10 Credit Hacks You Need to Know with Jessica Tabora

Hey real estate investors, this is Scott Carson. I'm known across the country as the note guy and I've been an active note investor focused primarily on the niche of non performing US distressed mortgage notes on residential commercial properties for almost 20 years now. My company is weclose notes.com and I know there's a lot of different things when it comes to the note world. Are you buying performing notes? Are you buying owner finance notes? Are you buying institutional debt? Like I would focus. Are you buying first seconds contract for deeds? There's a lot of questions and it can be very confusing about what you can or cannot do. So one of the great things that we've hosted for the last couple of years that we do on just about a regular monthly basis is we host our one day class called Note Weekend. If you go to noteweekend.com you can register for a free three and a half hour class. We'll talk to you and share with you how you find fun and flip non performing notes. And yes, you can buy non performing notes from banks, hedge funds and a variety of different hard money lenders out there for your own portfolio. No, you don't have to have millions of dollars to dive into the non performing note game. We've got students that have bought plenty of deals with 2530 grand getting their ball rolling using their self directed IRA who are tired of dealing with toilets, tenants, trash desks, tired of battling contractors and GCs to get properties rehabbed. We all know the market is changing and while it may not be like 2008, 9 and 10 again, it we do see a lot of distressed debt out there on both the residential and the commercial side. So if you're thinking about diving into the note game, becoming a note investor, a lean lord as you'd like to say, versus the landlord. Or you just want to figure out what it is about the sexy side of real estate in the note space. We'll check it out. NoteWeeking.com doesn't cost you anything. We host it live usually the first or second Saturday of each month. You can go today. Register at the website note weekend.com Register for the next live class we host. You'll get sent a replay to the previous class so you can start learning about the note business today. No questions asked, no credit card needed. This is a great way for you to dip your toes in the water and see if it's warm because I guarantee going through our 31 day class, you want to dive into the deep end and become a note investor. So check it out noteweekend.com you can also go to our website weclosenotes.com check out our podcast, check out our YouTube number one YouTube channel. We are here to help support you. Whether you're experienced investor or you're brand new investing, Note weekend is a great place for you to get the ball rolling. People often say we cover more in our three hour class and most people cover in their three day class. So check it out. Love to have you be part of our Note family but get signed up today@noteweekend.com thanks and have a great day. Good morning, good afternoon and good evening everybody. Hey, welcome to this episode of the Note Pleasure Show. As always, Scott Carson jacked up to be here today and I'm excited to have my good friend Jessica here from Get Fundable join us on here today. We've got a lot of people asking questions about, oh, is the economy recession. And of course you guys have seen some of the videos we've talked about short and long form about record rates of auto loan debt, credit card debt beaten at all time highs, defaults across multifamily commercial, residential. There's a lot of shit taking place in the industry right now and I thought it valuable to get Jessica on here from getfundable.com to talk about some of the things that people can do or how you can protect your personal and business credit profiles because they are just the aces of the skies when it comes to working with individuals to help you, as I say, weaponize your fundability and help you get your credit out of the slum and get it in the sky there. So Jessica, welcome to the Note Closure show. We've had you on before though. But hey, glad to have you back.

Yeah, thanks, Scott. It's been a few years since I've been on. Usually it's Meryl here, but I always love talking to you. I think I've known you for eight or ten years at this point.

Yeah, we've known each other about a decade. Definitely road warriors back in the day, right?

Yeah, a long time ago.

So for those that are new to the podcast, tell them about what got, you know, a better description of get fundable and the magic that you guys do over there.

Yeah. So at Get Fundable, we help borrowers become fundable. Pretty straightforward, it's right in our name. But we primarily work with anybody in entrepreneurs that are in a high risk industry, a lot of real estate investors. And that's why we're good friends with Scott because anybody who's in Notes knows that it's difficult to just go to a bank and get unsecured or low doc loans, lines of credit, to go out and do deals. So. So that is our main focus and our main education. But to be able to get that, you have to have a pretty solid personal profile. And so we do work with personal credit profiles, cleaning up personal credit, if that is needed. And in fact, that is Meryl, my business partner, his background, he started Lexington Law, has a background in credit repair. So that's what we started from. And then we realized credit lines is what people want. They a good credit profile can only get you so far. So they go hand in hand. And now with everything that is happening in the economy, a good, solid or at least a profile that isn't going to get hit too hard is what a lot of people need. So we're here to educate, hold your hand, be a resource for what's on the horizon and what we see coming. We have a lot of connections with lenders and we have a liaison at FICO directly that we have on our weekly shows, usually every other Tuesday, answering questions with what is happening in real time at FICO and how we can prepare for the storm that might be coming. Yeah.

