Got my first deal under contract. Pay for closing with credit?
Hello everyone! Through research on BP and listening to podcasts, I've finally found the confidence to pick up my first flip. I am partnering with an experienced investor that will coach my through the deal. He is also a broker and suggested that I use his brokerage to charge the closing costs and essentially get the money back in cash.
My question is, what other ways can I get this money into a bank account so that I can bring a cashiers check to closing? I'm expecting 22K total that I will need from a total of 40k in credit cards. From my understanding I can do one of a few things:
-Charge the total of 22k through my broker which will include the 3% convenience fee, costing me $660
-Buy $500 visa gift cards w/ 5.95 fee each, and depositing to my account costing me $261.80 (a lot of work)
-Get credit card convenience checks, which may or may not be charged as a cash advance.
Can anybody recommend an approach for me?