-This business model is EXTREMELY competitive
-You can Make money, but it’s not going to be easy.
-This course costs a minimum of $2000, but they don't want you to know that.
-Instead of doing this, take a lesson from Spencer and Create your own business.
Here are my top recommendations on how to do that:
Surplus Fund Academy
What is it?
Surplus Fund Academy Review – You may have seen a website similar to this on your youtube or facebook feed (go.surplusfund.com/lostmoney) and wondered if it was legit and if you could make money from it. That's what we will be answering in this review.
As stated by the creator, Surplus funds are just “Mystery Money” that you are reuniting people with, and then collecting a finders fee.
The creator puts it like this: “we are just giving money away to people that is already theirs” and “1 out of 10 Americans is owed money right now”.
Mystery money as explained by the creator is just money that is lost in the system, “more than 50 billion dollars”.
ie: Statefarm Insurance owes Jon Doe a $10,000 settlement, but they cant find him because he moved in with his parents, so the government “holds” it. Your job is to find Jon, and connect him with Statefarm, and then collect a finder’s fee. The example Spencer uses is foreclosed real estate. If a home that goes to foreclosure has more equity in it than is left on the bank loan, then the previous owner is owed money.
How it works
Step 1: Find People that are owed Mystery Money. Go to your state name, followed by the phrase “unclaimed property”, results will show an official website and you can download a spreadsheet of millions of people owed money.
Step 2: Go to this list, and find people who are owed a lot. Take their info to a search site to find their phone number. Introduce yourself and explain why you’re calling. Send them a piece of paperwork, called a “Claim for abandoned Property” to fill out. (This part is the hard part. That’s why there is an entire business model called Lead Generation. Because finding leads aka people is hard. And convincing them that you are legit, and not a scammer is even harder.)
Step 3: In 8-12 weeks the state will mail you a finders fee
Who is it created by?
Spencer Vann, an internet entrepreneur. There’s not much information on him besides that he sells this course on surplus funds.
Spencer says he has personally reunited $9k for his own family, but doesn’t ever talk about how much he has found for people overall, which makes it seem like he found $9000 for his family and then decided to make a business out of teaching other people how to do it. I’m not mad at him, because that is really smart and that’s how you really become a millionaire, by creating things.
Hyped up Claims
-“Making 10-50k per month selling nothing”
-“Without any special skills or knowledge”
-“ It’s Blue ocean with zero competition”
-Random pictures of people holding checks
-“I’m not promising the same results, or any results.”
-“This is not for people who are broke.”
-6 week surplus fund masterclass
-Surplus list lead site access
-Facebook group/coaching page
-$12K in 30 Days mini course, book, and checklist if you watch the entire free training.
-Bonus: How to automate this and grow quickly
-Automated marketing script
-Access to the highest paying states, and how to close highest paying deals
-Learn the “In depth Process” for connecting with people. (in depth is right)
-Free access to custom build search site
There are a ton of examples of this working for people in the free training video and on the sales page.
There are 2000+ reviews from students on surplusfund.com/reviews
Replies to someone asking about this course on a public forum, Oct 8 2019.
The overall concensus is that it is a legit business, you can make money from it, but it is NOT going to be easy.
At first I was unable to find the actual cost of this program, which is a red flag right there. You have to book a call “to see if working together makes sense” and in order to find out the cost. This usually means that the cost is different for different people and depends on what you say on the phone.
Spencer does say on the sales page very explicitly that this course is “Not for people who are broke”.
I did find another sales page where Spencer is selling a mini-membership for $1 per month, and he states that you get access to 1 week of Surplus Fund Academy valued at $2000 PLUS.
After a lot of digging, I also found another sales page site, that was called Surplus Fund Mastery, and had a pricetag of $1997 and seemed to be the same program, but just re-named. After I was on the site for about 20 seconds, it refreshed and sent me to Surplus Fund Academy where the price was a mystery again.
From that, we can assume (Because we HAVE to assume, since there is no price available) that the minimum amount you will pay for this course is $2000, and it may depend on what you say on the phone, and also if you buy into any upsells.
Do you have to pay for the list?
No, it is public record. Go to google and type in your state name, followed by “unclaimed property” ie: Alabama unclaimed property
After obtaining the list, how do you find the person to call?
There are millions of people on the list, so spencer recommends you find people who are owed a lot of money. Obviously the person doesn’t live where they used to, so you can try to find that person on social media, or use the search website spencer has created, or use a software called skiptrace which is a couple hundred dollars per month.
Are there other fees after you purchase the program?
Yes, there will be fees for finding people’s contact info, and each state will have different fees associated with the filing.
How long does it take to get paid?
It depends on your state. Spencer says it takes 8-12 weeks, meaning it could take up to 4 months before you get paid after you lock in a deal.
You definitely have the opportunity for big payouts with this business model.
You are helping people receive money that is owed to them, and they don’t pay you unless they get money too. So that makes for an easier sell.
It is an actual legit business that people have been making money from for a long time.
There are only a few areas in a few states where this is worth it, meaning its going to be oversaturated in those areas already. It is definitely not a “Blue Ocean With Zero Competition” like Spencer states. In fact, it’s almost the exact opposite.
It takes 90+ days to receive your money after you close a deal.
You will have to cold call hundreds and thousands of people to make a lot of money at this. Cold calling people is not fun. And most people will think you are a scammer. So get ready for a lot of rejection and anger coming your way.
-The cost is unknown and that’s not cool.
-There is a potential for big payouts and that is cool.
-It is going to be extremely competitive and difficult to be successful with.
-A lot of cold calling and emailing and a lot of rejection. So you have to be strong and determined and have a lot of time on your hands.
-Its not Passive.
I don’t recommend this program. You have to get on a phone call to find out the cost, which I hate. And that also means its going to cost at least a few thousand dollars if not more. Any good quality course that is trying to teach you something (not just make money off you) should cost around $500 to a thousand dollars. Its also extremely competitive. The areas worth going to are already full of established, cut-throat people trying to do the same thing. And most of these recovery agents have been established for years. It takes a lot of time and you really need a team of people and connections and software to make it work. Its not an easy thing to do, and its definitely not going to be passive.
My advice, rather than taking this course, take a lesson from what Spencer did, and create your own passive income business. Here are my top recommendations.
High Ticket Affiliate Marketing
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