Has any one attempted this process for removing your income to deposit in property. Someone from Real Estate Investing Institute referred to this to me though I had never listened of we do it this way. Would the seductiveness rate be reduce than if we go to the bank? He pronounced we could only do the send change until we get your profit. Seems oversimplified as well as unsure to me. What do we think?
HAS ANYONE HEARD OF USING YOUR CREDIT CARD TO TAKE OUT THE MONEY TO INVEST ON REAL ESTATE?
Previous post: HOW DO I INVEST IN AGRICULTURE?
Next post: WHAT COMPANY ON THE NYSE IS THE BEST TO INVEST IN FOR THE NEXT 28 DAYS?
{ 3 comments }
I would have to look at the details of the plan, but initially, this sounds like one of the dumbest things I have ever heard.
1) Credit cards won’t give you a high enough limit to buy real estate.
2) Credit card interest isn’t tax-deductible.
3) Credit card payments and interest rates are much higher than mortgages.
4) If you plan on borrowing from your credit card for a down payment on a mortgage, don’t. Most mortgage lenders don’t like that.
Basically this seems wrong at first glance. Unless the details somehow overcome all the negatives (which I doubt), don’t do it.
Hi,
It’s too risky. It might put you in a deep debt trap as you would soon get into a gambling mood. Checkout http://www.monetaryguru.com for some useful tips on dealing with real estate in a much safer way. Good luck!
I have heard about this method.
I usually read about it in the newspaper when they publish stories of people who have gone bankrupt through poor decisions.
Comments on this entry are closed.