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Drew Slew
  • Rental Property Investor
  • Union city, NJ
40
Votes |
195
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Buy 2nd home with credit card

Drew Slew
  • Rental Property Investor
  • Union city, NJ
Posted Jul 25 2016, 21:19

I just bought my first house 2 months ago. 750sq ft 1bedroom (layout makes it 2bedroom) in Union City, NJ, 145k, put 30k down, 30yr mortgage for 3.5% rented room for $800/m, total cost PITI+maintenance is $1100. Its my primary residence, so now i almost live for free, equity being built.

I make 90k a year, and now have another 20k ready savings, and just got a new credit card, 15k, for 1 year no interest. 

How can I use this 15k and savings (lets say only 10k to leave some emergency) to buy another property? 

This time it would be an investment property, no lofty goals just something that I can rent, a 1 or 2 bedroom for monthly $150-300 profit. Cash on Cash 7-10% would be nice. 

I know there are lot of area, different locals, but in sum:

how to use my 15k credit card no interest for 12 month

somewhere closeby NYC in Jersey, as things here are super cheap and tenants are through the roof

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