Fresh & Fit - How To Start A Business With NO MONEY!

00:04:33.000 And we are live.

00:04:34.000 What's up, guys?

00:04:34.000 Welcome to Fresh Shift Podcast.

00:04:35.000 We are here with Andrew and Bessie.

00:04:36.000 We got a lot to talk about, man, how to get your stuff funny.

00:04:38.000 Let's get into it!

00:04:39.000 Let's go!

00:05:26.000 We're good to go.

00:05:27.000 We're good to go.

00:05:53.000 So, before we get into that, guys, rumble.com slash freshandfit.

00:05:56.000 As you guys know, that is the home base for us.

00:05:57.000 So, if we ever get canceled, you know exactly where to find us.

00:05:59.000 Rumble.com slash freshandfit.

00:06:01.000 And then, castleclub.tv, guys.

00:06:03.000 All of our content's over there.

00:06:04.000 Mo, I think, organized all the content into different playlists for you guys.

00:06:07.000 So, whether it's a Frank Castle, kicking out some annoying chick, or behind-the-scenes stuff, travel vlogs, all that stuff.

00:06:12.000 I think we might be going to Vegas this week, so you guys might get some content on Castle Club as well.

00:06:15.000 Yes.

00:06:15.000 There, do some IRLs and stuff.

00:06:18.000 It's all going to be there.

00:06:19.000 And then we also do Zoom calls.

00:06:21.000 I think we're going to host a Zoom call probably after this show with you guys as well to teach you guys about some more sauce when it comes to getting your business funded.

00:06:28.000 But anyway, without further ado, man, we've got a special guest in the house.

00:06:33.000 I appreciate you guys having me on.

00:06:35.000 Thank you.

00:06:35.000 No, we're happy to have you, man.

00:06:37.000 So, we know who you are.

00:06:38.000 Obviously, we met through Paul Alex.

00:06:40.000 For you guys, he was just here a couple weeks ago, guys.

00:06:42.000 18 Together.

00:06:43.000 Yep.

00:06:44.000 But we know who you are.

00:06:45.000 But for the people that might not know who you are, can you introduce yourself to the people, please?

00:06:49.000 Yeah, my name is Andrew Mbessi, and I help businesses get funding.

00:06:53.000 I mean, simple as that.

00:06:54.000 We focus mostly on 0% interest business credit cards.

00:06:58.000 We've helped over 3,000 people in the last two and a half years get more than $110 million in funding from the bank, so that's what I've been doing.

00:07:07.000 It was something that worked very early on for me when I got started with entrepreneurship, funding different businesses and investments, and it just became something I started Yeah.

00:07:34.000 And then I started helping some other people because at the time I was doing sales and I was a closer for another company.

00:07:41.000 And people were trying to buy this $10,000 mentorship, $25,000 mentorship.

00:07:46.000 So I started showing them the tips that someone had shown me.

00:07:50.000 And then I started seeing a lot of people doing this funding business.

00:07:53.000 And I said to myself, while I'm doing it myself, I might as well help more people with it because it's something I enjoy doing.

00:07:59.000 It's fun.

00:08:00.000 So that's how, you know, I started running my business.

00:08:04.000 It was just me very early on in the beginning.

00:08:07.000 And when did you start?

00:08:08.000 How long ago?

00:08:09.000 I started, I've been doing funding for four years and I started my business, like the first successful business I had, I started it in January, 2022.

00:08:19.000 Okay.

00:08:20.000 Wow.

00:08:20.000 So in two to four years, basically you've helped 3000 plus people and get them $110 million in funding for small businesses.

00:08:27.000 That's right.

00:08:28.000 Throughout 2022, it was really me getting really good at it.

00:08:33.000 I worked with about 200 people, and I was doing around 50-ish in revenue per month.

00:08:40.000 Not anything crazy.

00:08:43.000 I knew how to do sales at this point.

00:08:46.000 I knew how to do marketing, which we can talk about that stuff too.

00:08:49.000 For sure.

00:08:51.000 I knew a little bit about business organization, different divisions on an organizing board, which is so important for anyone watching if you're wanting to start a business.

00:09:00.000 You need an org board.

00:09:01.000 You need to know where people are in your company when you grow and expand your business so that way you know where to hire inside your business.

00:09:07.000 So I was able to sustain a one-man operation for quite some time.

00:09:12.000 And I think the thing that really motivated me to expand was my brother and one of my best friends, Paul, who were working for me at the time.

00:09:21.000 And they just were not making like enough money.

00:09:24.000 It was like me winning and the clients winning, but I wanted them to win too.

00:09:28.000 So that really gave me that motivation that, okay, I want to expand my impact.

00:09:32.000 I want to help more people.

00:09:33.000 So we finally, after a couple of months, figured out this hiring thing.

00:09:37.000 And we went from helping 20 to 30 clients per month to 200 a month within five months.

00:09:44.000 We just expanded the sales team, expanded the fulfillment team.

00:09:48.000 We were training all of them.

00:09:49.000 And so...

00:09:52.000 That happened going into 2023, and we've been operating like that ever since.

00:09:56.000 Wow.

00:09:57.000 So you've worked with a number of different small businesses.

00:10:00.000 Can you tell us what are some of the businesses that you've helped get funding, whether it's maybe a restaurant, an online business?

00:10:04.000 What are some of the common business industries that you've helped?

00:10:08.000 That's a good question.

00:10:09.000 I run into a lot of people interested in real estate, trading, e-commerce, a lot of the surface-level stuff that you see online, but I've worked with companies in construction or event planning.

00:10:20.000 Just any business can really get their hands on the kind of funding that we offer.

00:10:25.000 I think a lot of the business credit gurus out there really can be a little deceiving sometimes.

00:10:31.000 They're saying, oh, this industry is risky.

00:10:34.000 That matters when you're going to get bigger lending products like business loans.

00:10:40.000 But when you're getting a business credit card at a 0% interest rate, A lot of the time, the banks don't really care as long as it's not something completely risky.

00:10:52.000 By that, I mean it's not really going to cash flow.

00:10:55.000 The bank wants to get paid back.

00:10:57.000 They don't want to lend 0% forever.

00:10:59.000 It's really just an intro offer.

00:11:04.000 Yeah.

00:11:26.000 And you could get anywhere between $2,000 and $150,000 on a single card.

00:11:32.000 And you could even liquidate the card.

00:11:33.000 There's so much that you can do.

00:11:35.000 There's no origination points.

00:11:36.000 I've been offered before that same package as well.

00:11:39.000 But what are the base requirements for someone to get that funding, you'd say?

00:11:43.000 All they need is a good credit score.

00:11:45.000 That's it.

00:11:45.000 They just need a 700 plus credit score.

00:11:47.000 Okay.

00:11:48.000 And, you know, there's different ways that we work with people if they don't have a 700 plus credit score.

00:11:53.000 If something like credit card debt is the only thing stopping them from having a 700 plus, we have private lenders that pay down their credit cards temporarily.

00:12:02.000 Oh, wow. 1.00

00:12:02.000 So shit. 1.00

00:12:03.000 Yeah, I know. 1.00

00:12:03.000 We get really resourceful inside my business. 1.00

00:12:06.000 Okay.

00:12:07.000 When there's a will, there's a way.

00:12:08.000 Yeah.

00:12:27.000 I was willing to figure it out, and I want to see other people figure it out too, which is why I think I really just love doing this.

00:12:34.000 And I really like the fact that you brought up the two angles that you have for getting capital, right?

00:12:40.000 So you can go getting a bank loan, right?

00:12:41.000 A traditional bank loan, which they're going to want your...

00:12:45.000 Tax returns, they're gonna want everything.

00:12:47.000 Proof income, you gotta have two years of employment, et cetera.

00:12:50.000 Every time I apply for a mortgage, guys, when I buy a house, I gotta give them so much goddamn documents, because the housing crashed or whatever, and they're sensitive to lend money.

00:12:58.000 I gotta give them so much documents to be able to go ahead and get that loan to buy a house. 0.63

00:13:01.000 However, on your perspective, where it's like, look, you can get up to 150K, Off a credit card, which will allow you to get your business started.

00:13:10.000 And I really like the fact that you mentioned like, yes, a lot of these credit cards give you 18 months, 24 months, 0% interest.

00:13:17.000 So you can kind of, I don't want to say let the debt build up, but like you can let the, you know, Balance go up a bit, become profitable, and then start paying it back.

00:13:25.000 And then you also mentioned that you guys have, which is wild to me, you guys have private lenders that will temporarily pay their credit cards off so that they can get their credit score up to that 700 plus, apply to get the credit card, and then begin the process.

00:13:39.000 Yeah, I have a really good friend, his name's Curtis, and he has a debt fund.

00:13:43.000 So this is like his business is doing bridge loans.

00:13:47.000 They're very common in real estate, doing bridge loans.

00:13:50.000 And he has a different twist on it, doing it for credit cards.

00:13:53.000 And it's a huge opportunity for people that want to start a business.

00:13:57.000 They maybe don't have that much money in their bank account to get started.

00:14:02.000 And the only thing stopping them is getting the funding, but they have all this credit card debt.

00:14:08.000 I think the most important thing for someone like that, too, is say if you're one of those people who, you know, you're behind on some credit card bills and you don't have like a lot of money, but you want to invest in yourself.

00:14:18.000 The biggest thing that I've seen with just and you've probably seen a lot of the same thing is with entrepreneurs, with people who want to be successful.

00:14:28.000 I think?

00:14:51.000 The last thing anyone wants to do is just find themselves in a hole, like you mentioned before.

00:14:55.000 And it's so important to be able to actually have that confidence and the knowledge to grow and scale business.

00:15:02.000 Okay.

00:15:02.000 I think a lot of guys want to have that business.

00:15:04.000 They have a good idea, they have good marketing, but they don't want to fund their business.

00:15:09.000 What about putting out money to get a mentor?

00:15:10.000 How does that work?

00:15:11.000 I think that's my favorite thing to do, to be honest.

00:15:14.000 That's really what I did.

00:15:16.000 And my clients ask me this all the time was, where did you invest your money?

00:15:21.000 And for me, I invested back in myself.

00:15:23.000 I invested in mentorships.

00:15:24.000 I knew that I needed to learn skills like sales, marketing, how to run a business, because these are all fundamentals of growing and scaling a business that's successful.

00:15:36.000 So I think mentorships is just like the best route to go.

00:15:39.000 Like if you're watching videos, you can only get so far.

00:15:42.000 But when you're actually working one-on-one with someone who's done the things that you want to do, it just makes the path so much easier for success.

