Using credit cards to purchase properties.

[Clint Vonburg]

So, I've heard on the podcast that others have used credit cards to purchase properties before but I am having trouble figuring out how they got the funds off the cards to pay for anything. You see what my plan was was to use my credit cards for the down-payment of a property but I'm just finding out that I can't even transfer my cards funds to a checking account. So I'm wondering if there is a way to get the money off the cards to pay for the down-payment that I am unaware of or not?

[Steve Vaughan]

Quote from @Clint Vonburg:

So, I've heard on the podcast that others have used credit cards to purchase properties before but I am having trouble figuring out how they got the funds off the cards to pay for anything. You see what my plan was was to use my credit cards for the down-payment of a property but I'm just finding out that I can't even transfer my cards funds to a checking account. So I'm wondering if there is a way to get the money off the cards to pay for the down-payment that I am unaware of or not?

 I did this a lot in 2010-2012. I did 'balance transfers' to my business bank acct. Also used the cc checks as down payments on seller financed purchases. 

Then my credit utilization got too high and my 0% turned into penalty pricing at 24.9%+ even though I  never missed a payment. 

Much safer is to buy materials for your rehabs with intro rate cc's.  Then pay them off before the rate resets to normal.