All Forum Posts by: Paul MacInnis

Originally posted by @Roy N.:

Originally posted by @Samuel Sedore:

Originally posted by @Roy N.:

@Paul MacInnis

Credit does not flow quite as easily here, but this strategy can be and has been used ... it's really another variation of using the 0% financing for appliance purchases offered by HD and other big-box retailers.

The key is, you need discipline and redundant strategies to ensure you pay down the card before the 0% (or low interest) period ends otherwise you find yourself with the original 50K credit card bill, plus the interest that had been deferred, all wrapped-up in a 18% interest rate ... it would be like time travel back to 1983 ;-)   

Naturally, the credit card company is banking on you slipping-up.

 As well with the credit not flowing it would be nearly impossible to use this money to purchase real estate in Canada would it not? Due to our regulations and the way they watch our money.

 Samuel,

If you are financing it would absolutely be difficult - not to mention mortgage fraud - to fund a downpayment from credit cards.

However, if you were buying cash, it could be done. I bought an REO last year for $27K ... I could have put that on my credit card (I actually tried as I wanted the air miles). I did purchase a truck on my credit card a couple of years ago (again for the air miles).

 So, Roy, what exactly do you mean "buying cash"?  Is that simply taking the loan money off of the credit card?  

Roy N. . Got it! Home Depot keeps waiting for me to be late.....so far so good!!!! Is a great option for properties that can be rehabbed and refinanced...or flipped....as you say IF you have the redundant strategy in place. Cheers!!

Tanya Braun , welcome to BP! This place is amazing. I just joined recently but have learned a ton. I'm on the other Canadian coast and prices aren't much of a worry - you could potentially look 'out east' for deals! Message me back or PM me if you want to know anymore. I just know some good realtors and property managers here! Cheers!

This is fascinating. I had no idea it was possible. I'm in Canada but I can't imagine it would be any different here! Something to look into! Thanks!

Hey Paul Watson , I'm Paul as well. I also recently joined BP and am a part-time investor in Nova Scotia. Good to meet you.

Mike Oliveira - nice to meet you! Good luck getting started! I'm really interested in student rentals as well. What sort of building would you like ideally? I'm in Nova Scotia , close to several major universities. Cheers,

Hey Jeff, I live nowhere close to you - east coast of Canada - but I do own a 4-plea - and you certainly describe it well! When I bought it over 10 years ago it was quite rough. Over time I've fixed it up and even put in a few high-end finishes that I got on 90% clearance day at Home Depot.....and it's paid off. The tenants are still 'less-concerned' about appearance but they're good people, pay the rent, and pay more than some of the local larger complexes! Good luck!

Nate Armstrong - wow, that webinar seems like it'd be great! Any chance of access to a replay!? I just joined BP!!!

Hi, I've just joined BP and am loving the site! I'm intrigued by many stories and wanted to share one of mine. I am currently attempting to purchase a 5-unit building with no money down. This is not my first property and I am required to put 20% down (175 purchase = 35k down). My plan is to use 35k to secure the property and then immediately refinance the property. The home is worth quite a bit more than purchase price - BUT I'm waiting for an appraiser to come up with the figure. The refinancing can be for 80% of the appraisal, I'm hoping for it to be 220-225k. That would give me a new mortgage of 176-180k and be able to take back the original 35k downpayment (as there would be 36-50k in equity pulled out). I will still have to pay the various transaction fees associated with the deal - legal, etc but I am still hopeful to get the property for $0! I should know about the appraisal by the end of next week - it's been slow to get going through the holiday season.

Welcome!!! I just joined today!! Looking forward to soaking up the info here!!!