So let me tell you what I've learned and the things that you guys have helped me out with, and I think that'll resonate well with everybody else out there based on what you teach and Meryl teach and the ins and outs and really d mystifying all the different myths about credit up there, because there's a lot of good things and a lot of bad things that are floating around and a lot of people are preaching things that are falsehoods. Not true. Right. We'll get into that a little bit later. But you guys have helped us a get a lower interest rate on our mortgage, usually because we get, when we refinance, we got the lowest, lowest possible rate. You've helped me boost my credit score over 100 points. You've not only done that, but you've helped us gain, I don't know, over $50,000 in lines of credit. Okay. Helped me negotiate a better deal on when I bought my truck 10 years ago and the new truck that I bought a while back after we got in a wreck recently, had to do stuff like that. So these are valuable things worth thousands and thousands and thousands of dollars in interest saved and price saved when you go to buy stuff. And that's one of the most important things. And the access to quick cash for deals as an investor and other things. Makes my bargaining chip a little bit better than somebody who's got to go out and raise capital. So I have to give, get fundable. You, Sky, Cheyenne, Brad, I know they're gone, but Marilyn, you guys, the whole team over the last 10 years that we've known each other for, not only impacting me, but helping thousands of my students as well do the same thing. So I got to give a big applause on that. If you're, if you're new to this, this is why you want to listen and hang around.

Absolutely. And congratulations on all your wins. That brings up a great point. There are so many aspects that being fundable impact, it can impact your ability to get insurance, what insurance rates you're getting. It has an impact in every area of your life. So it's really important. And that brings up something that we've been noticing. I was just talking to my team about this morning. If you have been paying attention to the news, you've heard in Florida that a lot of insurance companies are pulling out. And so that is causing a lot of problems with mortgage lending, which is trickling down. And we're seeing it affect business lending as well. So our, like I mentioned earlier, we have Tuesday and Thursday coaching calls. And in those calls, we are trying to stay up to date and talking to our lenders that we have connections with in Florida and saying, okay, what underwriting terms are changing? What do we need to be prepared for so that if we are going to try and get a mortgage there or if we're going to try and just keep a mortgage there, what do we need to be prepared for? So that's one thing that we have on our radar right now. And our team, actually right now while I'm doing this podcast, is talking to some lenders in Florida.

Well, that's the thing is, you know, as a big investor in Florida over the years, we've bought a lot of stuff there. I was blown away that insurance tripled in a matter of basically 12 months from like 10 grand to 30 grand on a property and other areas. It's just ridiculous. And they even say I'm here in Texas on the Gulf Coast. My mom's homeowners insurance went up by 20% here in Houston and the Gulf coast region where it's been hit by a couple. I mean, heck, Houston just thinks about sprinkling there and it floods, you know what I mean? But that's the thing is we're seeing that all across the country, not only here, but also California with the fires and the drops, things like that insurance is getting expensive and it is based on a. Let's run a credit report for you real fast too, you know.

Yes. So it's important. And while a lot of your listeners, our listeners, our clients are already established in the industry doing business, have their credit profile and we can mold it and improve it. We also have coaching and education for people who are 18 just starting out, bouncing back from a bankruptcy. Anybody at any level has credit or can utilize it. And so where. Let's find out where you are and how you can improve your situation.

I had a conversation recently with an uncle of mine. Smart guy is paid cash for things all his life and a lot of people out there from the older generation, nothing wrong with the older generation. Salt of the earth, the greatest generation that have, you know, our kids or grandkids from the great depression era of stuff all but oh, I got to pay cash or thing. I don't want to put anything on credit cards. Can you talk about the fallacy of that and why that's not good?

