being my own hard money lender? - Posted by James (CT)
Posted by James (CT) on October 14, 1998 at 08:14:02:
Okay,I admit it, years ago I bought something called the
Credit Card Millionaire System (see why late-nite or early-morning
TV is bad for you!).
The basic premise was to accumulate credit cards to the point
where you could lay your hands on cash to do deals, real-estate
or otherwise. So, over the years, I have managed to accumulate
about a dozen and a half cards totalling over $100K in available
cash advances. (note: except for one or two, there are no annual fees
on these cards, there are no balances on any of the cards and, interestingly
I still score out at 700+ on all three credit bureaus and I keep
getting offers in the mail for more cards and as long as there
is no annual fee, I take 'em!!)
So the question is, does it make sense to utilize this line of credit
versus a hard money lender? In effect, become my own hard money lender.
Buy a rehab at a deep cash discount, fix-up, sell, pay
off the cards, pocket the remainder.
If so, how does one do it?
Do I actually take 10 credit cards to a bank (any bank?) and
say, “Here’s my cards, gimme $60K”? Will they do it?
Or will they press a hidden button behind the counter and
have me taken away by the credit card police for having the
audacity to actually try to use these things?
Anyone have any experience with this sort of thing?
Thank you in advance.