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Frequent Contributor
NonSufficientFunds
Posts: 321
Registered: ‎04-09-2013

Re: Buying a house with credit cards


fltn wrote:

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.


It's easy to be a "nice landlord" - until you get bad tenants.

 

Keep in mind that it will be YOUR property that gets seized by authorities when the neighbors start complaining about the odors coming from the meth-lab, or the high amount of foot traffic at night, because that's where the pot is being grown.

 

Landlords can sometimes be tough - but they weren't born that way...

Hard experience has taught them some valuable lessons in dealing with people who have nothing invested. 

 

There are good reasons to have strict rules - otherwise, dogs and cats will be the least of your troubles.

 

 

Regular Contributor
fltn
Posts: 249
Registered: ‎12-26-2012

Re: Buying a house with credit cards

[ Edited ]

NonSufficientFunds wrote:

fltn wrote:

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.


It's easy to be a "nice landlord" - until you get bad tenants.

 

Keep in mind that it will be YOUR property that gets seized by authorities when the neighbors start complaining about the odors coming from the meth-lab, or the high amount of foot traffic at night, because that's where the pot is being grown.

 

Landlords can sometimes be tough - but they weren't born that way...

Hard experience has taught them some valuable lessons in dealing with people who have nothing invested. 

 

There are good reasons to have strict rules - otherwise, dogs and cats will be the least of your troubles.

 

 


Oh I agree completely. That is what background checks are for.

I will have a strict lease, just saying, I will not hold someone to a 12 month lease if they need to move and sue them for remaining months. Or rip them off with pet fees.

I will rent cheaper to have it not sit empty for long so I can get someone else in when someone breaks a lease.

Now if they destroy the place, that is another story.

But a few days late on the rent won't be followed by a $50/$75 late fee.

A lease will also have a "14 days to vacate" to help with an eviction process. Most states require more time unless the lease states otherwise.

 

I just believe that sometimes people treat other peoples property better if they know that their landlord does understand things come up. Plus for a house this will be paid off in less than a year, it's not like I need that payment by a certain date to cover a mortage payment. It makes it easier to be a little nicer.

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webhopper
Posts: 7,230
Registered: ‎09-16-2011

Re: Buying a house with credit cards

[ Edited ]

While I appreciate the discussion on being a landlord, lets all remember to stay on topic :smileyvery-happy:

 

If anyone wants to discuss landlord issues, feel free to PM me. I have been a landlord since 2008.  You are also welcome to start a thread in the Smorgasboard forum.

 


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Valued Contributor
CreditScholar
Posts: 2,277
Registered: ‎01-22-2012

Re: Buying a house with credit cards

[ Edited ]

NonSufficientFunds wrote:

fltn wrote:

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.


It's easy to be a "nice landlord" - until you get bad tenants.

 

Keep in mind that it will be YOUR property that gets seized by authorities when the neighbors start complaining about the odors coming from the meth-lab, or the high amount of foot traffic at night, because that's where the pot is being grown.

 

Landlords can sometimes be tough - but they weren't born that way...

Hard experience has taught them some valuable lessons in dealing with people who have nothing invested. 

 

There are good reasons to have strict rules - otherwise, dogs and cats will be the least of your troubles.

 

 


+1. There is so much truth to this.

 

After several issues regarding pets we simply don't take them anymore for any reason. The only pets we allow are self-contained ones (fish, hamsters, or essentially anything in a cage that isn't let out). I watched several cases where we had to pull out carpets, the floorboards underneath (which were soaked with piss since the pets were never let out), the walls were all scratched up and had to be re-done, etc. It simply wasn't worth the hassle.

 

Also you need to be aware of the legal issues around being a landlord. People these days are so eager to sue you for any little thing just to get some cash. Even if they are in the wrong it's often not worth it to go after them. If you win, you're still out legal fees which you can't recoup since you can't take money that they don't have. Often this is why they're renting.