Yeah, of course. So fico, which is your credit score is fully based on behaviors. So simply put, if they don't have any behaviors to score, they it shows a lot of risk. They don't know what to do with you. And so there has to be that happy medium because going into debt and living off of debt and living off of credit isn't necessarily the solution either. One mistake with something going wrong and you're in some deep water. So we have to find the middle ground of the generation who pays cash for everything. And then also my generation and younger who does affirm and klarna and finances pretty much every purchase that they do because that's not healthy either. And figuring out what we call it, strategic debt. So debt that is going to move you forward rather than hold you back.

Yeah. Now there's, there's good debt and bad debt. You know, let's talk about some of the biggest things that probably frustrate you on the bad debt side of all the clients that you see. I know there's a litany of them, but what are some of the simple mistakes, especially for young folks out there or people dealing with issues right now, things that actually do not hurt, that aren't good for them. It may seem good instantly but may be bad in the long run.

Yeah, great question. I've got two. Two. One is store cards. So how many times have you gone to Home Depot, Macy's, any store and check out and they say you want to save 30 and get one of our credit cards. And it's so easy to say, oh yeah, that 30 sounds great right now, but the negative effects that it have on your profile are way greater than that 30 that you're saving. Adds an inquiry to your profile. It's adding more credit. It's not great credit. It's from a merchandise, a store card. It's not when you go to get bigger purchases, finance a car, get a house, get business credit, they're not going to lend to you based solely on your Home Depot reputation. So it's, it's not, it's not beneficial in the long run. There is a time and place for everything. If you are a flipper and, or rehabber and you are at Home Depot spending thousands of dollars each month, that could be beneficial to you. Absolutely. But if you're a consumer, it's not the thing. Another thing that we have been getting questions about every single week is about balance transfer cards and 0% interest cards. And those you have to be so, so cautious of because the fine print in those is where they get you. A lot of times it will say it's 0% unless you charge it up above 50%, then you get charged interest on it or it's 0% unless you do a very common behavior and then they get you. So then you're ended up paying a lot more and you weren't expecting it and you're frustrated and you call them and they're like, well it's in our fine print, you should have read it. Same with balance transfers. It sounds great. Unless you do one thing and then they'll go back and charge you interest for everything. So that's my one piece of advice because it's been coming up a lot more recently. Read the fine print. Don't be hesitant to call a lender and say, hey, I'm looking at this, can you walk me through the fine print? Can you tell me what I can expect if I get this credit card, if I open this loan, what is that going to look like for me?

Yeah, that's, that's great stuff. I think one of the most eye opening things is obviously not all credit cards are on the same level. You sent something like, you know, store card like Target or. Yeah, Kohl's or Sephora, you know what I mean? Like a support card or Victoria's Secrets card, you know what I mean? They ranked, I mean FICO and the credit bureaus rank cards on an like an A to Z level. Z being like the low level like we just talked about what's are the, what's the like the A pristine cards is that like Chase, Citi, bank of America, American Express. Are those the kind of the cards that on the top level.

Yeah. So there's, it's a really kind of confusing matrix system but we've broken it down. So the top cream of the crop cards are your Chases, your Bank of America, your Wells Fargo, your city, any of the national banks because they're a national bank. If you were to get a card in Texas and then you move to Washington state, your and then you go to like a credit union, they can, they know, oh Chase is a reputable bank. If you have good credit with them then you're probably safe to lend to. So any of those are clearing the COP tier 1. The next one would be the next level down. Still fantastic would be your American expresses, your capital ones. They're nationally recognized but they don't have banks where you can go walk into and established relationship with a banker. So there's levels of what we call fundability. Basically think of it as if it is more well known, more nationally recognized. They have less risk then it's going to be better for you in the long run.

What about Discover? Because when I was in college everybody wanted to get a Discover card and people, you know what I mean? And is that good or bad or.

Is that treated like it's not bad. It's like probably second level because it's nationally recognized but they don't have branches that you can walk into everywhere. It's not bad.

So Capital One here in Texas does actually have branches. They're actually kind of growing and you see a lot of commercials for that Capital One Coffee house, you know, come on, have a cup of coffee. You know. And I'm like yeah, no.

They are growing. And we have, I've been doing this for 10 years and I have seen cards and banking institutions go from tier one down and vice versa. The Goldman Sachs card, the Apple card started out at a as a lower tier when it was first introduced. Right. But as it's gained traction and popularity it's grown in its standing. So cards.

