Do you think about use credit-card lines of credit for your down payment? I couldn't get a credit card if my life depended on it! My answer to you is: "That may be true. But what about the credit cards held by the following people?
Friends, Relatives, Business associates.
Many investors temporarily use credit cards from one or more of the sources above. They repay their source quickly and go on to greater wealth. Here are some reader letters showing you the power of using credit card lines of credit to buy income real estate. The credit card line of credit could be one of the three sources.
Credit Card Lines Can Be Your Down Payment
I located a recently rehabbed legal two-unit building whose income would service an 80% mortgage. Since I did not have the remaining 20%, I remembered your suggestions about using credit card lines of credit. I used my credit cards for part of the down payment and convinced the seller to carry back at 11 percent a second mortgage for 3 years. I bought this property by financing the entire deal with other people's money!
Credit Cards as a Way to Real Estate Wealth
One of my friend recently bought his first property, a townhouse from HUD. He bid below the asking price and won the property. He used credit card lines of credit to pay for the house and received a $600 bonus for a fast closing. He then mortgaged the property and got $3,500 cash for it. He ran an ad and will now rent the property for $640 per month, slightly below the market, but He wanted a fast tenant. I have a positive cash flow.
Based on the reports that give me today, credit card lines of credit are widely used for income real estate down payment money. This source of money is an excellent example of creative financing for real estate investors everywhere. So give it some thought for your future wealth building in income real estate!
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