Liquidate Credit Cards For Real Estate

[Anonymous]

Whats best way to liquidate credit cards to do a Real Estate Fix and FLip deal?  Need 50k and I have it on 4 cards but cash advances are not that much.

[simplynoir]

By not taking out cash advances for starters; even if you had the CA lines to do it the APRs alone would be REALLY bad. You're better off applying for a real estate loan if you want those amounts

[mikesonthemend]

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@Anonymous wrote:

Whats best way to liquidate credit cards to do a Real Estate Fix and FLip deal?  Need 50k and I have it on 4 cards but cash advances are not that much.

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Pay 3% more than they are asking and put it on your cards.

[Anonymous]

Don't do it unless you want to get your cards shut down. 

[Anonymous]

^^^ this. Take fifty grand in cash advances and you look like somebody who is debt-desperate at the level of trying to make good on ripping off the Mafia. You won't believe how fast your cards will be shut down.

[M_Smart007]

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@Anonymous wrote:

^^^ this. Take fifty grand in cash advances and you look like somebody who is debt-desperate at the level of trying to make good on ripping off the Mafia. You won't believe how fast your cards will be shut down.

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Faster than buying gift cards with Amex or Chase!

[NRB525]

Finance the real estate purchase portion through a bank, by being up front with them about what you are doing, and using the real estate you intend to buy for collateral. 

You also want to go through a reputable, professional ( meaning a real ) escrow company and a title company so you are assured of getting actual ( really ) title to the real estate. The bank providing the loan will insist on this, and probably has approved / required escrow and title companies they work with.

No cash bills out of an ATM to pay the "landowner" and get a "really good deal, today only". That is the road to extreme sadness.  

You can buy the supplies for the repairs on your CC, just be careful in your budgeting that it is recoverable when you flip the property.  If this becomes a rental, then you want to figure out how to get the whole $50,000 on a longer term mortgage secured by the updated property. 

[Anonymous]

Great advice.  I hope they can wait until I close on the loan to add to the hard money.

[Citylights18]

I would think it would be preferable to set up a line of credit with a bank(s) instead of taxing your personal revolving cards.

Some of the community banks will tailor a LOC to fit your needs.