But it may not be around for too much longer because according to reports by Goldman Sachs they lost billions of dollars on by hosting the Apple card.

So it'll be interesting. I'm gonna have to look into that.

Yeah, it'll be interesting. I have to send you the article on it if it's gonna be around longer. Plus they're at. Goldman Sachs is struggling in three other areas too with credit, commercial, real Estate deposits and then also losses on other investments they've made. So it'll be interesting. Stays around. But now, what's the ideal percentage? Is it good to pay off your cards every month when you charge up? Is it good to keep a balance, a percentage? What's the, what's the magical, you know, if you've got a crystal ball there, somebody's looking at their cards, do we want to pay them off and not carry balance or keep some balance on there for a little while?

The magical number is about 1%, but that is it's hard to hit exactly 1% every month, so we usually say less than 10, but more than zero. It also is not beneficial to you to have pay it off and have it report 0 every single month because you're not putting traffic on it. Although that being said, so that is like star student, you're doing best. Like I said earlier, FICO is based on borrower behavior. So it's seeing how you can't treat them every single month. So whatever you do, do it consistently. If you are consistently carrying a balance, slowly pay that down. Don't pay it all the way down one month and then charge it up the next and then pay it down and charge it up because they don't know how to. Their algorithm doesn't know how to score that as well. So whatever you do, do it well. If, even if that includes carrying high balances, do it well.

Let's talk about that. Because obviously credit cards, I've seen credit cards in the 30%, you know, 28 to 30% RA, which just seems mind boggling that they're not being charged for, you know.

Yeah.

Crimes for usury, you know what I mean out there. So what is there a magical, you know, magical way to get your debt paid off? You pay a little bit. I know. Or can you talk a little about maybe debt stacking a little bit for folks out there don't know what that is.

Yeah, you got to be again, cautious with that because if you don't do it right, then you can end up with Morda and it go up fast. There are, there's a method called the snowball method where you pay the highest interest first and then you pay it down. So I would find a method that works best for you. Obviously you want to keep interest rates in mind, but then sometimes it's easier to just pay off a card and keep it at zero and then that's not adding any interest to it. We've seen a lot of people getting consolidation loans recently. That is Something that is, it was really big a few years ago and then kind of died down. And it's starting to come up more and more. And so that's a strategy a lot of people use.

Is that good or bad?

It can be good because having installment loans on your profile is helpful. And a lot of people, if they're struggling with credit card debt, don't have as many loans. So if you just shift your debt over, then you've got one interest rate you're dealing with rather than a bunch on all of your different cards. And installment loans and revolving accounts, credit cards are scored differently. Revolving accounts are scored to be charged up and paid down each month. Charge up and pay down. Installment loans are scored for how long you're carrying debt. And unfortunately, a lot of people get it mixed up. They charge up their credit cards, carry that debt, and slowly pay it down when they should be doing that on installment loan. So if you do it right, consolidating all of your debt onto a loan can make the tip the scale so they're evened out and you're doing it correctly. You're carrying your debt on a loan and slowly paying it down.

That's awesome. Now, a few months back, there was this online video of the credit guy out there, Dave Ramsey, debt is bad. You know, he was making fun of one investor and mentioned that he's got $26 million in debt, you know, mortgages against him on the rental properties, and how Dave Ramsey went off, called him a liar, basically, and said, all debt is bad. Let's, let's clear that up. Because people ask me all the time, hey, I got 200 grand. Should I pay off my mortgage on my house, which is at 4%, or should I invest it? What's your alls take on that? Or counsel?

So, first of all, I think it's really funny. We have one of our advisors who her whole family is Dave Ramsey fans, and it's kind of opposite of what we teach. And she. One of her biggest goals is to be able to get on a podcast and debate Dave Ramsey. That's like on her vision board. She wants to just have a debate with him. She's sure that she's got some good points, but our thoughts on that are, again, strategic debt. If you can use debt to work for you, if you can leverage it into investing or like we're talking about into showing lenders that you know how to handle money, I say go for it. I think it is better to invest that money than it is to pay everything off. And have no debt, you'll get farther ahead than just moving forward one at a time. Purchasing it in full. Purchasing in full. Purchasing in full.