00:15:50.000 Because looking back now, what I would do, just start over.

00:15:52.000 I would have the idea, find a mentor in that space, get the funding, pay the mentor, and then teach me all the shortcuts that he would have went through in the past.

00:16:00.000 That's what I would do.

00:16:01.000 It's true.

00:16:02.000 Not to mention you get to utilize their network a lot of the times because they have masterminds and meet other people that are like-minded, etc.

00:16:07.000 So, sorry, you were saying?

00:16:08.000 No, it's true.

00:16:09.000 And I didn't know this in the beginning and I found myself, I had $10,000 in my bank account back in like August 2020, right?

00:16:17.000 I had $10,000 and I just blew through all of it in a month buying all these courses online.

00:16:25.000 And I didn't know to go look for a mentor.

00:16:28.000 I didn't know to go look to work one-on-one with someone.

00:16:31.000 And that was one of the harder lessons I learned in the beginning.

00:16:35.000 And fortunately, I just didn't give up.

00:16:38.000 I said, I'm not going to let these mistakes stop me from accomplishing what I set out to do.

00:16:46.000 I didn't come that far to turn around, even though it was only a month.

00:16:49.000 But I'd started seeing things and seeing other people having success.

00:16:52.000 And I was thinking, well, why can't it be me?

00:16:54.000 I work so hard.

00:16:55.000 I'm smart.

00:16:56.000 I can figure it out.

00:16:58.000 So...

00:16:59.000 I had to learn that lesson really early on the hard way.

00:17:02.000 It's not buying these small courses.

00:17:04.000 Be willing to pay a little bit extra, even if it's $10,000 or more, to go work one-on-one with someone who knows what they're doing.

00:17:12.000 You're going to thank yourself later.

00:17:15.000 I know it's a leap of faith.

00:17:17.000 But it's just so much more worth it that way.

00:17:20.000 Yeah.

00:17:21.000 So take us through, I guess, the process of how one can do this.

00:17:25.000 We got a little bit of your background, the importance of getting capital to start up a business, especially in today's day and age.

00:17:32.000 How could someone go about doing this?

00:17:35.000 Yeah, and I like what you say there, too, because I've been working a lot with the Cardone guys, like Brandon Dawson, and this guy is so smart.

00:17:43.000 He said that 97% of businesses fail within 10 years, and there's three reasons why they fail.

00:17:52.000 It's number one, it's a lack of good people.

00:17:54.000 So there's a lack of good people inside your business, or you can't find good people, they're disengaged, they're not really there for the mission, vision, values of your business.

00:18:04.000 Number two is lack of product demand.

00:18:08.000 Like your product is just not good enough.

00:18:10.000 People don't want to actually go and buy your product and there's not enough people out there.

00:18:14.000 So that's number two.

00:18:15.000 And number three is a lack of working capital.

00:18:18.000 So they don't have enough capital to actually start or scale a business.

00:18:22.000 So if you're someone who actually wants to go through these steps...

00:18:26.000 Cash is so important when you're starting out.

00:18:29.000 I wouldn't even use your cash because you definitely don't want to not have cash.

00:18:34.000 It's important that you could leverage these 0% business cards.

00:18:38.000 When I started the business in January 2022, I had $5,000 cash in my bank account.

00:18:46.000 I had...

00:18:48.000 Maybe like $80,000 of credit card debt actually and $20,000 available.

00:18:52.000 So what I did was I took that 0% and I started just throwing a little bit of money at the Google Ads.

00:18:58.000 I would get a sale, make a little payment, get a sale, make a payment.

00:19:02.000 And the $80,000 because I invested in a ton of mentorships and stuff, right?

00:19:06.000 Yeah.

00:19:07.000 You know, pay a little bit back and then all of a sudden like the numbers like reversed after a few months and now I had like 50 grand in my bank account after a few months and no credit card debt.

00:19:18.000 Yeah.

00:19:19.000 So making those minimum payments were sweet.

00:19:21.000 So to answer your question, I know I want no interest.

00:19:23.000 With no interest.

00:19:24.000 Which is important.

00:19:25.000 No origination points, didn't have to show proof of income, none of that.

00:19:29.000 Just had to have a 700 plus credit score.

00:19:31.000 A lot of people don't know that the banks are giving out free capital at 0% interest rates because it's an offer that's very often overlooked.

00:19:40.000 Everyone thinks about credit cards and thinks cashback, thinks travel points, but they don't see the 0% offer and they don't think that they can liquidate the credit too.

00:19:48.000 You could actually charge the credit card as a purchase, get the money out, and use the money for real estate deals and all this different stuff.

00:19:57.000 But that's step number one is having the 700 plus credit score.

00:20:01.000 Okay.

00:20:01.000 So step one is have a 700 credit score.

00:20:03.000 Yeah.

00:20:03.000 Step number one, have a good enough credit score.

00:20:07.000 I always tell my clients that give the bank no reason to say no.

00:20:12.000 Right.

00:20:12.000 Make your credit as good as it can be.

00:20:15.000 700 is 100% doable, by the way, guys.

00:20:17.000 If you just pay off your credit card debt or get down to a low balance, you're going to shoot up to high 600s, low 700s.

00:20:24.000 Yeah, definitely.

00:20:26.000 You know, it's really simple.

00:20:28.000 Just be on time with your payments.

00:20:29.000 Like, the minimum requirements we usually see for people is, like, 700 credit score, less than, like, 20% or 30% utilization per credit card.

00:20:39.000 Ideally, they have no late payments, but I've still been able to make it go right for people that have maybe one or two 30-day late payments.

00:20:46.000 Yeah.

00:20:46.000 As long as they have the 700 plus, you know, they own at least one credit card for at least a year or two.

00:20:52.000 And these are like bare minimum.

00:20:54.000 They're not going to get crazy $150,000 credit card results, but they'll get something.

00:20:59.000 And I only had 20,000 when I started.

00:21:02.000 So that was game changing to me.

00:21:05.000 And so the first step is 700 plus credit score.

00:21:08.000 Number two...

00:21:20.000 We're good to go.

00:21:25.000 So that's huge because that helps, especially down the road.

00:21:29.000 If you want to continue getting more credit, your personal credit score is good.

00:21:33.000 And that's really all they're looking at.

00:21:34.000 Like I've worked with clients where they've had like a maxed out, like Wells Fargo card.

00:21:40.000 And Yeah.

00:21:52.000 Yeah.

00:21:54.000 Yeah.

00:22:03.000 10 minutes later, we're applying for a business credit card and they'll get like a $2,000 or $25,000 limit just depending on their credit and their bank relationships.

00:22:13.000 So that's step two is just having an LLC, an S Corp, a C Corp, right?

00:22:18.000 Just having those articles of incorporation or an EIN. And an EIN letter.

00:22:24.000 What's an EIN number just for the audience?

00:22:25.000 An EIN is like your social security number for your business.

00:22:29.000 It's just an identification number for your business.

00:22:33.000 So those are the first two steps.

00:22:36.000 From there...

00:22:37.000 Really, just look for the best strategy at each bank.

00:22:40.000 Now, everyone has a different funding plan of different banks that you'll go and apply to.

00:22:45.000 For someone who lives in Florida, it's going to be different for them than it would be for someone who lives in Montana.

00:22:51.000 Shout out Matt.

00:22:52.000 He's like one of my top guys.

00:22:52.000 Because they'll have different offers there and benefits in different states that you might not necessarily have available to you in a certain state.

00:22:59.000 Yeah.

00:22:59.000 Okay.

00:23:00.000 Yeah.

00:23:00.000 So different banks do different regions, right?

00:23:04.000 So take Truist, for example. 0.58

00:23:06.000 They're only in 19 states.

00:23:08.000 They're only in the southeast area of the country.

00:23:11.000 So someone who lives in Oregon or Washington or Idaho, they aren't going to be able to apply for Truist unless they have a southeast LLC. And even more, you've got to know how the banks work.

00:23:23.000 Yeah.

00:23:23.000 Okay.

00:23:32.000 Okay.

00:23:40.000 For someone who lives in Washington, they may not have that same luxury as someone who lives in Florida.

00:23:44.000 And we typically get pretty good results from that bank.

00:23:47.000 Sometimes people get $10,000 to $25,000 per card with that one bank.

00:23:52.000 Wow.

00:23:52.000 I mean, look, if you only want $50,000, that's just one bank.

00:23:57.000 But there's different strategies, right?

00:23:59.000 So it's important to understand the best strategy for each bank.

00:24:03.000 And that's what you're doing in the third step.

00:24:05.000 So let me ask you this then.

00:24:06.000 Okay.

00:24:06.000 So let's go into a scenario just so the audience can kind of...

00:24:08.000 Because I'm sure a lot of them might be in a situation like this where they want to start a business or whatever.

00:24:12.000 Let's say they need $10,000.

00:24:13.000 Yeah.

00:24:14.000 Right?

00:24:14.000 And they're like, you know what?

00:24:15.000 I want to get started on my business.

00:24:17.000 I need 10K to start up.

00:24:19.000 I got the 700 credit score.

00:24:21.000 I got my EIN number.

00:24:22.000 I'm ready to apply.

00:24:23.000 Let's say they live in...

00:24:26.000 Florida.

00:24:27.000 And then we could do a scenario for California, then we could do a scenario for New York.

00:24:30.000 And then Texas, some of the most populated states, right?

00:24:34.000 So no matter where you are, we got you guys right now.

00:24:37.000 How should they go about listing this scenario for Florida?

00:24:39.000 They need $10,000.

00:24:40.000 They got their EIN and the 700 credit score.

00:24:42.000 How should they go about getting that 10K? Yeah.

00:24:44.000 I would honestly just keep it very simple.

00:24:47.000 Like, you know, really when you're trying to stack and get a large amount of funding, you're going to all these different banks.

00:24:54.000 Okay.

00:24:54.000 Right?

00:24:55.000 But if you're just looking for maybe one card, because you could get $10,000 on one or two cards.

00:24:59.000 Yeah.

00:25:00.000 I would just say some good personal cards, for example, or like Discover.

00:25:06.000 They usually give a limit between $2,000 and $15,000.

00:25:09.000 Oh, so you don't even think they need to get a business credit card?

00:25:11.000 They could.

00:25:12.000 If they want a business credit card, I would say two solid places I really like are American Express and I also like Chase.

00:25:22.000 Yeah, of course.

00:25:23.000 We all have Chase over here, man.

00:25:25.000 So if they want 10k, go ahead and get Amex or Chase.

00:25:29.000 Would this be a personal credit card or a business credit card?

