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Updated over 5 years ago on . Most recent reply
BUYING A $30,000 RENTAL PROPERTY ON A CREDIT CARD
I don't have a large amount of cash to buy a rental property at the current time so that's forced me to get creative. I'm thinking about putting a $30k rental property on my credit card. I will pay 10K cash and put the other 20k on my card. If things go as planned, I'll have a renter and it'll take 1 1/2 to pay off the card if I send in all the money from the rental. ANY THOUGHTS???
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#3 General Landlording & Rental Properties Contributor
- Rental Property Investor
- Los Angeles, CA
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#3 General Landlording & Rental Properties Contributor
- Rental Property Investor
- Los Angeles, CA
During this time that you're sending in 100% of the rent payments, who covers property taxes, insurance, updates and repairs, vacancies, late rent, non-payment of rent, etc.
Perhaps you should wait until you are more financially secure to purchase a property?
I'd also like to know what $30,000 property will bring in rent of $1,100 a month.