All Forum Posts by: Account Closed

@Nicole Heasley

Thanks for all of your insight into the cc’s I had no clue that people where using them with this strategy! Greatly appreciated!

@Tyrell D Bradshaw

Great place to Learn working for a wholesaler. I started off as an agent working with investors. Banks will lend on a distressed property its just a matter of finding the one that will. Start with your local banks, they either have a few branches, or the town in the bank name. Ask them if they offer loans for rehabbing houses. Some of them will. There are different version of the Loans they will offer so make sure to shop around. Ask other investors about these options they offer so you can make sure you know everything about it before you move forward. You have the benefit of setting up your team before you get started so make sure you have it lined up so you have the best chance of success the first time through, there will be hurdles but with a good team it will be less difficult to handle.

Let me know if you have any further question,

@Tony Lee

You definitely increase your debt to income but you would grow your card debt as your business grows. This way it all balances out, if the cards approve you correctly they will also only allow you to have what you can handle. Since they are a line of credit though it is only a debt when you use it, if they are untouched, which you mostly do after the time frame they have interest free, this can really help you be approved for loans and more cards because you have so much capital “available” to you. The higher the balance available the better and the strategy is to pay it off as fast as possible do it doesn’t stay on long.

Let me know if this makes sense,

@Jon Cooney

This is very insightful into the process, thanks for telling the story. The government buying the house is awesome as well. I actually had a similar idea a few years ago. I bought some houses in an area where they were going to build a train station, looking for the same exit potentially. They ended up not going through with it but it’s something to look for and pay attention to, because say you hear about a potential project coming in an area that has cheap property, getting it first and making rentals could be a good way to hold them until the government, or a business in my case, buys them from you.

@Ankush Ratwani

Yes definitely! I’m not familiar with the delayed financing actually though, what is that?

@Brian Gerlach

The credit card is a line of credit just like from any other bank, you can ask them to extend further credit as time goes on. They base it on your income and your paying on time and length of credit history. Credit cards are mostly businesses as well which makes it a little different with approvals as well. I’m sure other investors have more information into this as well.

@Manuel Torreira

Sorry I misread and thought you had said fha 203k instead of 401k. That’s awesome how fast it worked for you!

@Manuel Torreira

That's awesome! I'm working with someone right now who bought a house hack with a FHA 203k. Took him 4 months to close but it was definitely worth it. How did your closing go?

@Steve Mahnke

There’s a couple different things you can do with credit cards, you can use them for closing costs and down payment’s, You could also use them for fees. And if you have enough You could potentially even buy the house itself. The key component is knowing how to get the cash off the credit card. Sometimes they give you checks that you can use, you could also do other payment ideas to get access to the cash, like cash advance and even using pay pal.

There are a few different services out there that will help you get the credit cards and tell you how to use them. You can find the companies online or even through networking events and other investors.

Hey @Mark Durham and @Bob Daniels 

Thanks for the input. I have used credit cards too and completely forgot about them.