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Updated almost 4 years ago,
Reoccurring Balance transfers to fund BRRRRs - on the same card!
Hi All! SO... looking for some info that someone out there might have (and maybe share a bit of my own). While working thru a few small BRRRRs, I've leveraged a credit card I have that will repeatedly send me checks in the mail to use for balance transfers - 0% interest for 12 months and a 1 time 5% fee (They also offer 7% for 15 months but I opt for the prior). So I purchase the property (with my cash in savings), and write the balance transfer checks - to myself, and use the funds from the cashed check to rehab the property. Then refinance and pay off the CC. It works WONDERFULLY.
For those wondering, it's a discover card - (Though I cant for the life of me figure out which specific one - they all look the same).
Now this has been such a great strategy for me: The fee is low and a 1 timer, I always have an exit plan, and I don't need to rely on other people i.e. asking others for money, applying for a loan, paper work upon paperwork, draws, ect. The problem (and I use that word loosely) is that I need (want) more cash available from these checks. I've asked for balance increases, and have received a some, but If I could double or even triple (F it... 10x...) the amount I have access too, I could get my REI business booming much much faster.
So my question to this community is, does anyone else do this? and if so, are there other cards out there that provide these checks on a regular basis? I've scoured the internet and there does not seem to be any indication of this, EVEN for the discover that I already have except a small hint of it on their credit card page where is says "future transfers". Yes - I have the other traditional funding options available but this just make things soooo so so so much easier.
So that's my ask - just thought I'd throw it out there. Any info is helpful!
Link to current discover credit card options: https://www.discover.com/credi...
Cheers!
Disclaimer: I am not a financial advisor nor am I licensed... in anything... at all, and I take no responsibility for whatever you do with the above mentioned discover card, or any other information provided here. I also am not associated with Discover in any way except that I have their card (even though I'm not sure which one). Insert whatever else I need to to ensure someone doesn't sue me here.