Used my Chase Business Credit Card to Purchase Real Estate
bullet875
Credit Expert (100+ Posts)
Post subject: Used my Chase Business Credit Card to Purchase Real Estate
Posted: Wed Sep 20, 2006 8:16 pm
I used my Chase business card...it has a good size credit limit so I used it to get my 1% cash back. Now I need to figure out how I'm going to finance a building on the lot.
Think that I can do it with credit cards? lol
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Guest: Board Monitor
Board Monitor/ Administrator
Posted: Thu Sep 21, 2006 5:36 pm
If you can do the land, I would think that the buidling would be easy. What part of Florida are you in?
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Guest: bullet875
Credit Expert (100+ Posts)
Posted: Thu Sep 21, 2006 8:29 pm
central Florida, about 35 miles south of Disney World near a little town called Frostproof. It's in the boonies (but near some major highways), but I figure that if Florida is anything like NJ, where I live now, it won't be that way for long!
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Guest: crybaby
Posted: Fri Sep 22, 2006 1:37 am
I lived in central florida around 1994 and my sister was into RE and she was buying lots in hardly developed developments for 2500 to 4500 that had been sold in the 70's for $10-12k.
She recently told me it has slowed there some, so it is really good you plan to PIF. As far as the building goes, there are tons of steel building sources that will help you finance their work, but the rates will prolly suck.
But after it's all over, you should be able to refi the entire project at a decent rate, but remember that commercial loans for RE are often 15-20 years max.
I'd suggest a couple of trips to Vegas each year with a gambling bankroll of $1500-2K might be a slightly better investment in today's climate though.
At any rate, I truely do wish you the best of luck in your investment.
_________________
Reality only hurts when you accept it!
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Credit Expert (100+ Posts)
Post subject: Used my Chase Business Credit Card to Purchase Real Estate
Posted: Wed Sep 20, 2006 8:16 pm
I used my Chase business card...it has a good size credit limit so I used it to get my 1% cash back. Now I need to figure out how I'm going to finance a building on the lot.
Think that I can do it with credit cards? lol
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Guest: Board Monitor
Board Monitor/ Administrator
Posted: Thu Sep 21, 2006 5:36 pm
If you can do the land, I would think that the buidling would be easy. What part of Florida are you in?
_________________
Regards,
Curtis Arnold
Board Monitor
http://www.CardRatings.com
20K+ Credit Card Reviews
Sign up for our free monthly e-mail newsletter!
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Guest: bullet875
Credit Expert (100+ Posts)
Posted: Thu Sep 21, 2006 8:29 pm
central Florida, about 35 miles south of Disney World near a little town called Frostproof. It's in the boonies (but near some major highways), but I figure that if Florida is anything like NJ, where I live now, it won't be that way for long!
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Guest: crybaby
Posted: Fri Sep 22, 2006 1:37 am
I lived in central florida around 1994 and my sister was into RE and she was buying lots in hardly developed developments for 2500 to 4500 that had been sold in the 70's for $10-12k.
She recently told me it has slowed there some, so it is really good you plan to PIF. As far as the building goes, there are tons of steel building sources that will help you finance their work, but the rates will prolly suck.
But after it's all over, you should be able to refi the entire project at a decent rate, but remember that commercial loans for RE are often 15-20 years max.
I'd suggest a couple of trips to Vegas each year with a gambling bankroll of $1500-2K might be a slightly better investment in today's climate though.
At any rate, I truely do wish you the best of luck in your investment.
_________________
Reality only hurts when you accept it!
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
posted by CardRatings.com at 3:10 PM
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