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Updated over 4 years ago on . Most recent reply

User Stats

203
Posts
43
Votes
Drew Slew
  • Rental Property Investor
  • Union city, NJ
43
Votes |
203
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.

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