Where do you get a cash advance line up to $45k or even $65k?
AAA gave me a credit card with a credit line of up to $30K. I got a triplex in escrow, but needed $45K to close. I called AAA and over the phone they bumped it to $50K, and while I was on the phone they wired the $45K I needed right into my account.
They also tow your car for free. You should get a AAA membership. Almost as good as a Bigger Pockets Pro account.
Wholesaler · Downers Grove, IL · Member since 2010 · 108 posts · 26 votes
13y
@Account Closed My suggestion is to go spend some time on the Flyer Talk discussion board. The guys and gals over there have some pretty creative ways of doing just what you are after.
One of my favorites was the US Mint, (read the thread on flyer talk). You can't do this anymore but you used to be able to get cold hard cash in the form of dollar coins shipped from the US Mint paid for with a credit card with no fees, free shipping no less.
Investor, Entrepreneur, Educator · Springfield, MO · Member since 2009 · 21k+ posts · 12k+ votes
13y
OMG! Why? Must be really cheap properties, wait till payments kick in, wait for the market to change.......some are willing to walk on the wild and crazy side.
Anyone hear of money laundering? That's why you're getting your hand slapped and limited to a grand.
Interesting, I buy with credit cards as I can show that as source of funds if needed. Then I can pay the credit card bill in cash at a teller window with my drug money.....yep, that's a plan.....NOT!
Before getting too guru crazy better investigate the surrounding issues.
Amounts charged on cards will play on other issues, it can be done and you can sink really fast doing it too.
Buy E bonds instead you won't need a truck for the coins. Good luck. :)
Investor · Riverside, CA · Member since 2011 · 2k+ posts · 3k+ votes
13y
I use credit cards all the time. I enjoy the risk! And it is risky if you're not disciplined! I borrowed $45K from one of my credit cards last December. I used the offer they sent me to have it wired into my account instead of depositing the check and waiting a week for it to clear. The cost was 4% upfront, but 0 interest for 12 months. Now, I am responsible enough to have the cash sitting in a high yield savings account (which is jokingly like 2%!) waiting to pay back that card this November. At which time, I will suck it all back out again and use it for more deals and money making opportunities. I don't recommend it for those with no money and no deals or no money and sketchy deals. You'll get in trouble. The 4 points up front plays out to 4% interest if you hold the money full term as I do. 4% is much cheaper than taking that much cash out of my account and possibly missing out on another deal because I am spread too thin with current deals I am working on.
But mostly, I do it because they give it to me and I find it absolutely a kick in the pants to buy houses with my credit cards! Before the cash, I had one credit card cash advance line up to $65K. That was fun!
Investor, Entrepreneur, Educator · Springfield, MO · Member since 2009 · 21k+ posts · 12k+ votes
13y
Not that financially astute folks can't work with CC, you certainly can but it is dangerous for most newbies, IMO. Guidelines are usually 3 times your annual income less other debts. The real rule is that if you can show you don't need the money you can usually get it. :)
Wholesaler · Downers Grove, IL · Member since 2010 · 108 posts · 26 votes
13y
I agree with Bill Gulley
Personally I am a huge fan of CC for purchases, in addition to the documentation it gives you when using cash back or rewards cards its free money. If you are doing rehabs the rewards can add up quick.
Greentown, IN · Member since 2012 · 140 posts · 18 votes
13y
Wow.. never thought to use a credit card to get funds. I guess because the risk is there that you could end up paying 20-30% interest if not paid back in time. Something to think about if in need of cash and pretty certain about risk involved.
Rental Property Investor · Baltimore County Maryland and Tampa Florida · Member since 2013 · 2k+ posts · 2k+ votes
13y
@Suzie B. Always a risk, but it can be calculated. Have a strong plan to pay it back before the 0% ends. But if you're getting lots of these offers, you can probably bet on getting another to transfer the remaining balance to if need be if you can't pay it off within the promotion time.
