Easier solution is to work for myself in some capacity.
Thanks for your comments!
Never heard of it… To be honest though I am really old School and there are a ton of SCAMS on the internet… Doing some simple research I found that it is founded by Lee Arnold searching his name I found http://www.ripoffreport.com/directory/Lee-Arnold.aspx So you might want to do some research of your own…
Thought I would add that you need to notice that it say’s IF THE HOUSE MEETS THERE CRITERIA! Any HML (Hard Money Lender) will also lend you the money if the house meet’s there criteria!
I can’t see what this does for you. If you have a mortgage broker or hard money company they will provide all that for you and you don’t have to join a club to get it.
This is not hard enough to require a club to figure out.
Another thing about these clubs is that the thing that you want to do is have control of your business. If you build your business around the ABC Club and the ABC Club closes down does this stop you from being able to do more business? None of the stuff we do is brain surgery. It can be done by anybody. You can use some professional or even a club but use them for ease of operation or speed but understand how to do your business yourself. You need to understand how your business works.
Thanks for the heads up! You all saved me $900!
I would be very leary of that. Something about it looks so canned.