00:25:32.000 They could get a business credit card.

00:25:33.000 A business?

00:25:34.000 Yeah.

00:25:34.000 Which cards would you suggest that they get if they're like in Florida?

00:25:37.000 Like an Ink Unlimited or the Blue Business Cash with American Express.

00:25:40.000 Blue Business Cash for American Express for the 0% for 12 months.

00:25:44.000 They also have really good welcome bonuses.

00:25:47.000 And then for Chase, either the Ink Unlimited or the Cash.

00:25:51.000 It doesn't matter.

00:25:52.000 At that point, now you're picking which cashback benefits am I going to get the most value with.

00:25:59.000 Okay, so Blue Business Cash, Ink Unlimited.

00:26:01.000 And we've talked about those cards too, both fantastic cards.

00:26:04.000 And both of those have, how long, like a year, maybe no interest?

00:26:08.000 Yeah, 12 months.

00:26:09.000 Both of them have 12.

00:26:09.000 Yeah.

00:26:10.000 And are there limits on them?

00:26:12.000 Because I know the business cash, if I'm not mistaken, is a charge card.

00:26:15.000 So you can kind of run it up.

00:26:17.000 So the blue business cash is like a traditional lending card.

00:26:20.000 It's very traditional, has a credit limit.

00:26:22.000 It's the business gold and the business platinum, business plum, business green.

00:26:27.000 And the charges.

00:26:28.000 Yeah, those are the charge cards.

00:26:29.000 Yeah, those are the ones that you have to pay in full every month.

00:26:31.000 But those...

00:26:32.000 Those are awesome for ad spend and different things like that.

00:26:35.000 I'll use my gold card for all my ad spend.

00:26:38.000 I'll get four times points and travel for free through the whole year.

00:26:41.000 Now I've actually switched to the business premiere with Chase.

00:26:46.000 I really like that card because I get 2.5% cash back on purchases above 5,000.

00:26:52.000 And I'm dumping a ton of money into Google ads.

00:26:55.000 YouTube ads have been my number one way to get leads for my business.

00:27:02.000 I've spent, what, maybe like $5 million on YouTube ads. 0.94

00:27:06.000 Holy crap. 1.00

00:27:06.000 Shit. 1.00

00:27:07.000 Yeah, over like 35 or 40 million views on my ads on YouTube. 0.99

00:27:12.000 So, like, the bill I usually get is $50,000, right, with YouTube.

00:27:17.000 And so I'll use this 2.5% cashback card, and what is that?

00:27:21.000 That's...

00:27:22.000 That's like $1,250 cash back on a $50,000 bill.

00:27:27.000 How much money you're going to spend anyway?

00:27:28.000 That benefits you.

00:27:29.000 Yeah, exactly.

00:27:30.000 I'm getting all this cash back every month with that card.

00:27:32.000 And new customers as well.

00:27:34.000 And new customers.

00:27:35.000 See, that's why I saw you for the first time.

00:27:36.000 Some of your ads online.

00:27:38.000 That's crazy.

00:27:39.000 It works.

00:27:40.000 Okay, so the Amex and the Chaser, the Blue Business Cash, and then the Inc.

00:27:44.000 Unlimited.

00:27:45.000 That could work anywhere, whether you're in Texas, Florida, California.

00:27:49.000 Let's say, because you mentioned something about regional banks, which I think would be, I don't know if that's too much sauce for the people.

00:27:54.000 That might be for the private Zoom call.

00:27:57.000 Okay, can we share?

00:27:57.000 You gave Truist earlier.

00:27:58.000 I'll get it.

00:27:59.000 Yeah, I'll give you some.

00:27:59.000 I'll give you some.

00:28:00.000 Okay, yeah.

00:28:00.000 Whatever you can disclose and then go ahead.

00:28:02.000 So what banks can people go to?

00:28:03.000 So that would be like a good one, right?

00:28:04.000 And, you know, I think the best answer for just a wide range of people is just look what's in your area.

00:28:11.000 And the best way to find out, and look, there's going to be a little bit of work involved with this, is just...

00:28:17.000 Actually being confident in just approaching a banker and asking them questions.

00:28:21.000 I think a lot of people think that bankers are standoffish and that they don't want to let you in.

00:28:26.000 But relationship managers and bankers are incentivized on you opening an account with them.

00:28:32.000 That's their comp plan.

00:28:34.000 That's their incentive bonus.

00:28:35.000 With my Chase relationship manager, and oh my goodness, we wrote a...

00:28:40.000 They recently just actually made the policy a little bit stricter with our relationship manager that he can only take clients inside his footprint.

00:28:48.000 So he was in Kansas, but he was helping us with all 50 states.

00:28:52.000 He opened over $30 million.

00:28:54.000 I think, actually, no, it was over $70 million.

00:28:56.000 When he sent his, like, goodbye text, he was like, we did it, $70 million, that's it.

00:29:02.000 And I was like, oh, man.

00:29:03.000 But what I was going to say with this guy was that he...

00:29:09.000 Dang.

00:29:09.000 There was something I wanted to say about him.

00:29:11.000 Building a relationship with the banks, keeping the footprint.

00:29:13.000 Yeah, yeah.

00:29:13.000 Like, oh my god, this is insane.

00:29:15.000 The guy got so incentivized for helping our clients get business credit cards, this guy was making an extra 80 grand a year.

00:29:22.000 Yeah.

00:29:23.000 Oh, okay.

00:29:24.000 Like, helping people open up business credit card accounts.

00:29:27.000 Yeah.

00:29:27.000 This guy is incentivized to go and do those applications for you.

00:29:32.000 No one knows that.

00:29:34.000 You're going to run into some awful bankers that aren't really too friendly, and you'll just have to pick up the phone and call a different branch.

00:29:43.000 Okay.

00:29:43.000 Just out to your point as well, I've seen it where the not-so-conventional things that they can't really do, if they're cool with you, they'll say, you know what, make a phone call, bend some rules for you.

00:29:52.000 Obviously, legal rules, but the best rules for you make it happen.

00:29:56.000 So that's a good idea.

00:29:57.000 Yeah, totally.

00:29:58.000 I mean, look, they're totally open to explaining not, like, every single detail about their underwriting process, but they will tell you what credit score you need, do you need to have a bank account, like, very simple stuff.

00:30:10.000 Can you tell the audience how they should build that relationship with that banker?

00:30:13.000 What's, like, one of the best ways to do that?

00:30:14.000 Yeah, I think just, you know, have...

00:30:17.000 And I think sales is a really important skill, too.

00:30:19.000 Not that you need to sell the banker, but just practice your communication.

00:30:23.000 You know, just know what you want to say when you hop on the phone or walk into some place, right?

00:30:28.000 Like, hey, my name is Andrew, and I have a business that, you know, we help people grow and expand their businesses using funding.

00:30:36.000 I was looking to get a business credit card and just want to know what are the requirements needed so that way I could, you know, get approved.

00:30:43.000 Just simple.

00:30:44.000 A simple introduction, introducing yourself.

00:30:49.000 Would it be better to...

00:30:50.000 Because you mentioned some of these banks are regional, etc.

00:30:52.000 You mentioned Truist, where you have to go in person to go ahead and open a bank.

00:30:56.000 Would you say that's the best practice for some of these other banks as well as going in in person and saying, hey, I want to open up a credit line with you guys?

00:31:04.000 That's a good question.

00:31:05.000 So there's three methods to get business credit cards in a very effective way.

00:31:11.000 Number one, you could just apply online through the algorithm and that might just be the only best strategy.

00:31:17.000 Number two, you could do it remote or with a relationship manager.

00:31:22.000 So that's working with someone who works at the bank.

00:31:24.000 These are often difficult to get in touch with.

00:31:26.000 It's not like very simple to get in touch with because normally they're working with businesses that do over a million dollars a year.

00:31:32.000 So they're not readily available.

00:31:35.000 There's the relationship manager and then there's the business banker.

00:31:39.000 These are two separate job occupations.

00:31:43.000 So you want to get in touch with the relationship manager, not the business banker.

00:31:47.000 The business banker is good, but they may just simply do an...

00:31:50.000 Online application with you, which is kind of a disservice because there's some banks out there where you could do the online application, get $10,000, or you could do relationship manager and get $50,000.

00:32:02.000 So it's very important to actually study and research.

00:32:05.000 And sometimes the bankers- Will they let you talk to that relationship manager though?

00:32:08.000 Or would you have to show proof that your business generates a certain amount of money for them to even let you have that conversation with them?

00:32:13.000 So the trick there is that you just have to call more banks to get in touch with the people you want to get in touch with.

00:32:18.000 Okay.

00:32:18.000 All right.

00:32:19.000 So, hey, I want to speak to a relationship banker.

00:32:21.000 And then hopefully you just try enough times and you'll maybe be able to get one on the line.

00:32:25.000 Exactly.

00:32:26.000 They're very difficult to get in touch with.

00:32:28.000 Sometimes they don't talk to everyone.

00:32:30.000 You know, we've really nailed down some, like, internal strategies to really get a hold of them faster.

00:32:36.000 Like...

00:32:37.000 When we got that news from our Chase relationship manager, Gabe, as soon as we got that news, within a few hours, we had like 15 more lined up.

00:32:48.000 Like quality guys.

00:32:50.000 Because we just know how to do it now.

00:32:52.000 And we've kind of worked through the strategy.

00:32:55.000 We know the questions to ask.

00:32:56.000 We know how to get in touch with them.

00:32:58.000 And there's different ways to get in touch with them.

00:33:00.000 But that's the second way.

00:33:02.000 It's just remote relationship manager.

00:33:04.000 And what was the third way?

00:33:05.000 First, apply online.

00:33:07.000 Second is apply remote.

00:33:08.000 Try to find a relationship manager. 0.71

00:33:09.000 The third is just walking into the branch.

00:33:11.000 It's just as simple as that.

00:33:13.000 Because, like I mentioned with Truist, they have very strict fraud policies.

00:33:17.000 Like, there was a time back in 2022, everyone was applying, like the credit community especially, was applying for all their cards online.

00:33:25.000 Like, I was part of it.

00:33:26.000 And, like, I got three Truist cards with one inquiry all within the span of 10 minutes. 0.99

00:33:32.000 Damn. 1.00

00:33:32.000 Oh, shit. 1.00

00:33:33.000 And how much credit was available to you? 1.00

00:33:35.000 At the time, for me, it was only $6,500 per card.

00:33:39.000 That's still a lot.

00:33:39.000 That's still $20,000.

00:33:40.000 Yeah.

00:33:41.000 At the time, that's awesome for me.

