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Updated over 7 years ago on . Most recent reply

User Stats

222
Posts
35
Votes
Tereal Wilsonn
  • Rental Property Investor
  • Oak Park, MI
35
Votes |
222
Posts

using Credit cards at the Tax Forclosure auction

Tereal Wilsonn
  • Rental Property Investor
  • Oak Park, MI
Posted

Greetings everyone

Need a little advice, im currenlty bidding in my local tax auction, theres a 4plex next to a duplex that i just bought from the landbank. My Private money lender is in limbo right now and im considering useing my CCs, this 4plex might go for 25K and i have a total of 50K combined CCs limit, Im considering buying the 4 plex on my CCs, This is for BRRRR but my questions are:

Can i buy the house with my CCs in my name and Refi into 203K to get the rehab completed?

How will i get my 25K back to pay off my CCs?

Do i need to buy the 4plex in a LLC to get my 25K back?

Please help me understand how this works,  and if i can realistically get this completed , the Auction ends tuesday 

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