Financing in 60618>Question Details

John Bella, Home Owner in Chicago, IL

I have a just over $100k in business credit cards and want to take out $30k to buy a residential property.

Asked by John Bella, Chicago, IL Sat Jan 19, 2013

Hi, I have a just over $100k in business credit cards and want to take out $30k to buy a residential property. They all are new accounts so I have 6 months up to 12 months of 0% interest. Any suggestions on how to do this without doing cash-advances? Some of my cards don't offer bank balance transfer checks like my American Express Business.

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JIM Michaels’ answer
best to email a loan broker on this one at (Wesley) Jura Vice President. NMLS ID 225274. Direct: 773-304-3412. Fax: 773-283-2788. Cell: 312-405-2404.
0 votes Thank Flag Link Tue Jan 22, 2013
Dear 100K in Business Credit:

Only you would know what the terms of your cards are. For all we know, these cards are store cards like Office Max, Menard's, Target and the like which do not allow cash withdrawals/advances.

You haven't given enough information on the cards that you've recently obtained. Additionally, the terms of the cards may vary. Who knows? Pulling that much off a new card may trigger something with the credit grantor. I would tread lightly and read the "fine print".

Also, if it's all new credit, it sounds like one of the programs that you pay money up front for a company to obtain business credit for you on an established or shell company.

I strongly suggest that you read your card agreements before taking any advice from anyone. No since in digging a whole that no one can help you out of.

Toskanelia Palmer, Managing Broker
Imanage Realty Group
4007 N. Broadway, Suite 215
Chicago, Illinois 60613
Member Chicago Association of REALTORS® (C.A.R.)
National Association of Realtors
OFFICE-P: 312-285-7772
FAX NUMBER 888-893-7040
Office ID: #84894
NRDS: #360586144
License #475.121088
0 votes Thank Flag Link Mon Jan 21, 2013

I am struggling in my mind how to get 30K without taking a cash advance on a credit card? I sure would like to know who gives you the solution to this one. I am going to assume the 30K is for the down payment?

Well anyway to many open ends here. Since you have qualified for 100K of credit card it might be more prudent to take a more conventional mortgage approach to buy your home. I do like the creativity.

And to those who think you cannot buy a home on a credit cards I say to them hogwash. I actually do know someone personally who did just that using a cash advances on several cards went to the table with cash, than later financed the place with a conventional mortgage.

John without knowing exactly what you are trying to accomplish. Just be careful you don't want to be financing a down payment at a high interest rate.

Why don't you see what you can actually qualify for? Contact Mary Laurent at Guarantee Rate 773-516-6859. It is at no cost to you.
0 votes Thank Flag Link Sun Jan 20, 2013
We have a few ideas to get this done for you. Give me a call or email me.
0 votes Thank Flag Link Sat Jan 19, 2013

If you can qualify for $100k in credit cards, then you might be able to qualify for a mortgage or business loan to purchase properties. Email me for some lender recommendations.

Best of luck,

Ivan Sagel
0 votes Thank Flag Link Sat Jan 19, 2013
Cant do it as far as I know unnless you can find credit cards that have 0% apr on cash advances which is pretty rare
0 votes Thank Flag Link Sat Jan 19, 2013
You cant put a property on a credit card.
0 votes Thank Flag Link Sat Jan 19, 2013
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