Buying 50+ Houses in a Year with Credit Cards

[Anonymous]

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@Anonymous wrote:

Firstly, if you're looking to put that kind of Money through a card. I wouldn't be doing it on a Charge Card, too many things can happen and if you don't PIF it takes too long to get back in their good graces. 

Second, if you can get approved for  BIZ CC. It's still going to take a little time to build the limits you're wanting. Just verifiable 7 figure income alone doesn't grant you $30-40K CLs. The more you charge and pay off, the more they allow higher amounts to be charged. Like any relationship, trust takes time to build. 

Third, it sounds like you already have good thing going. Existing CL for supplies, and financing for purchases. So in theory it shouldn't be that difficult to quslify for a few Credit products. You never know until you try. Amex is the quickest to increase, so it might pay to app them to start.

At least you do have verifiable income, because Amex will want a POI at some point for high CLs. 

That said, I'm not sure how you'll buy actual housing on a CC, migth have to use plastiq a lot. But at least you'll be able to buy all the supplies for rehab with them and then earn points on those purchases. Good Luck!

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Thank you for your thoughts. As you and some others have taken the time to actually respond have mentioned, just start out with the expenses and go from there. Still $40K to $60K per month of those that I could utilize. I still plan to discuss topic further with Title Company, but unless some unforeseen solution emerges, those processing fees are likely going to be too large to overcome.

[Anonymous]

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@Anonymous wrote:

Firstly, if you're looking to put that kind of Money through a card. I wouldn't be doing it on a Charge Card, too many things can happen and if you don't PIF it takes too long to get back in their good graces. 

Second, if you can get approved for  BIZ CC. It's still going to take a little time to build the limits you're wanting. Just verifiable 7 figure income alone doesn't grant you $30-40K CLs. The more you charge and pay off, the more they allow higher amounts to be charged. Like any relationship, trust takes time to build. 

Third, it sounds like you already have good thing going. Existing CL for supplies, and financing for purchases. So in theory it shouldn't be that difficult to quslify for a few Credit products. You never know until you try. Amex is the quickest to increase, so it might pay to app them to start.

At least you do have verifiable income, because Amex will want a POI at some point for high CLs. 

That said, I'm not sure how you'll buy actual housing on a CC, migth have to use plastiq a lot. But at least you'll be able to buy all the supplies for rehab with them and then earn points on those purchases. Good Luck!

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The kicker is that the rewards received have to exceed the merchant fee. That is very easy to do with CCC's who are in the industry solely to lose as much money as possible. 

[Anonymous]

Yeah, I still plan to discuss topic further with Title Company, but unless some unforeseen solution emerges, those processing fees are likely going to be too large to overcome.

As others here have mentioned, I just need to start out with the expenses and go from there. Still $40K to $60K per month of those that I could utilize and build up my limits with.

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

Firstly, if you're looking to put that kind of Money through a card. I wouldn't be doing it on a Charge Card, too many things can happen and if you don't PIF it takes too long to get back in their good graces. 

Second, if you can get approved for  BIZ CC. It's still going to take a little time to build the limits you're wanting. Just verifiable 7 figure income alone doesn't grant you $30-40K CLs. The more you charge and pay off, the more they allow higher amounts to be charged. Like any relationship, trust takes time to build. 

Third, it sounds like you already have good thing going. Existing CL for supplies, and financing for purchases. So in theory it shouldn't be that difficult to quslify for a few Credit products. You never know until you try. Amex is the quickest to increase, so it might pay to app them to start.

At least you do have verifiable income, because Amex will want a POI at some point for high CLs. 

That said, I'm not sure how you'll buy actual housing on a CC, migth have to use plastiq a lot. But at least you'll be able to buy all the supplies for rehab with them and then earn points on those purchases. Good Luck!

---

Thank you for your thoughts. As you and some others have taken the time to actually respond have mentioned, just start out with the expenses and go from there. Still $40K to $60K per month of those that I could utilize. I still plan to discuss topic further with Title Company, but unless some unforeseen solution emerges, those processing fees are likely going to be too large to overcome.

