Updated over 7 years ago on . Most recent reply
Business credit cards to purchase a property
I purchased a duplex in the Philadelphia area two years ago now and I want to start looking into my next property but I'm having a hard time trying to figure out how to get the funds. I was thinking to get an LLC and use the credit cards to purchase a property. My question is
1.Is this possible?
2. Is this a good idea.
Most Popular Reply
No. You would never take a cash advance on a credit card. Why would you pay almost 30% for OPM? The strategy behind this involves the ability to use business credit cards with 0% interest as the down payment alongside private hard money to create 100% financing. Then depending on your exit strategy, you sell for a profit or refinance into a long term mortgage. Then rinse and repeat.