00:33:42.000 Now I have higher limit cards, right?

00:33:45.000 Of course, of course.

00:33:46.000 But that was awesome for me.

00:33:48.000 And so I got $6,500 per card, and then a couple months later, they shut their systems down online because everyone was taking advantage of this loophole.

00:33:57.000 So I was even doing some online business card applications with people, and that stopped too.

00:34:02.000 So I had to start sending them all into the banks.

00:34:05.000 And there's really no one who's doing it remotely right now for that bank, for example.

00:34:09.000 So you have to walk in, and sometimes you run into bad people there who are not very helpful.

00:34:14.000 Okay.

00:34:15.000 And you said that's a southeastern branch, right?

00:34:18.000 Yeah.

00:34:18.000 So all you guys that are down here in Florida, Georgia...

00:34:22.000 The Carolinas, I'm assuming?

00:34:23.000 Yep.

00:34:24.000 Everywhere from New Jersey all the way to Texas.

00:34:28.000 Oh, okay.

00:34:29.000 It's in that kind of square area.

00:34:32.000 Reaches all the way to Indiana.

00:34:34.000 Not Kansas.

00:34:36.000 So it's in that area.

00:34:37.000 So Truist has some of the best terms, but you're going to have to walk in and get them.

00:34:40.000 That's right.

00:34:41.000 Okay.

00:34:42.000 And what cards should they, just to give these guys some free value, what cards should they look at to apply when they walk in there?

00:34:48.000 Yeah.

00:34:48.000 They have a couple of business credit cards.

00:34:52.000 They have two business credit cards that have 0% offers.

00:34:55.000 One's a 12 month and another one's a 9 month.

00:34:58.000 So, I mean, I always just look for the 0% offer, especially when I'm getting started, I'm going for the 0% offer.

00:35:04.000 Okay.

00:35:05.000 So ask them, and as you guys know, credit cards, offers always change.

00:35:09.000 So instead of saying, I want this particular card, it's better to ask, what cards do you have that have a 0% intro APR? Yes.

00:35:15.000 Yeah, exactly.

00:35:16.000 It's probably what you want to ask.

00:35:17.000 Yeah, exactly.

00:35:18.000 Okay. 0.52

00:35:19.000 No, it's just funny because I remember my first time walking into Chase, right, I was almost like, damn, am I going to get approved for this card?

00:35:26.000 And funny enough, they gave me my first personal credit card, Chase Freedom.

00:35:31.000 From there, I met the manager there.

00:35:32.000 We became pretty cool.

00:35:33.000 And then I remember when I got into business, he was like, yo, listen, I see your account was going up.

00:35:38.000 Whatever you need, let me know.

00:35:39.000 But I built a relationship before when I first met him the first time.

00:35:43.000 And over a period of time, a couple years, whatever, we became cool.

00:35:46.000 And when he had a business account, he's like, you know what?

00:35:48.000 I got your brother.

00:35:49.000 So you're right.

00:35:50.000 But that relationship helps a lot.

00:35:52.000 Yeah, it does.

00:35:53.000 Yeah.

00:35:53.000 Yeah, because they want to be there for you.

00:35:56.000 They want to do business with you, especially the good ones.

00:35:59.000 There are some that are just there because they have to be there.

00:36:02.000 And it's not because they want to be there and actually change lives.

00:36:06.000 And you want to find the relationship managers that want to change lives, who actually enjoy their job.

00:36:11.000 Because there's a lot of bankers out there that don't like their job.

00:36:14.000 But you know what I did too?

00:36:15.000 Once I started making money, I invited him on a yacht to go out to dinner.

00:36:18.000 It became really cool after that.

00:36:19.000 Oh, that's sweet.

00:36:20.000 Helps a lot.

00:36:20.000 You know, it's so funny.

00:36:21.000 I did the same thing.

00:36:22.000 Oh, you did?

00:36:23.000 There's a video on my YouTube with my relationship manager, Gabe.

00:36:26.000 We flew him out from Kansas.

00:36:27.000 Because, you know, he was helping us so much and he was helping our clients so much.

00:36:30.000 So we were like, yo, you got to come out on the yacht.

00:36:33.000 I own a 72-foot Azimut.

00:36:35.000 Nice.

00:36:36.000 Okay.

00:36:37.000 Nice.

00:36:37.000 That's a big baller.

00:36:38.000 Nice.

00:36:38.000 I like that.

00:36:39.000 Yeah.

00:36:39.000 Nice.

00:36:39.000 So, yeah, we had him come out.

00:36:41.000 We did, like, a little podcast.

00:36:42.000 We did, like, a little Q&A with him to answer some FAQs that people usually have about business credit.

00:36:48.000 And, yeah, he came out and met a couple clients, met some of the team.

00:36:51.000 It was a fun time.

00:36:52.000 Sweet.

00:36:54.000 So we got here basically how to – the things to have in place, right, is 700 credit score.

00:37:00.000 Get your business EIN, and then you can go ahead and, depending on how much money you need, we talked about with Amex and Chase, if you want to get like, you know, 10,000 or whatever, and then we also talked about Truist.

00:37:10.000 What if someone wants more money?

00:37:12.000 Let's say they need 20, 30, 40, 50,000 dollars.

00:37:15.000 How should they go about that?

00:37:17.000 Yeah.

00:37:17.000 I mean...

00:37:19.000 I obviously have a program, right?

00:37:20.000 Yeah, yeah, yeah.

00:37:21.000 For what you could disclose, of course.

00:37:23.000 For sure, for sure, of course.

00:37:24.000 Well, I mean, really it comes down to a lot of what I just mentioned, right?

00:37:28.000 Is discovering what the best strategy is for each place.

00:37:32.000 And each place has a different maximum exposure that they're willing to lend to someone.

00:37:37.000 Right?

00:37:37.000 Some banks are only going to be willing to give you up to $25,000.

00:37:41.000 Some banks are only going to be willing to give you up to $50,000.

00:37:43.000 Some banks may only come back with $3,000.

00:37:46.000 And if you're someone who's really trying to stack, like maybe you're trying to flip properties or maybe you're trying to, you know, do Amazon or something like that.

00:37:55.000 Something that's super heavy cash flow and you need money.

00:37:57.000 Yeah.

00:37:58.000 A food truck.

00:37:59.000 A food truck.

00:38:00.000 Something with like a restaurant where you're dealing with like, you know, you got to buy, you know, you got to have a location, etc.

00:38:06.000 Yeah.

00:38:07.000 Look, the big key here is that you just really need to be well equipped and know the best strategy for each bank.

00:38:17.000 Normally, someone's funding plan consists of six to 12 different banks.

00:38:22.000 And, you know, there's a certain order you apply.

00:38:24.000 There's, you know, there's different strategies for each place.

00:38:28.000 So, you know, and sometimes I think for a lot of people, when they start doing it, and I'm a victim of it myself, you get a little nervous because maybe the first card you try, you're like, oh, I did all this research, I'm going to do it.

00:38:41.000 And you apply for that first card and you get denied and you're like, oh, what's going on?

00:38:45.000 Yeah.

00:38:45.000 And you're uncertain.

00:38:47.000 You're not sure if you're actually going to go through the whole thing.

00:38:50.000 You've got to prove it.

00:38:50.000 You start getting rattled in your head.

00:38:51.000 And this actually happened to me back in November 2022.

00:38:54.000 This is when I was making around $50k a month.

00:38:56.000 I had maybe $40k in the bank.

00:38:59.000 And I wanted to scale to the moon, right?

00:39:01.000 And so this was like the final best time I used 0% credit.

00:39:07.000 And so with that, right, I started applying.

00:39:11.000 And so I did one card and I got denied.

00:39:13.000 And I was like...

00:39:14.000 Oh, this is strange.

00:39:15.000 Yeah.

00:39:16.000 And at the time, I just helped like 100 people do the same thing.

00:39:20.000 And I knew my credit score was good enough to do it.

00:39:22.000 And I got denied for the first card.

00:39:24.000 And I was like, this is weird.

00:39:26.000 And I had to remind myself, I'm like, dude, you've done it for, you know, like 100 or 200 people at this point.

00:39:33.000 Yeah.

00:39:33.000 You know what you're doing.

00:39:34.000 Trust the process.

00:39:36.000 Exactly what you tell your clients.

00:39:37.000 Trust the process.

00:39:39.000 Go through it.

00:39:40.000 You know that you're going to get good results.

00:39:41.000 I ended up working with three banks that got me around $115,000.

00:39:46.000 That was the last time I did a 0% credit stack.

00:39:50.000 At the time, I knew what I was doing.

00:39:53.000 But having the experience of helping all these people...

00:39:57.000 Do you know why they gave you a no?

00:39:59.000 No idea.

00:40:00.000 It didn't make sense.

00:40:01.000 That's the problem with applying online, man.

00:40:03.000 It can be very hit or miss.

00:40:05.000 It's a system in place.

00:40:06.000 It's automatically done for you, right?

00:40:09.000 Yeah, exactly.

00:40:11.000 It's just really knowing the best strategy for each place.

00:40:14.000 It sounds very simple, but it's very important.

00:40:20.000 Would you suggest, because you mentioned like, you know, kind of credit stacking, applying for different cards, right?

00:40:25.000 And this is probably all gonna be done during a period of time where, you know, you get one hard inquiry, right?

00:40:29.000 Like you're applying for multiple cards at the same time.

00:40:32.000 Like, would you suggest like that people should implement a strategy where it's like maybe one in-person credit check, one in-person credit application here, another one online, maybe another one here.

00:40:43.000 Or should it all be done online?

00:40:45.000 Does it trigger certain things in the algorithm if you do everything online and none in person?

00:40:49.000 How should people go about this if they're trying to stack getting their credit cards where they want one card here for $5K, one other one for $10K, another one for $50K? It's knowing what you're going to get from each place and what bureaus they're going to pull from.

00:41:04.000 The best way to answer that question, because it's kind of like, I think, in my mind, two questions in one, right?

00:41:09.000 So it's like, how do I know how many banks to go to and what do I do?

00:41:14.000 So each bank pulls from a different bureau.

00:41:17.000 So normally we like to stick to around two to three inquiries per bureau.

00:41:22.000 And for the people who have really good credit scores, they can go and hit four inquiries per credit bureau, right?

00:41:27.000 Like this bank will pull Experian, this bank will pull Equifax, this bank will pull TransUnion.

00:41:31.000 And that stuff is very important to know.

00:41:34.000 You know, because in understanding the credit score requirements, things like that, understanding the exposure that each bank is going to give you.

