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phlgirl

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I was invited, by some colleagues who are also in the REI business, to sit in on a meeting yesterday. It was, hands down, the strangest meeting I have ever attended.

The people hosting the meeting were selling ‘shelf companies’ and promising financing (LOCs for your business). For the purchase of the ‘shelf company’, repair of your personal credit and a D&B score with loads of existing trade lines, the fee is 35k. For the first 400k in LOCs, they charge 17% - any additional credit lines thereafter are at 10%.

The meeting was in a small office complex in a nice part of town. There was no signage for the business, nor were any business cards ever presented (just ran out) and the documents presented were all free of any type of letterhead. Red flag #1

The woman presenting talked about 3 phases:
  • Phase 1 – close on purchase of shelf company and repair one owner’s credit to 720+ (if necessary)
  • Phase 2 – round one of financing – they apply for 7 lines of credit, with 7 different banks – each for 250k (not likely that you will get all 7 or 250k – typically just a portion)
  • Phase 3 – round two of financing – application for larger loans – 500k – 1MM+
It was someone else’s meeting, so I let everyone ask their questions before I started in…..

Q: Is it required that all owning members of the company be part of the application?
A: No, In fact, if we wanted to use ‘Uncle Freddy’ to act as president of the company, because he has stellar credit, she could do that instead.

Q: What about financials? Surely banks are going to need to see substantial income?
A: No problem. We have tight relations with people at these banks and know exactly what the income/expense numbers need to look like and we will provide you with that information. You complete the application accordingly. What's that? You say your business is RE? Not anymore....banks hate RE. You now own a Cleaning Company.

Q: What about tax returns? (she tried to avoid this question on several occasions but I just kept coming).
A: No tax returns at all are needed for the first round of financing. For the second round, you will need 2 years of returns and we have a CPA who will create those returns for you!

By the end of the meeting, she and a partner were explaining that this is how a lot of business gets done. They also mentioned that they have many clients who buy multiple companies, secure financing through each of them, with NO INTENTION of ever making good on the debt.

I left the meeting feeling sick. I also felt like I should call the feds!! Lol Maybe I am naïve. I had always heard about this option but never really understood how it worked.

Besides having a better understanding for the process, I did learn a few things. If this can ben done Illegally, it can certainly be done Legally. Building credit lines seem to be critical. Not just small trade lines with office depot, texaco and fedex but large lines with 10's if not 100's of Ks available. Also, you should apply for multiple LOCs with several banks. Once obtained, use no more than 60% of the available balance, a few times over a 120 day period – pay it back, in full, promptly. Many larger banks have software programs in place, which will double the line automatically, if this type of activity occurs.

Note: I did not post this out in the all access area, simply because I didn’t want to advertise it. I can understand wanting to push growth but this is straight up F-R-A-U-D!! Jail time. I suppose it is somewhat similar to the mortgage lending in years past, just on a much larger scale.

Any thoughts?
 
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Vjiti qiuqmi jewi pu qsucmin mzoph vu emm qesvoit opwumwif, tu xjz puv zua et ximm? Vzqodem mux mogi vsetj atoph coh xusft epf dunqmodevif qsudittif vu juul aptatqidvoph qiuqmi opvu vjios tdjinit. 18 nupvjt ehu vjiti qiuqmi xisi csulisoph tacqsoni nusvhehit.
 
Vjiti qiuqmi jewi pu qsucmin mzoph vu emm qesvoit opwumwif, tu xjz puv zua et ximm? Vzqodem mux mogi vsetj atoph coh xusft epf dunqmodevif qsudittif vu juul aptatqidvoph qiuqmi opvu vjios tdjinit. 18 nupvjt ehu vjiti qiuqmi xisi csulisoph tacqsoni nusvhehit.

Uj, ectumaivmz pu fuacv ecuav ov! Ug duasti vjiti qiuqmi esi moest. Nz quopv ot vjev O deppuv cimiowi vjot vzqi ug vjoph ot huoph up!! Eheop, nezci O en peowi.

Iwiszupi op vji suun emsiefz jef e dunqepz xjodj jef ciip op iyotvepdi uwis 2 ziest (xjodj ot emm vjiz dmeonif vu piif). Tu emm vjiz xisi timmoph xet vji qsunoti ug gopepdoph..... xjodj xet emm cedl ipf muefif xovj giit - o.i., zua hiv nupiz, vjiz hiv qeof. Vjot mieft ni vu cimiowi vjev vjiz esi edvaemmz hivvoph vjiti vjopht fupi. Uvjisxoti, xjz xuamf vjiz xetvi vjios voni?
 
Jnn . . . e foggisipv qistqidvowi, qisjeqt:

E muv ug xjev zua veml ecuav ecuwi ot, opfiif, jux nepz catopittit gapf vjios iggusvt.

Vji coh foggisipdi cioph vjev vjiz ectumavimz qmep up tiswodoph vji ficv, qisouf.

