Down payment Seasoning
So I have a few rentals already but like everyone else I am looking to expand my portfolio. I have talked to a few private and hard money lenders and came up with an idea i would like to try. I have a discover card with a high limit 25k and on average would need about 5k-7k per single family residence down payment . (Upstate NY)
Discover allows you to do unlimited bal transfers directly to bank account (cash) and then you have one year at 0% APR.
My idea is bal transfer , then season funds 2 months in savings , buy and close (turnkey with tenant) 35 (max) (another 2 months) rent will range 750 to 800.
Leaving 8 months so FAR.
Mortgage will be a 15 or 20yr (I am 24) which means as long as i can get 500 a month after mortgage 8x5 = 4000.
I come out with only a balance of $1000 when 0% apr expires.
I have reserves as well from my other properties but my mentor told me to think about creative financing . What do you guys think?