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Updated over 5 years ago on . Most recent reply
Using Business Credit Cards to Buy Multi Family?
Hey BP!!
It is a guy that I met who is using credit cards from his business to put for a downpayment for multi-family purchasing mixed in with seller financing and private partners. Doesn't affect his personal credit since it is all in his business.
He would take money from around let's say 30 business credit cards, he would maybe bring in a couple partners, and he would get some seller financing with it. He would then after maybe 2 years refi out credit card debt and partners. He would have successfully used none of his own money to buy a small multi-family home.
Has anyone ever done something like this before?
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#3 All Forums Contributor
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Originally posted by @Jamiel Strickland:
Hey BP!!
It is a guy that I met who is using credit cards from his business to put for a downpayment for multi-family purchasing mixed in with seller financing and private partners. Doesn't affect his personal credit since it is all in his business.
He would take money from around let's say 30 business credit cards, he would maybe bring in a couple partners, and he would get some seller financing with it. He would then after maybe 2 years refi out credit card debt and partners. He would have successfully used none of his own money to buy a small multi-family home.
Has anyone ever done something like this before?
It's a risky strategy but I bought my 1st duplex on a discover card. Today I run a $50M portfolio. So it can work lol.