00:41:41.000 How'd you find out?

00:41:42.000 A lot of research, man.

00:41:44.000 That is tricky, bro.

00:41:45.000 It is tricky.

00:41:46.000 It takes a lot of time.

00:41:49.000 Even in the beginning for me, I was learning all this stuff.

00:41:53.000 I wouldn't say I had a mentor actually who taught me this.

00:41:57.000 I just had a lot of experience.

00:41:59.000 I saw some YouTube videos.

00:42:01.000 I had someone who taught me a very simple strategy in the beginning, and then I just expanded on that strategy.

00:42:08.000 It was a very simple personal credit card strategy that I expanded into a business credit card strategy, and then I just got resourceful on my own to figure out what's the best strategy for each place.

00:42:20.000 It's not even just simply maybe one in-person, one this.

00:42:23.000 I think the most...

00:42:26.000 The best way to go about doing it is figuring out what do you need and if you don't want to open up a ton of credit cards, how many places do I need to go to?

00:42:34.000 Which place is likely going to give me the most here, the most there?

00:42:38.000 Oh, maybe not this place because it's not going to give me a lot.

00:42:41.000 So it's really just planning around what are the best places to go.

00:42:46.000 Should people be aiming to go to the big banks, you know, the Chase's, the Wells Fargo's, the Bank of America's, et cetera, or should they be going to try to go to these smaller credit unions like a Truist or whatever that might give better terms?

00:42:59.000 How should they go about it?

00:43:00.000 That's a very good question.

00:43:01.000 It's understanding who the bank wants as a client.

00:43:03.000 Okay.

00:43:04.000 Because some banks are not going to take people who have those bare minimum requirements that I mentioned earlier, right?

00:43:10.000 Like a 700 plus, one year of credit history.

00:43:13.000 There's many banks that will not take that.

00:43:16.000 So it's important to understand what each bank will want.

00:43:19.000 So there's some banks that are going to be stricter than others, and some will be more lenient, of course.

00:43:25.000 Can you give us one bank that someone that has these bare minimum requirements can go to and at least have a decent chance of getting approved for a business credit card?

00:43:34.000 I would say Truist is a good one. 1.00

00:43:35.000 Truist is a good one.

00:43:36.000 That's probably one of the easier ones, for sure.

00:43:39.000 Okay.

00:43:39.000 And that will give them somewhere between $5,000 to $20,000 capital, depending on what they apply for, what offers they got going on at the time, etc.?

00:43:47.000 Yeah, exactly.

00:43:48.000 Okay.

00:43:49.000 He don't get no secrets.

00:43:51.000 Actually, Castle Club.

00:43:52.000 Yeah, yeah, yeah.

00:43:53.000 Castle Club will go into more detail on some of this stuff.

00:43:55.000 If you guys got questions, I don't know if they do.

00:43:59.000 Let's see here.

00:44:04.000 Okay, King Bruno says, what do you say?

00:44:07.000 Guys, thanks for the value you provide.

00:44:09.000 Quick question.

00:44:09.000 How can someone in California start credit just using their ITIN, individual taxpayer identification number?

00:44:16.000 That is such a good question.

00:44:18.000 And it can be very tricky because we've had people that have gotten results with an ITIN. And we've gotten people who have not gotten results with a niatin.

00:44:26.000 So it can be very tricky.

00:44:28.000 So the number one thing is really leveraging a lot of the tips I gave here is, you know, calling the bank and actually figuring it out.

00:44:35.000 You know, if you decide, like, maybe if you want to reach out and, you know, I can maybe take a look at your credit profile and see...

00:44:44.000 Yeah.

00:45:06.000 Does this stuff work internationally?

00:45:08.000 Are we talking Canada or UK or any of these other places?

00:45:12.000 Or is this exclusively an American thing?

00:45:13.000 That's a good question, too.

00:45:21.000 Well, it's better than the...

00:45:39.000 20, 17 to 20% that they normally would charge you for a credit card interest.

00:45:42.000 Yeah.

00:45:43.000 Yeah, totally.

00:45:44.000 So I know like, for example, like in Canada, like TD Bank has like a 4% credit card offer.

00:45:51.000 I know this because I had one time someone interviewing with me and they were telling me about this TD 4% intro offer.

00:45:59.000 There's a Scotiabank credit card that has, I think, a 1% intro APR offer for six months.

00:46:07.000 So these other countries offer it too, they just might not offer 0%.

00:46:10.000 They're not as great as the land of debt.

00:46:13.000 Yeah, yeah.

00:46:14.000 The United States was built on that, so that makes sense.

00:46:17.000 Yeah.

00:46:17.000 What else do we got here?

00:46:19.000 Hey guys, get your questions in now while you guys can.

00:46:22.000 We're going to go into a Zoom call here as well where we're going into way more detail with some of this stuff.

00:46:26.000 Yo, Myron, do you think it's a good idea to get a business credit card and use that money to invest in an ATM? Okay, that's a good question.

00:46:32.000 That is a good question.

00:46:32.000 Because Paul Alex obviously has the ATM business.

00:46:35.000 What's your thoughts on that as far as getting a business credit card to fund maybe getting your first ATM? That is a good idea.

00:46:42.000 I think the best way to use 0% business credit cards is to get a return on investment before the end of the introductory period.

00:46:50.000 Because you don't want to start paying interest after 12 months.

00:46:54.000 So for someone like that, get very strategic.

00:46:58.000 There's cards that will do 0% for 18 months.

00:47:01.000 And just do the math.

00:47:02.000 Because if you're going to be able to pay off that ATM... Within, you know, however long it takes, now you have that asset.

00:47:10.000 And I think Paul was telling me that the average lifespan of an ATM is, like, at least five to ten years.

00:47:16.000 Yeah.

00:47:16.000 Which is pretty nice.

00:47:17.000 Yeah.

00:47:17.000 Like, that's gonna be a nice, like, cash-flowing investment.

00:47:20.000 Another thing I think he told me one time, too, is that buying the machine is also a tax write-off, I think.

00:47:26.000 Yes.

00:47:26.000 There you go.

00:47:26.000 Yeah.

00:47:27.000 So, that's a good investment.

00:47:28.000 I'm trying to remember what he said it cost altogether, all in.

00:47:31.000 It was, like, $7,000 or something like that?

00:47:33.000 All in to have the ATM and everything.

00:47:34.000 Because you need the...

00:47:36.000 The actual module.

00:47:37.000 I think, yeah.

00:47:38.000 Well, to go through him and do it, everything is 10K, I think.

00:47:41.000 Yeah, 10K. 10K, everything.

00:47:42.000 They set it up.

00:47:43.000 They put it for you.

00:47:44.000 The money, everything. 1.00

00:47:45.000 They handle all that shit for you. 1.00

00:47:46.000 They LLC, all that. 0.99

00:47:47.000 So, I mean, you can go ahead and get a business credit card, fund that, and you'll probably, within 12 to 18 months, which is the intro period for a lot of these APRs, you could pay that back depending on where you put that ATM and how profitable it is.

00:47:59.000 Yeah.

00:47:59.000 It's a cushion, honestly.

00:48:00.000 Yeah, it's true.

00:48:02.000 And guys, Rumble's having some issues right now with notifications and as well the video.

00:48:06.000 We understand that.

00:48:06.000 So if you came in, you saw it late because they saw an hour before we, sorry, after we got started.

00:48:12.000 So people didn't see the notification until now. 0.98

00:48:14.000 Oh, shit. 0.99

00:48:14.000 Okay. 0.99

00:48:15.000 Interesting.

00:48:16.000 Okay.

00:48:16.000 What else do we got here?

00:48:17.000 But we're still live on all the platforms.

00:48:20.000 Okay, can I do the same as Canadian in the U.S.? Because they only give you 1%.

00:48:23.000 They won't give you...

00:48:24.000 Yeah, that's exactly what we said.

00:48:26.000 So they do have cards like that in Canada, but the interest rate might not be 0%.

00:48:30.000 It might be 1% or 2%. 0.98

00:48:31.000 But guys, 1% or 2% on a credit card is fucking insane. 0.96

00:48:34.000 It's nothing. 0.76

00:48:35.000 You guys got to understand that most credit cards are typically...

00:48:38.000 Between 13% to 30% interest rates, depending on, you know, because it fluctuates all the time.

00:48:42.000 That's what they have in those little terms of service, which is always, like, super small. 0.99

00:48:46.000 So a 2% to 3% interest rate on a credit card is low as fuck, man. 0.98

00:48:49.000 That's basically free money. 0.98

00:48:50.000 That's pretty good.

00:48:51.000 What else do we got here?

00:48:52.000 We got Grimley.

00:48:54.000 Grimley says...

00:48:55.000 Does it matter what kind of business you're trying to start to get funding?

00:48:58.000 You mentioned that earlier.

00:49:00.000 Oh, yeah.

00:49:01.000 No, actually, it's not really a huge deal, right?

00:49:04.000 I think get very exact on your NAICS code.

00:49:08.000 This is like a very detailed answer.

00:49:10.000 This is like a super in-depth answer.

00:49:12.000 But your NAICS code, right, just understanding the business industry that you're in is...

00:49:18.000 What is that?

00:49:18.000 I'm sorry.

00:49:19.000 Yeah, what is that?

00:49:20.000 It's a six-digit code that...

00:49:22.000 It's on your tax returns, too, actually.

00:49:24.000 Okay.

00:49:25.000 NICS code is what it's called?

00:49:27.000 N-A-I-C-S code. 0.85

00:49:28.000 It's how your business is classified by your industry.

00:49:33.000 Oh, okay.

00:49:34.000 So you guys would probably fall under something like education or media, right?

00:49:39.000 I think education is like a 6-1 N-A-I-C-S code.

00:49:43.000 It starts with the first two digits being 6-1, or it could be like a professional services business, which starts with a 5-4.

00:49:50.000 So understanding your N-A-I-C-S code is pretty important. 0.75

00:49:54.000 Okay.

00:49:54.000 Wow.

00:49:55.000 All right.

00:49:56.000 Going back to it.

00:49:58.000 So that depends on what kind of funding you're trying to get.

00:50:01.000 Okay.

00:50:01.000 Red Pill Overdose says, I plan to freeze all three of my credit bureaus to accept pre-approvals for the Capital One, Quicksilver, Saver One, and Venture Rewards at once within seconds, so it won't be a hard inquiry.

00:50:12.000 Is that possible?

00:50:14.000 That's a good question.

00:50:15.000 I don't see there really being any, yeah, freeze your credit.

00:50:18.000 You can do that.