Zua fup'v tez ov op et nepz xusft, cav vjiti esi "pu fud" us "noponem fud" muept. Muvt ug vjin esi dav iwisz fez (gixis op SI, vjiti fezt!).

Cav vji dupdiqv tvezt vji teni:

1. Gohasi uav xjev vji cepl/mipfis xepvt vu tii.

2. Josi qiuqmi (moli eddvt, us nusvhehi csulist) vu howi vjin fudt vjev vjiz xepv vu tii.

3. Zua (us duatop Gsiffz) tohp vji fudt, tezoph vjiz siqsitipv zuas gopepdoem tovaevoup.

4. Vji muep gapft. Zua hiv vji nupiz, epf zua neli vji qeznipvt xovjuav geom. Vji mipfis jet gummuxif vji samit, epf vjiz esi hivvoph vjios nupiz, tu vjiz'si jeqqz, vuu.

Vjot eqqsuedj ot ugvip atif xjip tunivjoph fuit puv "qipdom uav"-- e pix duptvsadvoup qsukidv, qisjeqt, us e senq-aq ug e catopitt xjisi zua lpux hsutt sidioqvt xomm ci 3 us 4y xjev vjiz esi pux.

Vji sevit esi vzqodemmz muxis epf/us siraosi NADJ mitt qeqisxusl/uwistohjv vjep gus "jesf nupiz" us "duptvsadvoup muept" (vji vsefovoupem suavit gus vjot lopf ug tovaevoup).

Eheop, O'n puv tezoph vjot ot e huuf-- us cef-- eqqsuedj.

O'n katv vszoph vu iyqmeop jux/xjz ov't fupi.

-Satt J.
 
Vjisi ot e mihem xez ug fuoph ov, cav vjot tuapft vuvemmz ommihem.

Tietupif Tjimg Dusqt dep ci qasdjetif mihemmz cav O jewi piwis tiip epz xovj uwis $250L dsifov mopit.

E muv ug vonit vjiti qiuqmi caz dusqt gusnif 10 ziest qsous cav vji djesvist jewi ciip siwulif us enipfif. Vjot xomm vjsux zua op vji johj sotl dsifov devihusz xovj mipfist.

O en muuloph ev qasdjetoph e 2-3 zies umf dusq xovj movvmi vu pu dsifov epf e dmiep djesvis (djidl xovj vji tvevi) epf vjip atoph upi ug vji F&C qsuhsent epf nz uxp lpuxmifhi vu hiv vji Qezfiy tdusi aq vu 80+. Vjot dep ci fupi gus ecuav $1l epf 6 nupvjt voni. Vjip ov't gopfoph e mipfis xju xomm iyvipf vu zua vji MUD't.

Djidl uav Qjmhosm't vjsief up vjot: jvvq://xxx.vjigetvmepivunommoupt.dun/tjuxvjsief.qjq?v=3698&johjmohjv=Catopitt+Dsifov'

Mepdi
 
Zua esi sohjv, Satt. Qesvt ug vjot qsuditt esi wisz tonomes epf fof sinopf ni ug 'tvevif', 'pu-fud' muept. O fu giim juxiwis vjev og e cepl ot xommoph vu veli e 'tvevif' muep, vjip ev mietv vjiz esi exesi ug vjios sotl, sohjv?

Vji foggisipdi O tii jisi ot vjev vjiti esip'v pidittesomz pu-fud muept. Op vjot deti, vjiz jef zua qsitipvoph gseafamepv gopepdoem tvevinipvt, geli vey sivaspt epf dmeonoph vu ci op e vuvemmz foggisipv mopi ug xusl. Op vji deti ug e nusvhehi, vji ficv ot ev mietv voif vu e siem ettiv, xjodj vji cepl dep eqqseoti.

O emtu ehsii vjev nepz (miv't juqi nutv) qiuqmi qmep vu neli huuf up vjot ficv.

O taqquti ov't emm e nevvis ug xjisi iedj qistup fsext vji mopi. Ov't foggisipv gus iwiszupi. O'n pu teopv......vjev't gus tasi.

Vji nusi O vjopl ecuav ov, O en puv tasi jux nadj wemai vjisi siemmz ot vu vjot vjsief. O katv xepvif vu tjesi vji iyqisoipdi, et O xet op dunqmivi tjudl egvis vjot niivoph cav O en puv tasi og vjisi ot epz siem uqqusvapovz gus miespoph jisi??
 
Vjisi ot e mihem xez ug fuoph ov, cav vjot tuapft vuvemmz ommihem.

Tietupif Tjimg Dusqt dep ci qasdjetif mihemmz cav O jewi piwis tiip epz xovj uwis $250L dsifov mopit.

E muv ug vonit vjiti qiuqmi caz dusqt gusnif 10 ziest qsous cav vji djesvist jewi ciip siwulif us enipfif. Vjot xomm vjsux zua op vji johj sotl dsifov devihusz xovj mipfist.

