Reply
Moderator Emeritus
Posts: 10,932
Registered: ‎12-30-2011
0

Re: Buying a house with credit cards

4 digit price?

What sort of income do you have? Family loan, or heck if I could make the payments and just needed it short term, I'd consider doing a Cashcall 10K loan or similar. When you said dirt cheap... Ah well.

Think you have options at that price range.
Starting Score: EQ 561, TU 567, EX 599* (12/30/11, EX lender pull 12/29/11)
Current Score: EQ 04 693, EQ 8 685, TU 705, EX 709 (02/27/15)
Goal Score: 700 on EQ 04 (01/01/16)


Take the myFICO Fitness Challenge
Valued Contributor
Posts: 1,632
Registered: ‎01-23-2013
0

Re: Buying a house with credit cards


fltn wrote:

My husband and I are doing the same thing.

We used our LOC/Navchek and we also used our paypal smart connect accounts. Just sent each other payments and transfered to our accounts.

We know the interest is high but it is worth it to us.

We got a 2000 sqft poured block house 3b 2b for for $6000.

We took extra cash to fix the dry wall, windows, plumbing, and new doors, and locks.

The Hvac was gone so we just bought us some window units for now.

We made it livable so now we will either rent it out or move into it.

Either way we can pay back quick and will be so much cheaper that a mortage that ends up costing 3x's as much as the original price of the house.

 

Good luck to you!


@fltn, I saw you post about that someplace else on the forums and thought that was inspiring. I've seen houses go that low, but only at auction in depressed areas. Good deal, and it sounds like smart financing. The banks and credit union had no problem with you transfering money around like that?

 

Valued Contributor
Posts: 1,632
Registered: ‎01-23-2013
0

Re: Buying a house with credit cards


Revelate wrote:
4 digit price?

What sort of income do you have? Family loan, or heck if I could make the payments and just needed it short term, I'd consider doing a Cashcall 10K loan or similar. When you said dirt cheap... Ah well.

Think you have options at that price range.

@Revelate, yes it's in the four digits. I can scrape up about half in cash and can possibly borrow from family though I'd rather not. Credit cards are just one option I'm  looking at. My income is low. I'm not comfortable stating it here, if you don't mind. It's just low and I've gotten a lot of recent credit. The utilization on my cards is around 5% so I have room to spare. I don't know anything about Cashcall and will check that out. Thank you.

 

Frequent Contributor
Posts: 279
Registered: ‎12-26-2012
0

Re: Buying a house with credit cards

[ Edited ]

Gunnar419 wrote:

fltn wrote:

My husband and I are doing the same thing.

We used our LOC/Navchek and we also used our paypal smart connect accounts. Just sent each other payments and transfered to our accounts.

We know the interest is high but it is worth it to us.

We got a 2000 sqft poured block house 3b 2b for for $6000.

We took extra cash to fix the dry wall, windows, plumbing, and new doors, and locks.

The Hvac was gone so we just bought us some window units for now.

We made it livable so now we will either rent it out or move into it.

Either way we can pay back quick and will be so much cheaper that a mortage that ends up costing 3x's as much as the original price of the house.

 

Good luck to you!


@fltn, I saw you post about that someplace else on the forums and thought that was inspiring. I've seen houses go that low, but only at auction in depressed areas. Good deal, and it sounds like smart financing. The banks and credit union had no problem with you transfering money around like that?

 


I wrote a check to my mom and she cashed it for me after the hold was released.

My husband wrote a check to his mom and did the same.

We both have $15K Nav/Check and each wrote $5000 to not max out our accts.

 

Then we both send a payment to each other through paypal for $4000 each from our smart connect accts, after paypals fees, we each sent $3500 to our bank accounts.

From there we each withdrew $3000 each, and transfered the $500 to our checking accts at NFCU so it would be there for the first payments.

 

Of what was left after the fees in Paypal we left what was left of the other $500 in our paypal accts to cover 2 or 3 months worth of pp payments.

 

So only for a few months we make smaller above min payments. Once we decide to move it or rent out the house we will take that money (from renters or what we save by not paying rent) to pay off really fast.

 

There has been no calls from NFCU about this, we have even got CLI on our CC's with them. They are making money from it, so I assume they are happy.

Paypal doesn't seem to care, and we each got CLI's this month.