00:50:19.000 Yeah, so, yeah, yeah, definitely.

00:50:23.000 Well, you can speak to it, but I think that avoids you having to deal with issues for your credit in real time, but you can tell them about it.

00:50:29.000 Yeah, no, exactly.

00:50:30.000 So you can actually freeze your credit, you can lock it, so that way no one could, say, take your social security number and start applying for things without you knowing, right?

00:50:39.000 Because if you freeze your credit, the bank can't pull your credit and they can't make a decision on whether or not to lend money to you.

00:50:47.000 Yeah, so whenever you want to get a loan or get something done, you call them to unfreeze it, and then you go do it, and then freeze it again.

00:50:53.000 It's like protection, just in case.

00:50:55.000 It's like a shield.

00:50:56.000 It's kind of like fraud, for example. 0.79

00:50:58.000 If you got doxed or some shit like that, you would want to do that.

00:51:02.000 Happened to me, I had my car parked at my old spot in the hood, and then broke into my car, stole my social security number and everything. 0.97

00:51:08.000 Oh my god, that's crazy.

00:51:09.000 Yeah, I know.

00:51:10.000 Back in the day, I was done for that.

00:51:11.000 But I froze it, and from there, I've been good ever since.

00:51:14.000 Okay.

00:51:14.000 All right.

00:51:16.000 Let's see here.

00:51:17.000 What do we got next?

00:51:21.000 What is the path to the Amex green or plum or whichever is easier to get?

00:51:25.000 I'm trying to get no limits on spending.

00:51:26.000 Good question.

00:51:27.000 Oh, I like that.

00:51:28.000 I think just to even kind of take it a step further for you, look at the cashback.

00:51:34.000 Look at the points that you can get.

00:51:36.000 Think about your spending categories, and they're normally very easy to approve charge cards.

00:51:42.000 Step number one is make sure that your credit is as good as what it can be.

00:51:46.000 Give yourself the opportunity to present your resume as good as possible.

00:51:50.000 Think of it as you're applying for a job or something.

00:51:52.000 You're going to the bank.

00:51:53.000 You want to show your best version of yourself, which means lower your credit card debt.

00:52:00.000 Lower your utilization.

00:52:02.000 Make sure that everything is all good and straight there.

00:52:06.000 And they're really easy to approve these charge cards because they have annual fees.

00:52:10.000 They're willing to lend those cards out.

00:52:12.000 Like, it's very easy for...

00:52:13.000 Like, a lot of us probably get...

00:52:16.000 You guys probably have, like, high credit scores, too, I guess, right?

00:52:19.000 Yeah, yeah.

00:52:20.000 We have Amex, Golds, and Platinums, some of my favorite cards.

00:52:23.000 You guys are probably getting those offers in the mail all the time.

00:52:26.000 Yeah.

00:52:27.000 It's actually, I think, easier to get those cards than, like, the Blue Business Cash or the Blue Business Plus.

00:52:33.000 Because it's got an annual fee.

00:52:36.000 Like, if you're not using the card, American Express is making money, right?

00:52:41.000 They're only losing money if really you're using the points and things like that, which I use all those points.

00:52:48.000 You're the worst and best customer at the same time.

00:52:50.000 Yeah. 0.96

00:52:51.000 That's right.

00:52:52.000 What do we got here?

00:52:54.000 So yeah, so those charge cards are easier to get, my friend, contrary to popular belief.

00:52:58.000 Trayvon says, Andrew, speaking off facts, Truist is one of the best banks to have.

00:53:02.000 I have a credit card and business checking account with them.

00:53:05.000 Make sure you have a good credit score and you will be fine.

00:53:07.000 The name used to be BB&T until they change the name to Truist.

00:53:12.000 Thank you, Myron and Walter, for the money Mondays.

00:53:14.000 We got y'all, man.

00:53:14.000 Give you guys some sauce.

00:53:16.000 And we're going to give you even more, guys, on the Zoom call.

00:53:18.000 Obviously, we're not going to talk about everything in crazy detail.

00:53:21.000 That he can go to behind the scenes.

00:53:24.000 Does the length of time you maintain a good credit score impact eligibility?

00:53:27.000 For example, you are 652 months prior, and then you shot at the 740 and applied immediately, or is it only based on your current scores?

00:53:34.000 That's a good question.

00:53:35.000 No, it doesn't matter.

00:53:37.000 And this is really where the bridge loan comes in, right?

00:53:40.000 Because it sounds like for this person, they probably paid down their credit card debt, And then their credit score shot up 100 points.

00:53:47.000 Yeah.

00:53:47.000 So, yeah.

00:53:48.000 It doesn't matter if, like, a month ago you had, like, a 500 credit score.

00:53:53.000 Like, all that matters is how you present yourself in that, like, that moment in time.

00:53:57.000 That moment when you apply, right?

00:53:59.000 Yep.

00:53:59.000 Okay.

00:54:01.000 Okay, yeah, and that's why temporarily paying it off or bringing your utilization down is so powerful, especially if you're going to get ready to apply.

00:54:07.000 And then I think that's also why it's so important, like, when you have that window where you're applying, like, do that application with all these banks and or credit cards in that time period, right?

00:54:14.000 So it all counts as one hard inquiry.

00:54:16.000 Because I think another mistake guys make is, like, they'll apply for one card, wait a month or two, apply for another card.

00:54:21.000 It's like, no, do everything all in one shot so it's just one hard inquiry on your record versus, you know, trying to stagger it.

00:54:28.000 And they think a lot to fall off, too.

00:54:30.000 SauceGodFPS says, Chris, look into getting the chaotic truth on the show. 1.00

00:54:34.000 Try DMing you on Twitter, but your bum ass got your DMs off. 1.00

00:54:37.000 I know you're finna take this. 1.00

00:54:38.000 Oh my God.

00:54:39.000 I don't know who the chaotic truth is, but...

00:54:41.000 Boys, been with a girl for four months.

00:54:42.000 She wants to be official.

00:54:43.000 I'm not ready for that.

00:54:44.000 Don't want to lead her on.

00:54:44.000 She's great.

00:54:45.000 Just not ready to commit right now.

00:54:46.000 Should I cut her off?

00:54:46.000 Don't want to drama or karma.

00:54:48.000 Just tell her what it is, bro.

00:54:49.000 And if she chooses to stick by you, great.

00:54:51.000 If she doesn't, then to the streets she goes.

00:54:52.000 Yeah, bro.

00:54:53.000 You don't want a headache.

00:54:53.000 Yeah.

00:54:54.000 What do we got next?

00:54:55.000 I've been there.

00:54:55.000 Oh, I saw this guy, Shaw Ish Moe says, if you have $30,000 on your lap as a beginner, what should you do?

00:55:01.000 This is a good question.

00:55:02.000 So he has $30,000 of capital, right?

00:55:05.000 But he's trying to, I guess maybe he wants to start a business or whatever.

00:55:08.000 Should he use his own money or should he apply for one of these business credit cards or go to one of these banks and get money versus using his own capital?

00:55:15.000 Oh.

00:55:16.000 You already know my answer.

00:55:17.000 I'd rather use other people's money.

00:55:19.000 Even when I had 40,000, right?

00:55:21.000 There was a mentorship I wanted to buy.

00:55:23.000 This was back in November, 2022.

00:55:25.000 When I had 40 grand in my bank account, I was presented with an offer that was 40,000.

00:55:31.000 And I was like, I'm not touching my cash.

00:55:33.000 Screw that because I'll use that cash to pay back the credit card over time and make those minimum payments.

00:55:41.000 Plus I need that money for payroll and all this other stuff to pay my brother, my friend, Paul.

00:55:47.000 So don't obviously use other people's money is the best way to go about it versus using your own capital.

00:55:53.000 All right, fair enough.

00:55:54.000 I mean, I say the same about real estate.

00:55:55.000 Real estate is the same thing. 0.98

00:55:57.000 You can buy one house all cash like an idiot, or you can buy four houses, spread that cash that you have, and use the bank as leverage. 0.98

00:56:06.000 And some people say, well, I don't want to... 1.00

00:56:08.000 Pay interest rates, whatever.

00:56:09.000 Well, bro, those four houses are gonna give you- More depreciation.

00:56:12.000 Yeah, more depreciation, more cost segregation.

00:56:15.000 So, though you might not get as much cash flow because you only put a portion of what's required to get the property, the tax benefits that you get are, you know, almost four times as much.

00:56:25.000 And that will, in the long run, save you more money.

00:56:27.000 So no more cash properties?

00:56:28.000 And you control more assets.

00:56:30.000 Like, it's a no-brainer.

00:56:31.000 So I would say same thing with using credit cards.

00:56:35.000 I want to ask you this because you talked about liquidating credit cards.

00:56:38.000 Can you explain that real quick to the audience, what liquidating a credit card is and how that typically works?

00:56:43.000 I'm actually so happy that you brought that back up because this is something that a lot of people miss about credit cards.

00:56:48.000 They think that just because I got a credit card...

00:56:51.000 I only have a credit card.

00:56:53.000 They don't see the fact that you could actually charge that credit card as a purchase through someone's payment processor.

00:56:59.000 I'm sure they have balance transfers and stuff, but you could charge your credit card as a purchase through someone else's payment processor.

00:57:06.000 Number one, you're getting that purchase now at 0%.

00:57:08.000 You're getting the cashback bonuses too.

00:57:11.000 And you just simply have that person wire the money back to you.

00:57:14.000 All you've got to cover is the payment processing fees, and that's not even money that you're putting up front like you would for a traditional loan.

00:57:21.000 For a loan, you're paying those origination points up front a lot of the time, or at least in my experience.

00:57:27.000 Interesting, because...

00:57:29.000 The way I've always seen it is doing the balance transfer way, which typically for the audience that might be, you want to explain to them what a balance transfer is?

00:57:35.000 Yeah, yeah, sure.

00:57:36.000 So it's like moving your balance on a card that you have debt on to a new credit card.

00:57:41.000 You just call the new credit card company up and give them your old credit card that has the debt.

00:57:46.000 Just call that new credit card company and just say, Hey, I want to pay off.

00:57:50.000 I want to do a balance transfer.

00:57:51.000 You tell them the card and then they, they move it over.

00:57:54.000 Yeah.

00:57:54.000 And then that will also help you.

00:57:55.000 Let's say you're running out of time with that intro offer on that one card.

00:57:59.000 You can move it on over to another card and still get the benefit of that intro fee.

00:58:04.000 0%.

00:58:04.000 And another thing, too, is that you can do with credit cards.

00:58:07.000 Some of them will let you liquidate.