 

Nowadays we won't even consider someone (even for a 1 bedroom unit) if they're not making at least 100k, but what we're really after is 125-150k. These are people who make enough to be afraid of doing the wrong thing (and therefore have assets that can be taken), and also who make enough to eventually purchase their own home. Nothing is worse in a rent-conrolled city than having a tenant who stays forever, so we want them in and out ideally in a few years.

 

I think we're quite fair in most accounts (like we'll let late rent slide by a few days on occasion because we understand stuff happens sometimes), but there are some hard and fast rules that simply aren't to be broken. Once you make one exception, then everyone expects it and will sue you for discrimination if they don't get it.

 

Back to the original topic yes it's possible, as I watched my father purchase 3 houses with his Merrill Lynch card (although this was quite awhile ago and this had already been setup with them).With hindsight I felt awful because I walked out of one of those homes saying "let's get out of this dump", yet that was this elderly couple's life work. I was just a kid then, but I guess you don't learn certain things until you get older.

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Valued Member
winner88
Posts: 61
Registered: ‎07-21-2009

Re: Buying a house with credit cards

4 digit price? that is easy ..

depending on what rewards cards you have .. you can simply buy visa / mastercard giftcards from giftcardmall.com (if you go thru referal site like topcashback or bigcrunch it basically  eliminates the cost of the gidtcards).

Use those giftcards to load your American Express bluebird for free at walmart..  you can write a check  (free) on the bluebird account, or withdraw the money directly to your bank account (free).

 

You get your 4 digit Cash for the house, earn points for the purchase and no 3% cash advance fee to worry about.

 

NB: Avoid using citicard for this.. they are about the only big bank that code this as a cash advance rather than regular purchase

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Established Contributor
Gunnar419
Posts: 1,045
Registered: ‎01-23-2013

Re: Buying a house with credit cards

UPDATE: The bank accepted my offer! The bad news is that they want to close in a week. I had to agree everything they asked because I was afraid I'd lose out to the backup offerer if I couldn't meet their terms, but this definitely puts a crunch on me. It turns out that neither of my highest CL cards is offering BT checks right now and their regular BT terms don't allow transfering to bank accounts. Even if they did, BT without checks can take weeks.

 

I'll make this work somehow.

 

@winner88, thank you for adding to the creative suggestions, but even if I could get a Bluebird card in the next few days, wouldn't buying thousands of dollars in gift cards (especially with rewards cards) put me at risk of AA?

 

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Valued Contributor
myjourney
Posts: 23,641
Registered: ‎02-07-2013

Re: Buying a house with credit cards


Gunnar419 wrote:

UPDATE: The bank accepted my offer! The bad news is that they want to close in a week. I had to agree everything they asked because I was afraid I'd lose out to the backup offerer if I couldn't meet their terms, but this definitely puts a crunch on me. It turns out that neither of my highest CL cards is offering BT checks right now and their regular BT terms don't allow transfering to bank accounts. Even if they did, BT without checks can take weeks.

 

I'll make this work somehow.

 

@winner88, thank you for adding to the creative suggestions, but even if I could get a Bluebird card in the next few days, wouldn't buying thousands of dollars in gift cards (especially with rewards cards) put me at risk of AA?

 


Congrats on the house I know you will get it done:smileywink: 

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Valued Member
Ridewithme38
Posts: 42
Registered: ‎03-13-2014

Re: Buying a house with credit cards

Sorry for bumping am old thread, I just thought this was interesting. Its not possible for me, so my question is just hypothetical.

A mortgage is a secured loan, if you dont pay, they take the house. If you put the house on credit cards, unsecured debt, and don't pay, you still keep the house, right?
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Senior Contributor
john398
Posts: 3,275
Registered: ‎01-19-2009

Re: Buying a house with credit cards

LOL I just read this thread thinking it was new, hope it worked out for him

Frequent Contributor
Genkeim
Posts: 270
Registered: ‎05-13-2013

Re: Buying a house with credit cards


john398 wrote:

LOL I just read this thread thinking it was new, hope it worked out for him


same here! I hate cliffhanger endings. 

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