Investor · Hillsboro, OR · Member since 2014 · 65 posts · 26 votes
Hello All,
I'm planning to pick up a Duplex using hard money here in Oregon. Doing the numbers on finances it looks like I'll be running short by 15k when I have to refi the place in 5 months. Home Depot just gave me an offer of getting a 24 months 0% APR on the Home Depot Credit Card, on which I Was thinking of putting the fixup costs (20k) on that card. This would free up funds that i'd need to get the property refinanced 5 months down the line. Are there any other creative ways to make ends meet like a HELOC on an investment property etc.?
Be cautious when using credit cards prior to a refi. Card utilization (balance / credit limit) affects your credit score. If you max out a credit card or two it may affect your credit score, which may in turn affect your ability to complete the refi.
Some banks and credit unions still do personal loans.
However, any new borrowing also has the potential to affect your credit score.