All Forum Posts by: Michael Sothern

obviously this method is risky and not preferred. If you buy correctly and have exit strategies in place it will work. 

Cresit Card companys always send 12-18 month low/no interest rate checks. Write a check to yourself. 12-18 months to repay with 0%-2.5 interest. Based on $15000 credit card you have access to $14,500 after you minus 500$ charge for loan. Based on .025% monthly interest on amount borrowed your paying roughy $350 payments on cc balance. 

I planed on using this along with other CC at same rate to gather my down payment. 

Then refi out with a commercial banker after I prove the asset is cash flowing with equity. 

Hey guys thank you for the advice, I really appreciate it. 

And Marcus someday maybe I'll have enough money to buy a duplex in MN. You mogul you. 

You will need to take a 2 day course in Phila. First day about 4 hours and 2nd day 1 hr or so. After 2 day completion they will give you a Certificate allowing you to be a Phila Sec 8 Landlord.

Due to my lack of documented income (I am paid in cash) I have had a hard time qualifying for a loan. Credit score of 750+. Example of property I am looking to purchase: Credit Card Cash Advance: $30,000. Personal Monthly bills $500. Purchase price $60-80k Repairs: $5,000 Arv: $150,000 Monthly rental income $1,000 + Property taxes $2,000 Goal is to find owner financed property. Put $10-20k cash down using Credit card cash advance (12-18 months 0% interest) and make monthly payments to seller. Then do work needed & put renter in. After 6-12 months refi into standard loan. I would like to purchase a single family home and rent out to Section 8 tenants. Will I be able to refi before 12 months if I have used cash advance or will this option not work. I am looking to refi based on fact I have a cash flowing asset with equity. I imagine most lenders will not be willing to give me loan when they see I have used credit cards to purchase. Was hoping certain lenders will give loan based on cash flowing asset. Any advice would be greatly appreciated. Thank you in advance. Michael Thank you BiggerPockets. You guys educate & motivate countless amounts of people. Keep up the amazing work.