Buying a Foreclosure on credit cards?

[Bill Briscoe]

I saw an article on it here:

https://www.biggerpockets.com/renewsblog/2013/03/16/real-estate-credit-card/#comment-230238

and one guy in the comments said he would purchase entire homes via credit cards.

So financing the Rehab costs thru a Credit Card could be a no brainer, if you have high enough limits and low rates.

But what about the actual purchase of a foreclosure? I can probably scrape together a combined credit limit of $200K or more between my wife and I over several cards, so when would that make sense on an 80K purchase? It seems like if I could avoid doing a mortgage entirely then I can skip the junk fees – appraisal, points, underwriting, lender's title insurance, etc, etc.

But instead, I expect I would have a 2-3% vendor fee to pay by CC, right? And how would this work? Paypay, Plastiq, Venmo? Who is buying homes using a credit card at the title company? If I could classify it as a purchase and not a cash advance, it would at least qualify me for the points, which would offset some of that 2-3% vendor fee, and get me to Diamond status at Hilton or Sheraton real quick.

Is anyone doing this now?

[James Maradits]

I've gotten multiple cards with 0% APR for the first year promotions. One of them even came with a book of checks linked to the account. If you could write yourself a check with the funds to use and pay it back within the no interest period you'd be golden.

You can usually get a card at the big box hardware stores with a 6-12 month 0% APR intro period and use that to fund your materials as well.