Yeah, because that's the thing is if you pay off the debt, as an ex financial advisor and mortgage broker, stuff like that, you pay off the house, that's great. But that equity is trapped in there. Right. You can't just go to the bank and get a loan. And usually if you need to go get a loan against your house, you're probably not in a good position. You've had accident, job loss, health issues and may not be the most fundable at that point. Right?

Yeah.

Versus keeping that news that 100 grand or 200 grand to go out and make 10, 12%. If you're trying to save on 4% or even, let's just say 6% pay after 6% mortgage, you're really losing 6% of buying power by just paying off. Yes, it's great. Okay. You lose deductions on it. But I was talking to my sister is like, oh, we want to buy another house. I was like, well, you've got all this equity in your other house. Why don't you just do a line of credit? You've got work history, you've got, you're making, you get your stuff paid off. Oh, no, we want to wait till we pay cash for the entire thing. I'm like, that doesn't make any sense. You know, leverage.

Yeah. And a lot of people will, unfortunately, it's sad. They'll wait until they need the line of credit and then they can't use it for something else. They, like you said, lost a job, had a medical thing and so they have to use it to pay bills rather than being able to leverage it. So use it while you have flexibility. Or it could go a few different directions rather than using it and then not having it and you still have to pay it down.

Exactly. Let me ask you a question here. When people start getting all these offers in the mail because it seems like I can't go to the mailbox without 1, 2, 3 offers from different credit cards coming in or you know, companies that we have credit cards with, stuff like that, is it good to accept those offers that pop up in the mail like that? Or if you're in opening an account, they offer you, hey, get your approved for a credit card when you open a bank account or that. Is that good or bad to take advantage of those offers at any given time?

I would not do it. That is not great. It looks like you are looking for money. It looks they are like, okay, if they accepted our mail offer, who else are they going to accept mail offers for? And maybe even if it's for a tier one bank, maybe you accept it, you got something in the mail for Chase saying you're pre approved for. The biggest one I always get is you're pre approved for the Chase Inc. Card. Please apply. Now that is a great relationship to build. But what If a Tier 4 card sends me a letter or what if I'm shopping at Target and they say, do you want this credit card? It means I'm susceptible to opening credit and I'm looking for money. So if that is the case, if you're sitting on an airplane and they say fill out this form to get 50,000 miles or whatever and if that is appealing to you and you do want that card or you do get something in the mail and you're like, I actually do want this card. The way to go about it and not get put on a list that says they're looking for money is just to go to their website, look up that card and apply there. Don't enter in the little code that gets mailed to you or fill out the form on the airplane. Just go through your own channels to find that credit, apply for it and start using it.

Because once you do fill out, then you're on a mailing list and tagged in in this system and you're tagged for crappy credit buyer.

Basically there's so many back end systems, I think there's 21 different systems that lenders are looking at that measure everything from what you're applying for, what purchases you're making, how you're swiping your card. Everything we do is being tracked. So make sure it's tracked the way you want it to be.

Right now one thing that I always found valuable that I don't think people realize is that a there are fico. They're good FICO places and fakeo scores. We'll get that in a second. But FICO measures like what, 40 different things and only a few of them are regarded on your history, is that right?

Yeah. It's 48 different characteristics. Only about 10 of them have anything to do with negative accounts.

So if you've got a bankruptcy or you get a credit card or a repo or something like that in the past, don't. You shouldn't let it haunt you for your future. Correct?

Yeah. Especially the more that it's aged. The drag against your profile is significantly less at four or five years than it was at year one or six months after it happened. So you want to look at your whole profile, your profile as a whole. We see this a lot. When somebody goes and they get a bunch of inquiries, they're like, should I dispute all of these inquiries? And honestly, the juice is not worth the squeeze. It is something that is impacting you and it can lower your score if you have too many. But everything else in your profile, if you're building it up and you have strong relationships and a strong profile, those aren't going to matter.

Now, one of the things that I learned too was also how you sign up or how your name is showing up on your credit. Like, I had eight different aliases on how my name was used. And since I'm an investor of Live quite a bit of time, the last 20 years, I had like 30 different addresses.

Yeah.

Is that a good thing or a bad thing?

