Has anyone ever used one of these companies that claim to help you build business credit and at the same time help you turn that credit into cash to use for real estate investing? I think they apply for different credit cards and help you get cash advances from these cards? Thanks
I haven't heard of this but it sound really risky. The interest from a cash advance from my credit cards is over 25%. New credit cards generally have 0% interest from 1 to 2 years but if you don't pay it off in that time you are stuck paying high interest.
Thanks for the reply Thomas. Yeah it can be risky. One company came to our REIA and recently I talked to another. I guess you pay them a fee and they apply to these different credit cards, not all are your typical one's like Home Depot or Credit One, and they help you get cash off these cards. But I'm thinking about passing on it.
There's an active post on it here (hopefully this links OK). Interesting read.
Thanks Tom, I'll check it out
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you