Account Closed I just sent you a message.

Also the money has to be seasoned, meaning in your account for at least 3 months before being able to use it.

There would be no refinance in this situation since there was no original financing to begin with.As for the credit cards, to get a single card with a 20k or more limit would be based on your credit history, but American Express has been known to be generous with initial limits and credit limit increases after 60 days of opening the account and then 6 months again after that.

I would say that your going to want at least $10,000 in reserve in case you have to make a major repair, have to pay the mortgage if not all the rooms get rented, and expenses you didn't account for. 

If your accountant will do that you should be OK.

With the amount he has in his account and no mortgage he should be able to handle vacancies and repairs, this is a valid point, reserves are essential. 

Hi All, I have been studying tons of BP material over the last 6 months...Webinars, Podcast, Books etc.

I went in with the question can I consolidate all of my accounts and use that as collateral towards the purchase of a property. 

I’ve studied Dave Ramsey and have an allocated spending plan.

Account Closed Thanks for the reply.