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The process fees will certainly be too large to overcome, because lenders for some reason think they deserve to make a profit lending money out, which involves risk for them.

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

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@Anonymous wrote:

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@Remedios wrote:
Maybe I'm missing vital information from a different post, but how exactly are you planning on getting approved for cards that would be even 1/5 of the limits you'd need

Those kind of limits ($50K) take decades of great credit management

Maybe it's me 🤷‍♀️

Anyway, good luck

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If I'm off on my assumptions here, let me know, but it is my understanding that is easier to get higher limits for business credit cards than personal credit cards as this is based on largely based on revenue and income of business as opposed to solely personal credit score? Business Charge Cards even more so, and the limits on these are able to be increased at greater rate comparatively speaking to normal cards where you are allowed to carry a balance from month to month? Problem is, the only Business Charge Cards I'm aware of are the AMEX cards, and unless I'm missing something, those wouldn't provide me the 2%+ cash back or equivalent of 2%+ cash-back via rewards that I'd likely need to justify pursuing this endeavor. The question would then be what kinds of Business Credit Card Limits could I expect to recieve and how quickly could I expect to see limits increases granted the cards were used responsibly?

Verifiable gross income for business well exceeds 7 figures and verifiable net income is several hundred thousand for 12 months prior to today. Total Asset to Liability Ratio is ~ 2.5 : 1

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If you are going to get a large limit on a business card, they'll want to see your business model. They'd be concerned about your model tanking whenever the economy sours or the housing market tanks. Also, your age won't lend itself to a large line.

Being established in a business as well as a long credit history is what will get you a large business CL. 

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It probably got lost in my ramblings posts, but my mother is listed as a partner with me in all these ventures. She has the decades and decades of great credit management that you refer to. Her score is in the mid 840s, and she has over 30 years of credit history, including being with AMEX since 1988. If I couldn't qualify for necessary limits, could simply have her do so. The business figures combined with her history would likely lend to at least a minimum starting Business Card Limit of $25K to $50K, if not more, no?

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Your mom's the ticket!!! Hit her up as your prime lender. Ask her for the rewards her cards generate. 

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

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@Anonymous wrote:

Firstly, if you're looking to put that kind of Money through a card. I wouldn't be doing it on a Charge Card, too many things can happen and if you don't PIF it takes too long to get back in their good graces. 

Second, if you can get approved for  BIZ CC. It's still going to take a little time to build the limits you're wanting. Just verifiable 7 figure income alone doesn't grant you $30-40K CLs. The more you charge and pay off, the more they allow higher amounts to be charged. Like any relationship, trust takes time to build. 

Third, it sounds like you already have good thing going. Existing CL for supplies, and financing for purchases. So in theory it shouldn't be that difficult to quslify for a few Credit products. You never know until you try. Amex is the quickest to increase, so it might pay to app them to start.

At least you do have verifiable income, because Amex will want a POI at some point for high CLs. 

That said, I'm not sure how you'll buy actual housing on a CC, migth have to use plastiq a lot. But at least you'll be able to buy all the supplies for rehab with them and then earn points on those purchases. Good Luck!

---

Thank you for your thoughts. As you and some others have taken the time to actually respond have mentioned, just start out with the expenses and go from there. Still $40K to $60K per month of those that I could utilize. I still plan to discuss topic further with Title Company, but unless some unforeseen solution emerges, those processing fees are likely going to be too large to overcome.

---

The process fees will certainly be too large to overcome, because lenders for some reason think they deserve to make a profit lending money out, which involves risk for them.

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I purchase rental property for $30,000 and interchange fee plus additional processing costs add up to just over 2%. That is $600. Title company eats $150 of that, still maintaining healthy enough profit margin for themselves and I eat $450 of that. I get 2% cash back on the transaction. I'm pocketing 0.5% in cash-back, or $150 bucks in this case. Multiply by 4 such transactions in a month, that is a extra $600/mo in my pocket. If 8 such transactions, that would be $1,200/mo.

