Fair Oaks, CA · Member since 2014 · 34 posts · 12 votes
Hello, I've been thinking about using credit cards to purchase another rental property then re-financing and paying back the credit card. Does anyone know how to siphon the cash from the credit cards without or with a very minimal cash advance fee?
I know of a few programs where they will teach you how to utilize this strategy however it costs money for the teaching. I will gladly pay for this knowledge but I figured I would try to figure it out on my own first.
I know I can get the Apple cube or the PayPal cube but I believe they charge 2 1/2 to 3% per purchase. However, 3% interest for money is pretty good. As long as I pay off the balance prior to the interest free credit card time frame Ending.
? Any other ideas?
Thanks for reading. Any input would be greatly appreciated.
Jimmy
Investor · Monroe, WI · Member since 2015 · 691 posts · 610 votes
9y
Wait until your credit card company sends you those convenience checks with a 0% APR period, usually 15-18 months and usually charge 3-5% of the amount you borrow, that is cheap money if you need it and have an exit strategy for how you're going to pay it off in full before your APR promo ends.
Investor · Monroe, WI · Member since 2015 · 691 posts · 610 votes
9y
Wait until your credit card company sends you those convenience checks with a 0% APR period, usually 15-18 months and usually charge 3-5% of the amount you borrow, that is cheap money if you need it and have an exit strategy for how you're going to pay it off in full before your APR promo ends.
Rental Property Investor · Arlington, TX · Member since 2012 · 788 posts · 640 votes
9y
Like Samantha mentioned wait for those special offers or heck just give them a call and see what they can offer. You will be surprised. I am still using CC money at 0% for up to a year (I do pay the 4% initial fee). Just make sure all is paid back before the interest changes.
Investor · Monroe, WI · Member since 2015 · 691 posts · 610 votes
9y
One more thing, if you plan on buying a house with credit card money, then 6 months later or so, refi out and pay the card back, beware, if you are borrowing a big sum from your card and you don't have mega card limits, your score will take a huge drop and you may not be able to get a loan, it works best for a flip, not a refi out situation.