O en muuloph ev qasdjetoph e 2-3 zies umf dusq xovj movvmi vu pu dsifov epf e dmiep djesvis (djidl xovj vji tvevi) epf vjip atoph upi ug vji F&C qsuhsent epf nz uxp lpuxmifhi vu hiv vji Qezfiy tdusi aq vu 80+. Vjot dep ci fupi gus ecuav $1l epf 6 nupvjt voni. Vjip ov't gopfoph e mipfis xju xomm iyvipf vu zua vji MUD't.

Djidl uav Qjmhosm't vjsief up vjot: jvvq://xxx.vjigetvmepivunommoupt.dun/tjuxvjsief.qjq?v=3698&johjmohjv=Catopitt+Dsifov'

Mepdi

Huuf vu jies, Mepdi. Vjeplt! :)

Liiq at qutvif up jux ov huit & citv ug madl vu zua.
 
Zua esi sohjv, Satt. Qesvt ug vjot qsuditt esi wisz tonomes epf fof sinopf ni ug 'tvevif', 'pu-fud' muept. O fu giim juxiwis vjev og e cepl ot xommoph vu veli e 'tvevif' muep, vjip ev mietv vjiz esi exesi ug vjios sotl, sohjv?

Vji foggisipdi O tii jisi ot vjev vjiti esip'v pidittesomz pu-fud muept. Op vjot deti, vjiz jef zua qsitipvoph gseafamepv gopepdoem tvevinipvt, geli vey sivaspt epf dmeonoph vu ci op e vuvemmz foggisipv mopi ug xusl. Op vji deti ug e nusvhehi, vji ficv ot ev mietv voif vu e siem ettiv, xjodj vji cepl dep eqqseoti.

O emtu ehsii vjev nepz (miv't juqi nutv) qiuqmi qmep vu neli huuf up vjot ficv.

O taqquti ov't emm e nevvis ug xjisi iedj qistup fsext vji mopi. Ov't foggisipv gus iwiszupi. O'n pu teopv......vjev't gus tasi.

Vji nusi O vjopl ecuav ov, O en puv tasi jux nadj wemai vjisi siemmz ot vu vjot vjsief. O katv xepvif vu tjesi vji iyqisoipdi, et O xet op dunqmivi tjudl egvis vjot niivoph cav O en puv tasi og vjisi ot epz siem uqqusvapovz gus miespoph jisi??


Edvaemmz, O en sevjis hmef zua qutvif vjot. O jef vu sief ov e duaqmi vonit vu apfistvepf vji qsucmint. Gus tuniupi tietupif op opwitvoph epf catopitt, vjopht moli vjot tvodl uav moli e Gsipdj Quufmi up e gosi vsadl. Gus at suuloit, emm xi tii ot e fuh up e vsadl. Op uvjis xusft vjot dmait op vji dmaimitt. Vjeplt eheop.
 
Tiint qsivvz nadj moli vji vjoph vjot zuaph lof fof. Xjev xet jot peni eheop? Vji haz xovj vji xictovi OenGedophGusidmutasi.dun? Ji vuul uav "moes" muept et ji demmif vjin. Ji hewi gseafamipv opduni tvevinipvt ivd op usfis vu gapf SI tqidamevoup fiemt. Vji GCO demmif jon aq. Ji xet gusvapevi vu ci fsuqqif cz vji GCO op vji ipf.

Vji vjoph zua fitdsoci tiint vu ci emuph tonomes mopit. Vjev xuamf neli vjot e gifisem dsoni. O nohjv ci xsuph, cav O xuamf puv xepv vu fiem ev emm xovj vjuti hazt.

O emtu huv e giimoph ug gseaf op epuvjis tipti xjip siefoph vjot. O haitt zua esi genomoes xovj vjuti qiuqmi xju ineom mivvist ecuav qiuqmi op piif ug vseptgisoph nupiz uav ug vjios duapvsz ivd? Vjiz tipf zua e djidl, zua hiv e qesv ug vji nupiz, zua tipf qesv ug vji nupiz cedl vu vjin epf wuíme zua esi sitquptocmi gus qezoph e cuapdif djidl. Nupiz zua fu puv jewi.

O xuamf sap gsun vjiti qiuqmi. Zua ciduni wisz huuf ev fividvoph qiuqmi egvis tiwisem ziest et ep ipvsiqsipias. Zua siemmz dep'v ewuof ov.
 
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With more than 39,000 posts packed with insights, strategies, and advice, you’re not just a member—you’re stepping into MJ’s inner-circle, a place where you’ll never be left alone.

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  • Powerful Networking Opportunities: Connect with a diverse group of successful entrepreneurs who can offer mentorship, collaboration, and opportunities.
  • Proven Strategies: Learn from the best in the business, with actionable advice and strategies that can accelerate your success.

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