 

So we will continue to use this method, but next time we will be buying $15000 to $25000 houses.

We live in TN, but are doing this in FL, not through auctions. Just looking for cheap houses that people want out of since they lost their jobs at NASA, many friends and family included.

We are from that area and there are a lot of people that have paid off their houses but have to sell and move for jobs else where. The values are super low there still, and people working PT need a cheap rental. They are good solid houses built in the 50's and 60's, and being in FL, they hold up better with the hurrican codes.

 

This started out as a hobby of mine. I started buying houses in ND after the tax sales were over and what was left. I picked up 5 houses at $1500- $3500 each, did nothing to them. I just flipped them for cheap, $5K-$10K each.

Currently "freezing" in the garden!
Senior Contributor
Posts: 6,260
Registered: ‎08-16-2012
0

Re: Buying a house with credit cards

I'd just try to get a BT check with a 0% offer...
I know many banks, Citi/Discover, etc... Have options that allow you to access your credit with checks/checking acct xfers that use the purchase/promo rates
Marriott PR$25k | BCE $24.5K |BankAmericard Visa $25k| BOA Better Bal $17.5k |Wmt Discover $12.5k | BR Visa $17.5k | Amex Delta Gold $10k | Discover IT $10k | Paypal Extras MC $15k | Amazon Store $10k|Smile Gen $7.25k | Dillard's $10k | West Elm $4k| Express $3.05K | Mypoints.com Visa $4.5k | Freedom Visa $1k| Amex Surpass $1k
Valued Contributor
Posts: 1,632
Registered: ‎01-23-2013
0

Re: Buying a house with credit cards


youngandcreditwrthy wrote:
I'd just try to get a BT check with a 0% offer...
I know many banks, Citi/Discover, etc... Have options that allow you to access your credit with checks/checking acct xfers that use the purchase/promo rates

Thanks, youngandcreditwrthy. I've just checked with my two highest limit cards to see if I can do exactly that. I've never gotten BT checks from either of them, but they do both have them available. The one might not offer 0%, but even that might be okay for a while.

 

I won't make a move until I know whether my offer's been accepted by the bank that owns the house. But either BT checks or a loan from a friend or family member will probably be the way to go.

 

Valued Contributor
Posts: 1,632
Registered: ‎01-23-2013
0

Re: Buying a house with credit cards

@fltn, that's amazing. Thanks for sharing the details. Would you mind if needed to PM you for further info? I might if the bank says yes.

 

Frequent Contributor
Posts: 279
Registered: ‎12-26-2012
0

Re: Buying a house with credit cards


Gunnar419 wrote:

@fltn, that's amazing. Thanks for sharing the details. Would you mind if needed to PM you for further info? I might if the bank says yes.

 


Yeah no problem. Though I have been doing this all on my own, I am no pro. Just 4 years of reading online, articles, anything I can get my hands on.

Do you plan to live in the house, rent or flip?

Just curious. Anyway you go it all works out to be a great deal.

I was looking for a mortage/rent free life when I started. Building my credit back up after my BK7 in 2009 has opened some doors.

Plus not being afraid of a little fixing up helps to. Nothing comes easy but if I can make it easier without a 30 year mortage and no rent payments, I'll be happy with my simple little life.

Currently "freezing" in the garden!
Valued Contributor
Posts: 1,632
Registered: ‎01-23-2013
0

Re: Buying a house with credit cards

@fltn, I'll probably move into it and either rent or sell the house I'm in now. No flipping. Where I am there's still no market for that, though I suppose if I fixed it up well enough quick enough I could do it.

 

I was mortgage free for about 10 years and want to return to that life. Yeah, hooray for keeping things simple and low cost.

 

Frequent Contributor
Posts: 279
Registered: ‎12-26-2012
0

Re: Buying a house with credit cards

Yeah I am ready to have rental property. I am gonna be the nicest landlord.

No reporting for breaking lease. Got 3 dogs and 2 cats. Ok no problem.

House in this area goes for $1000 plus first last and deposit and $500 pet fee, lol.

I will do $750 a month, $500 deposit, and $100 per pet. I had landlords like that, no many, but when I did, I lived at those places longer.

Currently "freezing" in the garden!
Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
† Credit cards for FICO Score ranges: The score ranges are guidelines based on actual applicant approvals and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.