So no, Title Company would still be making a profit. Add in all the closings I have done and continue to do with them, which is why they were open to at least discussing this further with me in the first place. However, is the ROI significant enough to justify all this work? I don't know. Would also likely only be able to be utilized on the cheaper rental transactions, which in real world, are only going to make up 1-2 of month acuisitions I make. That $600/mo just became $300/mo.

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

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@Anonymous wrote:

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@Anonymous wrote:

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@Remedios wrote:
Maybe I'm missing vital information from a different post, but how exactly are you planning on getting approved for cards that would be even 1/5 of the limits you'd need

Those kind of limits ($50K) take decades of great credit management

Maybe it's me 🤷‍♀️

Anyway, good luck

---

If I'm off on my assumptions here, let me know, but it is my understanding that is easier to get higher limits for business credit cards than personal credit cards as this is based on largely based on revenue and income of business as opposed to solely personal credit score? Business Charge Cards even more so, and the limits on these are able to be increased at greater rate comparatively speaking to normal cards where you are allowed to carry a balance from month to month? Problem is, the only Business Charge Cards I'm aware of are the AMEX cards, and unless I'm missing something, those wouldn't provide me the 2%+ cash back or equivalent of 2%+ cash-back via rewards that I'd likely need to justify pursuing this endeavor. The question would then be what kinds of Business Credit Card Limits could I expect to recieve and how quickly could I expect to see limits increases granted the cards were used responsibly?

Verifiable gross income for business well exceeds 7 figures and verifiable net income is several hundred thousand for 12 months prior to today. Total Asset to Liability Ratio is ~ 2.5 : 1

---

If you are going to get a large limit on a business card, they'll want to see your business model. They'd be concerned about your model tanking whenever the economy sours or the housing market tanks. Also, your age won't lend itself to a large line.

Being established in a business as well as a long credit history is what will get you a large business CL. 

---

It probably got lost in my ramblings posts, but my mother is listed as a partner with me in all these ventures. She has the decades and decades of great credit management that you refer to. Her score is in the mid 840s, and she has over 30 years of credit history, including being with AMEX since 1988. If I couldn't qualify for necessary limits, could simply have her do so. The business figures combined with her history would likely lend to at least a minimum starting Business Card Limit of $25K to $50K, if not more, no?

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Your mom's the ticket!!! Hit her up as your prime lender. Ask her for the rewards her cards generate. 

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Brilliant, lol. Lets keep these ideas rolling in.

[wasCB14]

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@Anonymous wrote:

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@mikesonthemend wrote:

Is it true that there is a sucker born every minute? Has that been your experience?

My real question.... Are you original, or did you purchase this "pitch" from a weekend workshop?

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Thank you for your input. 

And #GoDawgs this weekend.

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Perhaps you could provide links to Zillow or Redfin of a few of your renovations? Cynics could examine the details in their own time, and it would only take 2 or 3 minutes of yours. Real estate investors could admire the beauty.

Californian landlords like myself (inherited, not self-made) could envy the ROI.

[Anonymous]

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@wasCB14 wrote:

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@Anonymous wrote:

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@mikesonthemend wrote:

Is it true that there is a sucker born every minute? Has that been your experience?

My real question.... Are you original, or did you purchase this "pitch" from a weekend workshop?

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Thank you for your input. 

And #GoDawgs this weekend.

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Perhaps you could provide links to Zillow or Redfin of a few of your renovations? Cynics could examine the details in their own time, and it would only take 2 or 3 minutes of yours. Real estate investors could admire the beauty.

Californian landlords like myself (inherited, not self-made) could envy the ROI.

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https://www.zillow.com/homedetails/949-Park-Ave-Beloit-WI-53511/40548158_zpid/

[wasCB14]

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@Anonymous wrote:

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https://www.zillow.com/homedetails/949-Park-Ave-Beloit-WI-53511/40548158_zpid/

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So you bought it in 2017 and sold it in 2019? Or bought it in 2019?