Quote from @Don Konipol:
Let me be clear on where I stand._
People who come to BP solely to post a promotional piece citing the advantages of the service or product they’re selling are dangerous to anyone not experienced in real estate and finance who may believe the “ad”.
It’s still an “ad” even if the poster calls it a “discussion” and even if they do not directly mention their ‘services” in the initial post (they hope someone “bites” and so they can mention on in follow up posts).
The danger is especially acute when the poster offering the service has very little experience and is new to this service. It is further dangerous when the poster offers misinformation, half truths and outright lies in their post.
This OP, as I pointed out in my previous post, “doubles|down” on the lie that
(1) personal assets are not at risk - they absolutely are as the OP admits, albeit with some non sensible justification about specific assets not being pledged
(2) protects personal credit - as already stated the personal guarantee necessary will affect the credit card holders credit capacity , and as such find its way to their credit report, and hence affect credit scoring.
(3) is lower risk - this may be the biggest lie of all. Financing a property with a loan that in 6 months charges interest of 19.8 - 24% is beyond risky - it’s suicidal. Unless the property is sold or refinanced, a large negative cash flow is all but guaranteed.
Can credit cards be used in certain situations with a reasonable chance of success? DEFINITELY, early in my career I did so myself. However those circumstances are limited to investors with the ability to refinance when the promotional rates terminate, or those who have a sale of the property in place.
And IF you desire a business credit card, all you have to do is do a Google search, and APPLY for the ones offering the most advantageous deals. No need to pay this clown 10 - 15%, for his non existent “consulting” services (by someone with 60 days experience).
I totally get where you're coming from, and appreciate the fact that you take the time to call out BS when you see it. On the other hand, as counterintuitive as this might sound I also appreciate people who come to BP solely to promote something. Why? Simply because at the end of the day there is something newbies can and will learn from these posts. Such posts can spark new ideas of things others didn't even know was possible before.
My mindset is simple - I want to learn everything that I can. Knowledge is power. The more knowledge one has, the more informed decisions one can make, and the perhaps the greater the statistical likelihood of their subsequent success. I appreciate any and all opinions, most especially when those opinions run perpendicular to my own and the other person is willing to lay out the reasons for their ideas. That is when I tend to learn the most because it can illuminate new perspectives and thinking.
Anyway, you guys keep at it, I'm just absorbing as much as I can and seeing where and how I can apply things in my life.
