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Ivan Aldana
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Using credit cards

Ivan Aldana
Posted Jun 6 2023, 21:10

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?

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Chris Seveney#1 All Forums Contributor
  • Investor
  • Northern Virginia
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Chris Seveney#1 All Forums Contributor
  • Investor
  • Northern Virginia
Replied Jun 7 2023, 04:12

@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

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Eliott Elias#3 BRRRR - Buy, Rehab, Rent, Refinance, Repeat Contributor
  • Investor
  • Austin, TX
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Eliott Elias#3 BRRRR - Buy, Rehab, Rent, Refinance, Repeat Contributor
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Replied Jun 7 2023, 05:18

I don’t use credit cards to fund any real estate. That is bad debt.

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Cliff Benner
  • Accountant
  • Denver, CO
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Cliff Benner
  • Accountant
  • Denver, CO
Replied Jun 7 2023, 09:37

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!