Investment purchases with a credit card?

Question

this is gonna be a bizarre question but is it possible to purchase investment properties, ie SFR, with credit cards? has anyone ever done it?

Eric Martin · Answer

I have done it, but it was back in 2006 so I think it is much harder these days. I would not say never do it, but I would suggest def do a through spread sheet analysis prior.

Best of luck going forward!

JD Martin · Answer

I have done it when I needed short-term access to cash for a smoking deal. I used an essentially free (about $100, total, in fees) balance transfer check that gave me 18 months of access. Doable if you have a reasonable plan for the CC once your promotion ends - either transferring it elsewhere, or (preferably) having it paid off with either cash or rolling it into part of your costs of doing business on the unit.

Edward B. · Answer

@Rakhee G., back in the day and for the right property this was totally doable. Theoretically it is still doable but the problem is that it would be a cash advance on your credit card. That means hefty fees (3% or so of total) and a cap to how much you can actually pull out. I suppose if you have enough credit and are willing to pay the fee this would be possible. It's just a numbers game. Honestly, if you are financially responsible and the numbers work, who cares if it is a mortgage or credit card. You just need to understand all the consequences, i.e. your credit would probably take a bigger hit if you maxed a credit card, etc.