Buying Real Estate with a credit card

[Edward Briley]

I have an opportunity to buy a piece of commercial real estate in the downtown area of a small town.  Now I may be able to get a loan on the property, or other ways to buy the property, however, both of them will require closing cost.  By using a credit card I can provide a fast closing and actually save money on the property. 

I have enough credit on a single credit card to buy the property.  I also have enough credit to flip the property and make a profit on it, rather I decide to mortgage it or not it, lease it at a later date, or both.  Or maybe sell it for the right price.

The question I have for the forum is that the property is in a small town, and I am not sure the real estate agent that is handling the property will know how to do this?  Matter of fact I am pretty much positive of that.   How do I get the agent (in which I have not tried) to accept my credit card offer on the property? Has anyone done this? 

The way I look at it is that I can flip the property within 60 days, and save the closing cost on the property, and will most likely have it leased within 90 days, and a mortgage within 180 days on the property if I decide to keep it. Total mortgage on the property I estimate will be $100,000 with a PITI of $800 +/- after it is flipped. Total leased income on the property will be $2000 or more per month, plus another small additional income the property offers ($100 to $200 per month).

[Edward Briley]

Originally posted by @Brandon L.:

@Edward Briley I'm sure someone somewhere knows the process for this, but I am sure it's not very common. Call up all the title companies in the area and see what they have to say. That might turn up something that is useful.

 Yes, I agree with you, the closing attorney should know how to handle this, seeing how he will be acting is the title company in this  transaction.