It's not. Because again with how I've said this out three times now, how they measure everything is about your borrower behaviors. It's about how you act, how you treat them. And if you. So just if you come to any credit, any funding situation and you're like, how would this look to a lender as a borrower? If a lender is trying to find you because you charge up their credit card and then left, are they going to want to see one name, one address, one date of birth, or do they want to see 20 to 30 different addresses, three different names? It just seems like a nightmare of how to track down to how to get the money. So when you go through the approval process, if they can say green light, green light, green light, the name is the same, the address is the same, the employer is the same, they're going to say, yes, everything checks out. I'm more willing to give you an approval right away, like an automatic approval, rather than sending you through manual underwriting. Which side note, if you do get through, sent through manual underwriting and everything still comes back checked as green lights, they're less likely to give you as big of an approval because they still had to go through all of that work to find it. So they're like approve you, but I'm going to give you a little bit right now and we'll see how you treat that. So automatic rubles, green lights in the background is exactly what we're looking for.

So those are some things, names, addresses that you should probably reach out to to kind of remove or consolidate them. Right?

Yeah, yeah, you do want to. That the juice is worth the Squeeze on cleaning those up. But you also don't want to go scorch. Dirt can be bad too. If you have been at an address less than five years, I would keep the previous addresses on there because just think of it, when you're filling out an application, it says, where have you been the last five years? If you legitimately have moved a few times, they will need to verify that. But once you've stayed out of place for five years or more, everything else can be removed.

Now let's. Another thing I see and I love this because you're just going straight the answers. This is just a tip of the iceberg in what you guys teach. You guys have an upcoming class we'll talk about. You definitely want to stay around to the end of the episode. We'll give you the. The website and the link for that. But business credit is completely different than personal credit. Right. And that's really. Business credit's evolved quite a bit of last 5 to 10 years too. Right?

Yeah. So business credit. Meryl often says business credit is what personal credit was in the 80s. It's the wild, wild west out there. They're not reporting the same. There's not the same standards of data collection. Data report. So that is why 80% of business lending is still based on the personal profile, because they. They need something to compare it against. So it's very different. Which is helpful because there's a lot more we can do in building relationships with the lenders. But it's also very confusing and frustrating because if you have been in business for years and years and years and you've gotten credit and you've used it, they're not reporting that. So lenders don't have that. So you have to unfortunately, a lot of times go start a new relationship with them. So pros and cons of them not reporting it. But that is our specialty is knowing what underwriters are looking for, what data they do care about. So you're not just grabbing everything to try and show them that I'm a great borrower. We say, okay, this is actually what they care about. Just take them this and build your relationship from there. Mm.

It's. And then true that like I learned that Capital One with their business credit cards really aren't business credit cards. It's reporting to your personal 9 type of business profiles.

Yes, that is so true. In fact, the two things that I wrote on my notes preparing for this is I wanted the two things I wanted people to know is one, know your situation. So you talked briefly About FICO versus Fakeo. There's a bunch of different scores out there. The only true one is fico and we'll get more. We talk way more in depth about that at our upcoming event. But just know FICO is the only true credit score. So first things, just know your situation. Go to myfico.com purchase a report, just see where you are. A lot of people are nervous. They know it's going to be bad. They don't want to take a look. But you can't improve it if you don't know where you're starting. So that's the number one. The second thing is talk to lenders. I mentioned this a little bit ago about the 0% transfers. It does not hurt to ask questions. So the business cards like the Capital one, in fact the Chase Business Inc. That card is another one that they market as business. But it reports to your personal credit profile. And so it's not, it's actually hurting you more than true business credit cards and true business lines of credit. So all of that goes to say, just talk to a lender. If you have any questions, call up and say, is this going to report to my personal credit profile? Or I'm thinking about applying for this, but I've only been in business for two months or I've been in business for five years. Is this the best credit instrument for me? Lenders are. Lenders make money when they lend. They want to lend money to you, but they also have risk when they lend money. So they need to make sure you're going to use it correctly and that the best product is the one that you're getting. So call a lender, talk to them if you're thinking about getting credit.

