Using credit cards

Member since 2021 · 101 posts · 55 votes

Hey guys! I’m curious if any of you guys used Plastiq to get the funds from a credit card to use for a down payment on a fixer upper property?

0 Reply

23 views

Most Popular Reply

Chris SeveneyBusiness Member

Moderator

Investor · VA · Member since 2015 · 21k+ posts · 19k+ votes

@Ivan Aldana

No.

Strongly recommend against borrowing for a down payment. You will be over leveraged and if you have overruns and no access to $ you will set yourself back years

7e investments53 Reviews

Website View Page

1 Reply

See this reply in the discussion

3 Replies

Jump to latestLatest

Sort by

Chris SeveneyBusiness Member
Moderator
Investor · VA · Member since 2015 · 21k+ posts · 19k+ votes
3y
@Ivan Aldana
No.
Strongly recommend against borrowing for a down payment. You will be over leveraged and if you have overruns and no access to $ you will set yourself back years
7e investments53 Reviews
Website View Page
1 Reply
Eliott Elias
Investor · Austin, TX · Member since 2021 · 9k+ posts · 5k+ votes
3y
I don’t use credit cards to fund any real estate. That is bad debt.
1 Reply
Cliff BennerBusiness Member
Accountant · Denver, CO · Member since 2020 · 392 posts · 183 votes
3y
I did, Plastiq worked by charging the credit card and making a wire for you.
Using credit cards did not go well for me but it was my first and I did not pull the right numbers and my realtor lied to me on condition of the house, value, and any questions I had. Even if it went well, my credit score took a hit and it was hard to refinance.
Run your numbers really well and using 20% interest and do what you can to get rid of it quickly.
Good luck!
Benner Stride52 Reviews
Website View Page
0 Reply

Join the conversationCreate a free account to reply, vote on answers and follow this thread.