Rental Property Investor · Jupiter, FL · Member since 2013 · 48 posts · 18 votes
13y
@Aaron Mazzrillo I am glad to see you use the CC offer. I get them pretty often. Actually, recieved one yesterday. It is 0% through January, 2015 (14.5 months, more or less). With a 2% transaction fee, if completed before Nov. 16, 2013. For me, that is 25K in cash at 2%. I don't know how to do better than that. I don't have a deal working at all right now but I am tempted to get the money just because it is so cheap. I will pay it back before the interest goes up. My only concern is how adding 25K to my CC debt will effect my credit score when it comes time to borrow. Anybody know of a way to take your actual credit score, DTI ratios, etc. and plug in a change to see how it effects your score?
My only concern is how adding 25K to my CC debt will effect my credit score when it comes time to borrow.
I don't use conventional lenders any longer. I have found that they do not have my best interest at hand and are only in business for themselves. I prefer private lenders. Much easier to deal with.
Where do you get a cash advance line up to $45k or even $65k?
AAA gave me a credit card with a credit line of up to $30K. I got a triplex in escrow, but needed $45K to close. I called AAA and over the phone they bumped it to $50K, and while I was on the phone they wired the $45K I needed right into my account.
They also tow your car for free. You should get a AAA membership. Almost as good as a Bigger Pockets Pro account.
Rental Property Investor · Baltimore County Maryland and Tampa Florida · Member since 2013 · 2k+ posts · 2k+ votes
13y
@Matt C. I don't think it'll affect your score much. Do think about debt to credit ratio.... once you take out that $25K, how much in CC available credit (including other cards) will you have? If you're maxed out, it might affect it a bit...but nothing bad. The move is worth the small change to your score that may happen.
If having $25K would max you out or close to it, consider opening another card just to make your over all credit availabity higher, therefore lowering your debt to available credit ratio.
Rental Property Investor · Jupiter, FL · Member since 2013 · 48 posts · 18 votes
13y
@Nicole A. Thanks for the reply. I have quite a bit of available credit that I never use. I keep the cards open just for the debt to credit ratio. We don't ever carry a balance from month to month. I read all that somewhere, so I'm careful to do it. I just don't really know how different ratios are weighted when it comes to a credit score. My credit score is 750+ most of the time, at least according to freecreditreport.com (which isn't free). I want to make sure I haven't tarnished my image at the bank when I go asking for a loan.
Rental Property Investor · Baltimore County Maryland and Tampa Florida · Member since 2013 · 2k+ posts · 2k+ votes
13y
Nah, I wouldn't worry. The money you'll make in your deal for using that $25K will be worth it. It will hardly affect your credit. I honestly have some revolving credit and such, yet my score is still high and I am always getting more offers. So being that you have better habits than I, you'll be just fine! :-)
Investor · Union, NJ · Member since 2011 · 838 posts · 295 votes
13y
I did this back 5 or 6 years ago when cds and interest rates were much higher.. I would pull out ~ 40 or 50k and put them in 6 or 9 month cds earning between 4 and 5%
The key is you need to be able to make the min. payments monthly if you miss they can cancel your 0% promo rate and then youa re screwed.
I actually just got a promo from BOA I can take up to 38k cash out @ 0% for 12 months with a 2% transaction fee OR I can go 18 months with a 4% transaction fee.. I just hjave not decided how I am going to utilize this money yet but I plan to definitely utilize it. With those rates and terms it doesn't get too much better from a credit Card company IMO!!
I agree it isn't for everyone and if you are cash starved and could potentially miss a minimum payment then this should definitely not be done.
Where do you get a cash advance line up to $45k or even $65k?
I have a credit card from Chase with a $58,000 limit. When I first got it, someone from the bank called me and asked a lot of questions. There were also others listening in and asking questions. It was a weird call.
Someone else mentioned using the checks that they send you. I'm pretty sure that there's a 3% fee for using those.
Credit cards used to have a 3% fee with a max of $75. I used to max out my cards and put the money in the bank when you could get 5.5% on a savings account. Sending the credit card companies their own money while keeping the interest was fun. Good times......
Rental Property Investor · Baltimore County Maryland and Tampa Florida · Member since 2013 · 2k+ posts · 2k+ votes
13y
They are not bad ideas at all, but great ideas that can bring longterm wealth and profit. The key is knowing your deal is a good one and will pay off the loan. My revolving debt that I mentioned is personal debt not at all related to my LLC/real estate deals.
Where else can you get a loan for thousands for basically 0% interest (minus the small fee)?