And especially C19 on the commercial business side of stuff too. More and more banks to approve you for commercial loans want to have some sort of deposit relationship with you too. Especially any type of commercial loan stuff. A line of credit might be a little bit different, but they want to see some sort of deposit relationship. And that's why the major banks are a little bit easier to get that stuff because they see, oh, you've got 50,000 with us or you've got an account that's running 100 grand through on a pretty regular basis now. Yeah, one thing I've been seeing a lot on TikTok and YouTube shorts with all these people talk, oh, I can show you how to get, you know, 50,000 line of credit per new LLC out there, but you keep scrolling by is that real or is that a.

Fake That's a fake. And in the age of shorts, we were just talking about this before the call. Shorts, reels, TikToks, YouTube shorts, that is the place to consume content. Because people nowadays just don't have the attention span to watch a full YouTube video or a full ad. It's all videos. And so there's a lot of, not necessarily some misinformation, but a lot of 80% true information. It's not the whole story. You're not getting everything. So be cautious of what you see online on that specifically, you want to be so careful because it is either. There's a few different things. Credit card stacking, they're either getting you 10 to 20 credit cards with like a $5,000 limit that adds up to 50,000. So yes, you're getting 50,000, but it's on credit cards and you only have a certain limit. Or they're running your personal credit profile, doing a ton of inquiries, shopping you everywhere to get one approval so that we'd never recommend credit card stacking or the quick money.

Or there's like a vendor approval in some cases too, right? Yeah, that's not something you go buy. Yeah, not real. Don't you need to have an llc? It's got some seasoning with two years for the most part.

Yep. Two years is the minimum that lenders are going to approve you for the unsecured or the state low income or low documentation income lines of credit and loans because they want to see that you are in business and that you're doing it. You're not a flash in the pan. Set up an llc, go get money, shut down. But you have all of this money. So there is criteria that they're looking for to approve you. But the good news is we know that criteria. We've got our relationships at fico. We are in touch with underwriters to know what they're looking for. And that's what we teach now.

I love to one of the biggest questions I get from people, new investors and you guys, your two day class is one of the required ones. I always tell people, hey, you got to go watch this. Right. But the biggest mistake I see real estate entrepreneurs make is how they name their LLC and their companies. You know, can you shed a little light on that too before we talk a bit more about the classes?

Yeah. So one thing that we often see is, sorry Scott, I'm going to call you out here.

I do. Because I made that mistake. Yes.

Scott's business name is we close notes. And so right there, if he goes to a lender and he's applying for credit. He's shouting to them, I'm going to take your money and I'm going to go buy notes with it. And you don't have any say over if these notes are going to be successful or not. So I'm automatically putting your money at risk. So a lot of people do that. They're like, I'm in real estate, so I'm going to name my business.

Asset Real Estate Capital Investment Funding. Oh. I mean any financial name is like the big red flag, right?

Yeah. We call those red flag words. Anything that tells a lender, I'm going to take your money and put it at risk.

That capital is another one. Yeah, yeah, sorry. Here's a real, real true story. I went into Chase and I actually used to work for Chase years ago. I've had a, you know, had a relationship with him before. I go in to open a business account, I tell them we close notes and Inverse Asset Fund. Another one I've had a while, another company, they wouldn't let me open accounts because they asked me, the bankers, like, well, I'm, I buy notes and stuff. Like this is a few years back, obviously. And they're like, oh, oh. Like the next day I get a phone call, we have to, we can't open your account. Like, what are you talking about? It's just a checking account. No, no, we don't approve it.

I'm like, are you serious?

I'm serious. Yeah. But I get that occasionally. I get that from people who's like, so going to Chase in Wells Fargo and they have to say something, you know, that's why we always like to say use management or associates in something like that. A little bit more vanilla, right?

Yeah. So that is one of the things we talk about in our two day summit that we have coming up. We talk about what you should name it, but that's the number one easy switch that you can make to automatically put yourself ahead of the game. So talking a little bit more about the summit, if we can go that direction.

Yes.

We are so all education based. We just see so many people that are tripping over landmines, blowing themselves up that could be easily avoided. So this two days is not sales. We give you half strategy and then tell you, oh, you have to buy our course to do it. This is full strategies, actionable information that if you can only go to our two day summit and you can't work with us afterwards because we do have coaching afterwards, I'll be totally Transparent. We have coaching afterwards, but if you can only make it to our two day summit, you will walk away with actionable steps that you can implement that will actually help you either save money or get money depending on what situation you're in.

