Step one: pay $299.00 to become a consultant with them
Step two: offer a seller 90% of the market value of their home. Present seller with an option to purchase property using Rapid Flip’s Option Contract which protects you if you are unable to close (just like any other option but it discloses your intentions)
Step three: market property to credit challenged buyer’s (first time home buyers?) at 100% market value with owner financing (Rapid Flip claims to have a full light doc standard program that will finance a buyer with as little as 5% down, down to a 600 credit score on a 30 yr 8-8.5% int. rate.)
Step four: Have a simultaneous closing, buy from seller, and sell to buyer using the funds from Rapid Flip’s note purchase. They buy this note at face value and not a discount! Sounds unbelievable. I did a sample of a hud-1 and I would have made $11,000.00 buying a $210,000.00 property at 90% and selling it to an end buyer for $210,000.00 and paying 3% commission to a buyer’s agent. Without the 3% commission I would have netted $17,000.00. Wonder what could go wrong here? They call it a 90% Buy and sell technique or a Series 2000 program. Any thoughts on this strategy?
LOOK back in the old pots here as there are some on this very company
Have you been able to speak with any one has used this program and had it work all the way ?
This would be the best way to know if it will work
I have never heard anyone use this program along with John Alexander’s program successfully which leads me to believe that it’s nothing but a scam program.
If I’m wrong than someone step up and tell what type of deals you closed with these programs and I’m not talking about the MLM side I don’t want to hear how many others you signed up under you I want to hear the deals you made.
THIS is very correct MR investor there are many programs that are based on if you get someone signed up as it works
I belive if you are that good of a salesman/woman you should use this talent to get home deals / REAL estate deals sales done !
A big part of real estate is the sales /bs
However do not lie ,cheat or decive the sellers or buyers or it will bite you back and fast
This being said i think every course and book has some value but not every one works every where all the time
So if you must read and check out every course and book out there read them take them with open minds and get what you can from them
As this business is ever a changing one m all most daily
I too would like to hear from someone who has actually used either Rapid Flip or John Alexander’s program to actually close deals. Obviously it is not easy, as no real estate deal is, however if you can find a good funding source that you can trust then there are a lot of things that you could set up with these programs.
Hi All
I paid the fee for the rapid flip. Have submitted so many deals and all have been rejected. I just submitted one borrower credit score 750, 20% down, yearly income $125K, monthly debt $2000. Was rejected. Claimed the numbers didn’t work. Save your money.
Lorena
Hi Lorena, I feel bad about you. Why they (bank) refused you. What did they say? Can’t you sue them. All the best.
Hi Nick
That is Rpaid Flip for you. They promise you the world but never deliver. They claim you can rapidly flip properties with their company but never follow through. Just another scam out there to stay away from. Now I only deal with note buyers directly. No companies who claim to buy new notes at a double close.
Lorena
Sorry Lorena to hear about how they ripped you off but chalk it up as a learning experience and remember if it sounds too good too be true it usually is.
I don’t trust those so called MLM style programs or programs like Rapid Flip because they seem to be nothing but a vacuum sucking up hard earn money.
By the way Lorena have you tried to get your money back?
I’m skeptical you’ll find “Credit Challenged” buyers who can obtain 100% financing in this market… FHA is doing something like 80% of the mortgage business right now (correct me if that 80% is wrong - but it IS a BIG number) - it will be tough doing a double closing with FHA involved.
The reason FHA is doing so much business is because few other lenders are willing to. Can’t blame 'em with plummeting property values…
Good luck whatever you decide to do!!