The House I bought with a Credit Card!
When I first got into real estate investing, I bought a course about buying houses with “no money down” from one of those late-night TV gurus. I had a job but zero money to invest so I thought it would be perfect for me!
I found a small rental house that I figured needed about $5,000 of cosmetic repairs, cleanup, paint and carpet etc. I asked the seller to lend me the “fix-up” money and he agreed but, only after I got the bank to lend me the money to buy it.
The bank gave me the loan with 20% down. (Remember, I had zero money). So, we began the 30 day due diligence period, appraisals, survey, etc..
During that 30 days I used my credit card to “borrow” the down payment and closed the deal!
That same afternoon, the seller lent me the $5,000 so I could complete my repairs and have a little money left over to make my first couple of payments!
I have owned this house for about twenty years and cleared an average of $2,000 per year 🙂 Some years even more $. What do you think? A good use of my credit card?
You might not want to buy a house on your credit card, but I’ve become an expert at helping real estate investors find creative ways to buy rentals and manage them for steady cash flow without the hassles.
To your success!
Do you have questions about maximizing your return on your portfolio? I invite you to call me to discuss your needs. With 25+ years in the business, I’m confident I can guide you in the right direction.
Call 864-395-6538 . Talk soon.