A thousand percent. Yes, everybody. This is one of the most valuable classes, most eye opening events that I've ever been to and I've sat through your guys class a couple of times because it's like drinking from a fire hydra. The way you guys teach now is it still set up like personal one day and business day two in a lot of cases?

Yeah, we actually switched it. So business is the first day and then we go into the personal. But it is like drinking from a fire hose. We it's live, it's virtual, so it's on zoom. But we are live talking and presenting and if you have ever interacted with Meryl or any other team members, we are passionate about this.

You are.

Don't hold anything back. There's a few parts where we've said Meryl, you've got to just go this far but don't go too in depth in it. And he'll start, he'll go on a rampage for 20, 30 minutes saying what how he really feels about credit card stacking, for example. Cool.

But that's the thing where what dates is the two day.

Yeah. So it's coming up September 26th and 27th. So the 26 will be business. The 27th is personal. We recommend watching both. You're going to get so much information between both days. But if you can only attend one, we've got ticket options for one day also it's $97 to attend one day, 197 to attend both days. There are recording options. I know sometimes on a Thursday and a Friday it's hard to get off of work to watch it. So we do have options to have access to the recordings as well.

But this could be a business expense for all of you.

Absolutely.

Because this is one of the most valuable 197 that you will ever spend. And you guys, there's resources. You've got the Facebook group, you do the Q and A, you've got the book, you know that mayor put out, you've got the podcast. You know what I mean? So many great things. Where do people go to sign up for the two day class?

So to sign up for the two day class you go to businessfundingsummit.com pretty straightforward and it will have the options of what you want to purchase. Scott, you just rattled off a bunch of other things that we have. So if you go to just getfundable.com you can get links to our podcast recordings, you can have access to the book. Everything is on getfundable.com but go to businessfundingsummit.com yeah, get there, get signed up.

It's a month out, ladies and gentlemen. It is well worth it. Literally what we have talked about the last 45 minutes is just a nugget. And how many of you probably learned something, at least one or two things new in the last 45 minutes. Imagine two days of that. Your brain will be going, yeah, and literally there's a little bit of homework people to do, right? They got to go sign up for my FICO report and start that process of clearing up things. Right?

Yes, there is a little bit of homework. Like I said, you just need to know where you're at with fico. But this is part of the value that you get for going you. Because we have you looking at your actual credit profile and your actual situation, that homework translates into what you specifically, specifically need to do. We are not sitting on the summit saying, do these 10 things and maybe five of them apply to you? We're saying, look at your situation. How do each of these things apply to you? Now go and implement it right?

And then here's the thing, guys, don't care what you've had. Bankruptcy, foreclosure, divorce, repossession, bankruptcy. That's all in the past. That doesn't mean you're a bad person. Shitty things happen to good people all day long. We know a lot of people struggling out there, but the best investment you can make is say, okay, I know where I'm at. I need to know where I'm going. And that's the great thing about this two day event. It will help you chart a course to that credit summit of where you want to be. Yeah, to be more fundable, higher credit score, paying less in interest and getting better deals and having access to money to take advantage of some of the distressed real estate deals that we see out there.

Yes, absolutely. We, our team is there to help everybody go through the get their own blueprint is what we call it, to find their way to fundability and success. So that's another thing about if you can attend live. Highly recommend attending live because our team is in the chat answering questions live. So if you have questions, don't think you're just going to be sitting in front of your computer listening all day. It's interactive. We ask questions you ask questions to us, we're answering them, giving you personalized information to move forward.

What's the website? One more time for folks to get signed up. We know getfundable.com for everything that you guys do. But what's the website comments?

Go to businessfundingsummit.com awesome.

Jessica, this has been fun, girl. Good to see you. Thank you for coming on. Sharon, we'll get you back on here. Probably a little bit closer to the event, but businessfundingsummit.com Ladies and gentlemen, trust me, it'll be the best 197 that you ever spend. What you'll walk away with, it will help you change your fundability for a lifetime. And your future self will definitely thank you for the two days you spend there. So go out, take some action, get signed to today, ladies and gentlemen, and we'll see you at the top.

Thanks, y'. All.

Thanks, Jessica.