00:58:08.000 I know Bank of America, for example, has a credit card, which I have.

00:58:12.000 It's the... 1.00

00:58:13.000 Fuck. 1.00

00:58:13.000 I'll go get my wallet for y'all and tell you guys what the card is called. 1.00

00:58:16.000 But it's a card that will let you basically take the balance.

00:58:19.000 So let's say you got $5,000, $10,000 limit.

00:58:22.000 It will let you take that money on that credit card and put it into your bank account cash.

00:58:27.000 And there's a transaction fee, 2% to 4%, depending on what it is.

00:58:32.000 And you could go ahead and use that for other things because some places might not accept credit cards.

00:58:36.000 They might say, hey man, we need cash for a Zelle or some shit like that. 0.70

00:58:39.000 So that's another option as well as you can liquidate the credit cards that way.

00:58:43.000 Yeah, it's pretty key, especially if you're doing stuff like trading or e-commerce.

00:58:47.000 I even hear people in Amazon have this problem, too, because they have to wire their suppliers.

00:58:52.000 And so the thing is, if you do it through the bank, you're going to be paying that cash advance interest rate, which a cash advance is usually 18%.

00:59:00.000 But what you could do instead, and if you're doing the cash advance, you can only use maybe like 33% of the credit card.

00:59:09.000 But if you have a friend or a company, we work with a law firm that does this.

00:59:14.000 It's an escrow law firm that we work with and a couple other companies.

00:59:18.000 But they will charge our client's credit card as a purchase and then wire the money back To the client.

00:59:25.000 Yeah.

00:59:26.000 So, like, say if I were going to do it with you, right?

00:59:28.000 Like, I have this $50,000 credit card.

00:59:30.000 I'm like, Myron, run this through your payment processor.

00:59:33.000 Run it through your payment processor.

00:59:34.000 I get all the cash back, all the 0%. 1.00

00:59:36.000 You wire the money back to me, and now I have the cash from the credit card.

00:59:40.000 Bam, without all the headaches.

00:59:41.000 Without all the headaches. 1.00

00:59:42.000 Holy shit! 0.99

00:59:43.000 I've seen them do that with watches to buy a watch. 1.00

00:59:47.000 Really?

00:59:47.000 Sometimes, yeah.

00:59:48.000 Okay.

00:59:48.000 Interesting.

00:59:49.000 That's crazy.

00:59:50.000 Oh, yeah.

00:59:50.000 No, totally.

00:59:51.000 That would make sense.

00:59:52.000 No, I see why they do it. 1.00

00:59:53.000 Damn. 0.99

00:59:53.000 That's actually kind of smart because they get the points and everything. 0.99

00:59:56.000 They get the points and everything.

00:59:57.000 It makes it so much cheaper than a business line of credit or a business loan because a lot of people are looking for like a loan or something that they really only need for 12 months.

01:00:07.000 And they think that a loan is the best way to do it or a business line of credit is the best way to do it.

01:00:12.000 And if you don't need more than maybe $150,000 or $250,000, just go get a couple of business credit cards and it's going to be so much cheaper for you that way.

01:00:21.000 Because they'll buy a watch wholesale from somebody and it's left for a higher price.

01:00:25.000 And they get points too. 0.99

01:00:26.000 Damn, that's smart as hell! 0.99

01:00:27.000 Yeah, you're getting a discount on that for real. 0.99

01:00:30.000 Okay, that's pretty good.

01:00:31.000 And then you can use that for real estate or whatever.

01:00:33.000 For example, if you want to invest in real estate, you're going to typically need bigger funds to be able to go ahead and help you put a down payment.

01:00:41.000 So let's say you need an extra $10,000, $20,000, whatever to cover closing costs.

01:00:43.000 You can liquidate one of your cards and then use that money to do a real estate deal.

01:00:50.000 And then a lot of the times they give you, I know with this Bank of America card that I'm mentioning, you get like 18 months to pay it back, right?

01:00:56.000 Interest-free.

01:00:56.000 That's pretty good.

01:00:57.000 All you gotta pay for, though, is that transfer fee, that 2-4%.

01:01:01.000 Nick DeBasi says, Andrew's the real deal, man.

01:01:04.000 That tip right there is amazing, bro.

01:01:05.000 Yeah, that's huge.

01:01:07.000 I learned from that, bro.

01:01:08.000 Yeah, yeah, yeah.

01:01:09.000 Like, being able to, you know, yeah, I didn't know that.

01:01:11.000 Because, like, normally people are scared to, like, get the cash off their credit card because it comes with those crazy penalties.

01:01:16.000 Nick, I was scared. 0.99

01:01:17.000 18%, shit like that. 0.99

01:01:18.000 I was scared as hell. 0.99

01:01:18.000 I didn't want to do it. 0.99

01:01:19.000 But knowing that, it makes sense now.

01:01:21.000 That's the way to do it.

01:01:23.000 Providing knowledge, free information, entertainment.

01:01:25.000 Keep up the amazing work, guys.

01:01:26.000 All you ninjas, join Castle Club.

01:01:28.000 It's a little to nothing of what you gain from the channel if you had to pay for it.

01:01:32.000 Yeah, man, I got you.

01:01:32.000 I tell you guys.

01:01:33.000 I plan to freeze all three of my bureaus.

01:01:35.000 Okay, we read that one before.

01:01:38.000 Here, I'm going to find the name of the card here for you guys right now.

01:01:40.000 Oh, actually, this is a little bit different of a question.

01:01:44.000 Yeah, I plan to freeze.

01:01:45.000 I saw the question.

01:01:46.000 With no ding.

01:01:47.000 So...

01:01:48.000 You could definitely try and apply, but you're likely going to get the message back saying that, hey, you have to unfreeze your credit.

01:01:56.000 We run into this all the time with a couple of different banks.

01:01:59.000 There's some banks that you could pull this little trick with.

01:02:01.000 Maybe some people who are knowledgeable about credit here have seen You know, like the Apple Card trick where you could get the pre-approval, freeze your score, and then just accept the offer.

01:02:12.000 It doesn't work every single time with every single bank, so a lot of the time you do have to unfreeze your credit.

01:02:18.000 It's tricky.

01:02:18.000 It is tricky, yeah.

01:02:20.000 But you could try, but if you get a denial, just know it's probably because your credit report's frozen.

01:02:25.000 The bank couldn't access your credit profile.

01:02:27.000 I would say, honestly, it's not worth it.

01:02:30.000 You think it's worth it?

01:02:31.000 I mean, look, it's just an inquiry.

01:02:33.000 A lot of people don't know this, but an inquiry is a super soft reason to get denied for funding.

01:02:40.000 Ridiculously soft.

01:02:41.000 It's not even a big deal, especially once you start building these relationships with banks.

01:02:47.000 I got denied for an inquiry one time, and all I had to do was open up a checking account and show a credit card statement, and a week later I had a $35,000 credit limit.

01:02:56.000 But see, this is why it's important to you become cool with your either manager or your banker because they can tell you, listen bro, I have a feeling or I know this is why you got denied, just do this, you know, behind the scenes.

01:03:05.000 And they tell you.

01:03:06.000 It's the unlimited cash rewards card, guys.

01:03:09.000 Unlimited cash rewards card, guys.

01:03:10.000 It's silver is what it is from Bank of America.

01:03:13.000 Unlimited cash rewards.

01:03:14.000 You might have to have a Bank of America account to be able to do the balance transfer thing, but that card is what I'm talking about.

01:03:19.000 All right.

01:03:20.000 Okay.

01:03:20.000 Oh, I got something really cool for you with the balance transfer part.

01:03:24.000 So with this balance transfer though, like another alternative way to do that, say that you can't do a balance transfer.

01:03:30.000 You don't have balance transfer ability and only cards that you can get are the 0% purchase cards.

01:03:36.000 You can do a credit card liquidation and actually just do the balance transfer that way.

01:03:40.000 So you have credit card debt on this one card.

01:03:42.000 I saw another question there was like, I have $20,000 I need to pay off.

01:03:47.000 Just get a business credit card.

01:03:48.000 Even if it's a purchase or a balance transfer, you could liquidate the purchase card and use that money to pay the other card if you can't do a balance transfer.

01:03:57.000 Okay. 0.99

01:03:58.000 Oh, shit. 1.00

01:03:58.000 All right. 1.00

01:03:58.000 It's an alternative way, and it's like the same price, basically. 1.00

01:04:02.000 A balance transfer is usually a 3% fee.

01:04:04.000 You could pay it back at 0%, and a credit card liquidation, like processing a transaction through a payment processor, is basically the same fee.

01:04:12.000 Okay. 1.00

01:04:13.000 Shit. 1.00

01:04:13.000 So that's another way to get around it as well if you can't do the balance transfer. 1.00

01:04:16.000 Giving you guys strategies, man.

01:04:18.000 Dave Cook.

01:04:19.000 I began a concrete company this year and have a credit score of 700.

01:04:22.000 I've been able to save almost $100,000.

01:04:24.000 However, in order to scale and risk folding over, I really need more access to capital.

01:04:29.000 What would be the best course of action in order to acquire more?

01:04:31.000 So, bam.

01:04:32.000 So, okay.

01:04:32.000 So we got a situation here.

01:04:33.000 700 credit score.

01:04:35.000 He has almost $100,000 liquid to his name.

01:04:38.000 And he wants to scale and use credit cards because he needs more capital.

01:04:42.000 Yeah, that's a good question.

01:04:44.000 I mean...

01:04:44.000 Construction business, or concrete.

01:04:45.000 I would say, like...

01:04:48.000 If your business is over two years old, you're going to have a lot more opportunity to get more products.

01:04:55.000 By the looks of your business, it looks like you have assets or collateral, things like that.

01:05:01.000 Beyond business credit cards, you could go look into different business lines of credit.

01:05:06.000 Half of these banks will do it unsecured and maybe give you a $50,000 line of credit offer.

01:05:13.000 My suggestion to people is always this.

01:05:15.000 Get as many 0% interest business credit cards as you can, and then after that, go for business line of credit.

01:05:23.000 And for someone like that, you may have inventory, you may have accounts receivable, you may have something that half the banks are going to give you something unsecured.

01:05:34.000 And then the other half are going to ask you to secure some kind of collateral to get a line of credit.

01:05:40.000 And so this is like a larger strategy to go beyond just getting usually between $50,000 to $250,000 at 0% to then adding an additional six figures of lines of credit if you have a business that's over two years old.

01:05:54.000 Okay.

01:05:56.000 So your strategy is for people like this who might have a brick and mortar business that typically costs more money to run, etc.

