Credit cards for down payments

[Neil Clooney]

Hi community,

I have some 0% credit cards.

Does anyone here have any experience With liquidating them for down payments?

[Chris Seveney]

Quote from @Neil Clooney:

Hi community,

I have some 0% credit cards.

Does anyone here have any experience With liquidating them for down payments?

Here are some things to consider before going this route. 

1. You cannot get conventional financing. No bank or lender allows for credit cards as a down payment.

2.  What is your exit strategy? How are you going to refinance before the grace period is up.

In the past, when I read people on BP or hear stories of people using credit cards for real estate and then share their story of how they defaulted or went bankrupt, my response is usually not very polite and it is somewhere along the lines of "oh really, would have never expected that to happen", and it goes on the list between rubbing a polar bears belly and getting mauled and sending $1M to my nigerian cousin in order to collect my inheritance and not getting anything back. As know one could have ever predicted that outcome....