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Updated over 1 year ago on . Most recent reply

User Stats

6
Posts
2
Votes
Michael Pierce
2
Votes |
6
Posts

0% credit card for financing a hard money loan

Michael Pierce
Posted

Ok, so I’m new to investing and I’ve been trying to come up with a financing strategy to get me into my first flip 

As of right now I’m thinking of establishing my business credit to Get a business credit card with 0% interest with a high limit.

Then I would use the credit card for a down payment on a hard money loan and use the loan to then repair the property.

After the flip sells I would pay the credit card and the hard money back with the profit.

I keep everything that’s left for my next project so hopefully it’s enough to where I don’t have to use the credit card for my down payment on a hard money lender.


also if their is anybody in Memphis TN that could meet up and discuss things with me it would be a great help I can’t seem to find anyone. 

Most Popular Reply

User Stats

148
Posts
176
Votes
Joshua Myers
  • Rental Property Investor
  • Columbus, OH
176
Votes |
148
Posts
Joshua Myers
  • Rental Property Investor
  • Columbus, OH
Replied

No offense, but I think that this is a terrible idea.

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