Skip to content
×
Try PRO Free Today!
BiggerPockets Pro offers you a comprehensive suite of tools and resources
Market and Deal Finder Tools
Deal Analysis Calculators
Property Management Software
Exclusive discounts to Home Depot, RentRedi, and more
$0
7 days free
$828/yr or $69/mo when billed monthly.
$390/yr or $32.5/mo when billed annually.
7 days free. Cancel anytime.
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Buying & Selling Real Estate
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 4 years ago on . Most recent reply

User Stats

201
Posts
43
Votes
Drew Slew
  • Rental Property Investor
  • Union city, NJ
43
Votes |
201
Posts

Buy 2nd home with credit card

Drew Slew
  • Rental Property Investor
  • Union city, NJ
Posted

I just bought my first house 2 months ago. 750sq ft 1bedroom (layout makes it 2bedroom) in Union City, NJ, 145k, put 30k down, 30yr mortgage for 3.5% rented room for $800/m, total cost PITI+maintenance is $1100. Its my primary residence, so now i almost live for free, equity being built.

I make 90k a year, and now have another 20k ready savings, and just got a new credit card, 15k, for 1 year no interest. 

How can I use this 15k and savings (lets say only 10k to leave some emergency) to buy another property? 

This time it would be an investment property, no lofty goals just something that I can rent, a 1 or 2 bedroom for monthly $150-300 profit. Cash on Cash 7-10% would be nice. 

I know there are lot of area, different locals, but in sum:

how to use my 15k credit card no interest for 12 month

somewhere closeby NYC in Jersey, as things here are super cheap and tenants are through the roof

Most Popular Reply

User Stats

77
Posts
54
Votes
Lauren H.
  • Investor
  • Colorado Springs, CO
54
Votes |
77
Posts
Lauren H.
  • Investor
  • Colorado Springs, CO
Replied

You can send a "gift" through paypal... I think it's a 3% fee. I've never actually done it, but we've got loads of credit on those business card offers that you get as soon as you open an LLC. If it's in the bank, then it's good funds for purchase.

Loading replies...