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Updated almost 7 years ago, 01/05/2018
Credit card lines of credit
I have an opportunity to get several credit cards who's limits will exceed $50,000 combined. Does anyone have experience with this type of funding for real estate?
One of my concerns is that I won't have access to the credit without taking cash advances at upwards of 25%, as these cards will not have access checks. This seems like it could be devestating to my profits if it takes 6 months to rehab and sell a property.
Am I missing something, or are there ways to use credit cards as down payments on propertywithout cash advances?
Thank you,