01:06:01.000 Because he has cash, but he just doesn't want to use his.

01:06:03.000 So exhaust all the credit cards and banks that you can that give you that free, that 0% intro APR for whether it's 6 months, 12 months, 18 months.

01:06:13.000 Exhaust that first.

01:06:14.000 That will give you somewhere, depending on your credit score, somewhere between 10 to 150K. Then, if you wanna go ahead and get more, then we can go the business lines of credit, et cetera, where you're saying that you can get a good amount of that unsecured, where they'll just give it to you on good credit.

01:06:30.000 And then the other part is they're gonna want some kind of security.

01:06:32.000 So would it be tied to maybe How much cash you have or something like that?

01:06:37.000 Are they going to want something where if you're not able to pay, they're able to go ahead and take it from you?

01:06:40.000 That's a good question.

01:06:41.000 So it just depends on the line of credit program and the bank that you work with, right?

01:06:45.000 There are some banks, and I'll just use Truist as an example, where they have an unsecured line of credit.

01:06:51.000 And it typically caps out at around $50,000.

01:06:54.000 But then we'll use another example like Chase, where they're not really as like, hey, we'll give you unsecured.

01:07:01.000 They'll do more secured offers, right?

01:07:05.000 But you'll get more money.

01:07:06.000 You'll get a lot more money.

01:07:07.000 Way more money.

01:07:08.000 Yeah, I've had some clients that have gotten, I think, a $180,000 business line of credit. 0.99

01:07:12.000 Holy shit. 0.97

01:07:13.000 This is different than the 0% business credit card. 0.99

01:07:15.000 This is different.

01:07:16.000 Yeah.

01:07:17.000 That's where they're actually taking your documents and shit like that, which is why you said, hey, if you've got two years of business, then you can go ahead and go that route, which you'll be able to secure way more money to do what you've got to do.

01:07:26.000 And especially with a concrete business, your overhead is probably through the roof.

01:07:31.000 Yeah, and you probably have equipment, you probably have accounts receivable, you probably have something that you could use as collateral for that product, but the business credit card is the only product where you get a lot of money, don't have to show proof of income, don't have to show tax returns,

01:07:48.000 don't have to show bank statements, and all you need is good credit score and you get approved for a lot of money, and it could be a day-old business.

01:07:55.000 You mentioned that you had a client that was able to secure $180,000 with a business loan, but it was secured.

01:08:03.000 What's the ratio typically?

01:08:05.000 Did they have to have $50K secured to get that $180K? What was the ratio breakdown as far as how much you can receive versus what needs to be secured to receive that?

01:08:14.000 That's a very good question.

01:08:15.000 It just depends really on how the bank is going to work with you.

01:08:19.000 A lot of the times, if you're going just solely secured, they have to be able to match the value somehow.

01:08:25.000 Oh, so it's a one-to-one almost.

01:08:27.000 Yeah, it's almost a one-to-one when you're going through a secured way.

01:08:30.000 Because the bank has to make sure that they can recoup their cash.

01:08:33.000 Right.

01:08:34.000 The crazy thing about these business credit cards is that they're unsecured.

01:08:38.000 Yeah, yeah.

01:08:39.000 The only thing that you're risking is your credit score.

01:08:41.000 It's free money.

01:08:42.000 Yeah.

01:08:42.000 It's free money.

01:08:43.000 Which is why Andrew was so insisting that in the beginning, you want to max out, not max out, but you want to basically exhaust all options with the zero APR offers with these credit cards and then go the business.

01:08:56.000 I think I'm going to get two more because of what he's saying now, bro.

01:08:59.000 I'm going to get two more.

01:09:00.000 Yeah, you can.

01:09:00.000 I love it.

01:09:02.000 That's smart as hell, bro.

01:09:03.000 Yeah, man.

01:09:04.000 It's all about being creative, guys.

01:09:05.000 Because I just did the other stuff.

01:09:09.000 Realty stuff.

01:09:10.000 Oh, yeah, yeah.

01:09:11.000 That's even better.

01:09:12.000 Yeah.

01:09:13.000 Yeah, and you don't need as much paperwork to do it, dude.

01:09:15.000 At all. 0.95

01:09:16.000 Like a home equity line of credit, they want all this shit for me, bro. 0.85

01:09:18.000 And it doesn't affect your personal credit either when you max out those cards. 0.97

01:09:21.000 There you go.

01:09:22.000 Because now that, I mean, the home equity line of credit, like you could max it out.

01:09:25.000 It doesn't really affect your credit score, but it does impact lending decisions.

01:09:29.000 Like sometimes some banks will be like, hey, you have this maxed out home equity line of credit.

01:09:34.000 Like we may not give you anything.

01:09:36.000 Some banks are, like, cool with it.

01:09:38.000 Some banks are not cool with it.

01:09:39.000 Even though there's nothing wrong with your credit score, which is very interesting.

01:09:46.000 Like, I had a guy, he had, like, an 800 credit score, but he had a maxed-out home equity line of credit.

01:09:50.000 And we actually struggled for a little bit to get him business credit. 0.99

01:09:54.000 Oh, shit. 0.93

01:09:55.000 Yeah, I mean, even with an 800, but it's because he had, like... 1.00

01:10:02.000 We're good to go.

01:10:23.000 The bank really likes to see what kind of discretionary spending you do because the more discretionary debt you have where it's your own decision versus something that's very typical and most people have, that also plays a factor too.

01:10:37.000 Well said.

01:10:39.000 What else do we got here?

01:10:40.000 Guys, get your questions in before we switch on over.

01:10:42.000 This is some very good stuff.

01:10:43.000 Real values here, guys.

01:10:44.000 Shout out to you guys for doing this.

01:10:45.000 I'll meet you guys one day.

01:10:47.000 Diego Fuerte.

01:10:47.000 We got you, man.

01:10:48.000 Helping you guys out.

01:10:49.000 Diego Strong.

01:10:50.000 Making money, man.

01:10:51.000 What else do we got?

01:10:53.000 Are we good?

01:10:54.000 Caught up?

01:10:54.000 Zoom call.

01:10:55.000 Okay.

01:10:56.000 Not now.

01:10:58.000 Yeah, yeah.

01:10:58.000 Zoom call.

01:10:59.000 We're going to do a Zoom call.

01:11:00.000 Sorry, guys.

01:11:00.000 I was talking with Mo.

01:11:01.000 Okay.

01:11:02.000 Andrew, where can I find your brother?

01:11:04.000 And then what's coming next?

01:11:06.000 Ooh, I like that question.

01:11:07.000 So you can find me on Instagram at Andrew and Bessie.

01:11:11.000 My last name is spelled I-M-B-E-S-I. It's probably in the thumbnail, too.

01:11:16.000 Andrew and Bessie.

01:11:16.000 You might see his ads everywhere, so don't worry.

01:11:18.000 And he's Italian, by the way, for you guys that are wondering.

01:11:21.000 Italiano!

01:11:24.000 That was a good sound bite.

01:11:28.000 Yeah, so you can find me, Andrew and Bessie.

01:11:30.000 And if anyone wants to, you know, actually get in touch with me and, you know, start working, you can send me a DM or you can go to my website, bowgroup.com, and you can get in touch with us there.

01:11:42.000 Hey, man, I'm going to be in there, bro, for real.

01:11:44.000 Yeah.

01:11:45.000 Guys, we're going to go into a Zoom call now where you're going to be able to get way more detail on some of these banks, et cetera, help you guys out with getting funding.

01:11:51.000 A lot of you guys, I know, want to go ahead and start a side hustle and start a business or whatever.

01:11:55.000 Instead of using the money that you make from your regular job to segue into entrepreneurship, now we're going to teach you guys how to basically keep that money and use other people's money and get your business started so that you can go ahead and keep more of your capital.

01:12:05.000 I should've did that for the actual car rental company.

01:12:08.000 I should've did that rather than my own money.

01:12:10.000 Yeah, that put your own money in.

01:12:11.000 I mean, especially if you could get a return before the end of the intro period, it's a great option.

01:12:16.000 For anyone who DMs me, I personally send messages out of my DMs, so you could just send me a message on Instagram.

01:12:22.000 Say you came from Fresh and Fit.

01:12:24.000 That way he knows who you are.

01:12:25.000 Yeah.

01:12:25.000 Yeah, yeah.

01:12:26.000 Say that you came from Fresh and Fit, actually.

01:12:27.000 That's probably the best way to do it.

01:12:28.000 Just send me a DM on Instagram.

01:12:30.000 Say that you came from Fresh and Fit, and I'll have something special for you.

01:12:33.000 There you go.

01:12:34.000 So there you guys go.

01:12:35.000 Guys, come on over.

01:12:36.000 CastleClub.tv.

01:12:37.000 We're going to go ahead and have a Zoom call on this, and we'll go into more detail for you guys, man.

01:12:42.000 Like I said before, any of you guys that are thinking about starting a business, or maybe let's say you just started a business and you need help with getting money or acquiring capital, We're going to teach you guys how to do it in more detail, which banks to go to, credit cards, etc.

01:12:52.000 We gave you guys a little bit of some sauce here on the show, but we're going to go into more detail.

01:12:56.000 Also, real quick, congrats to Pressure Fit Money Clips.

01:12:59.000 They just got monetized today.

01:13:01.000 Yeah, shout out to you guys.

01:13:01.000 Rod Eric, shout out to you, bro.

01:13:02.000 Good sign.

01:13:03.000 Good sign.

01:13:04.000 Alright, let's go ahead, guys.

01:13:07.000 The stream's going to continue on on Locals, guys.

01:13:09.000 So if you guys are watching us on Locals, don't go anywhere.

01:13:11.000 We're literally just going to open up a Zoom window for y'all.

01:13:14.000 But yeah, guys, if you're watching on YouTube or on Rumble, it's going to end here.

01:13:18.000 So guys, come on over right now.

01:13:20.000 We'll stay live on other platforms, but you guys just won't hear or see what's going on.

01:13:24.000 Um, Bill, is you ready?

01:13:25.000 Uh, yeah.

01:13:26.000 Let's go.

01:13:26.000 Zoom call.

01:13:26.000 Yeah, let's start the Zoom call.

01:13:27.000 If you want to use the bathroom real quick, bro, or whatever, real quick, while we fire up the Zoom.

01:13:30.000 Oh, I'm good.

01:13:31.000 If anything, just like a water.

01:13:32.000 Yeah, yeah.

01:13:33.000 Can we get water for Andrew, please?

Fresh & Fit - June 24, 2024

How To Start A Business With NO MONEY!

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