Using credit cards
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?
#1 All Forums Contributor
- Investor
- Northern Virginia
@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
#3 BRRRR - Buy, Rehab, Rent, Refinance, Repeat Contributor
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- Austin, TX
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#3 BRRRR - Buy, Rehab, Rent, Refinance, Repeat Contributor
- Investor
- Austin, TX
I don’t use credit cards to fund any real estate. That is bad debt.
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!