Got an unsecured business line of credit

[Liam Ritter]

Got $100k business line of credit with 710 credit score to buy some more properties.

Do you think it is better idea to buy a rental house (worth $70k) with the credit card paying all? Or do downpayment 20% with it (approx. $14k) and get a DSCR for 80% to close?

APR 0% for 18months

[Jason Taken]

Quote from @Liam Ritter:

Got $100k business line of credit with 710 credit score to buy some more properties.

Do you think it is better idea to buy a rental house (worth $70k) with the credit card paying all? Or do downpayment 20% with it (approx. $14k) and get a DSCR for 80% to close?

APR 0% for 18months

Only you can answer that. You have all the underlying math and ROI numbers in your pocket.

[Caleb Brown]

First question would be do you have money just in case or are you leveraging everything? I don't think it'd be good to use leverage as a DP then get a loan. If you are going to use the business line of credit I would do a flip or BRRR. That way you can pay back the line of credit and reuse it. 18 months seems like awhile but anything can happen in that span of time

[Max Ferguson]

Quote from @Liam Ritter:

Got $100k business line of credit with 710 credit score to buy some more properties.

Do you think it is better idea to buy a rental house (worth $70k) with the credit card paying all? Or do downpayment 20% with it (approx. $14k) and get a DSCR for 80% to close?

APR 0% for 18months

That all depends on the numbers for the deal. Do you have an out if the market downturns and you can't refi as expected or for as much? 

I am also curious where you procured the line of credit from? We may be doing renovations upwards of 80-100k on a property here shortly. This may be the best use for us before the refinance. thanks!

[Liam Ritter]

Quote from @Caleb Brown:

First question would be do you have money just in case or are you leveraging everything? I don't think it'd be good to use leverage as a DP then get a loan. If you are going to use the business line of credit I would do a flip or BRRR. That way you can pay back the line of credit and reuse it. 18 months seems like awhile but anything can happen in that span of time

I do have some cashes around 60k just for protection. Was thinking of buying turn key property with paying all money from credit card but I guess BRRR could be done better. So I guess when I do BRRR, once I get refinanced, I pat off the debt from credit card and re-do BRRR I guess? Is this what you meant? 

[Myeasha Jones]

I am curious with what bank is the line of credit? - I need that! 

Which of the two options make you more uncomfortable? Do that 1.

[Rohit Narayan]

Would like to know how you secured the BLOC. Thanks