How to Leverage Credit Cards to buy Real Estate with No Money
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- Опубликовано: 8 июл 2020
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RF Financial Consulting LLC
For financial mentoring & coaching services contact me on Instagram @richardfain28 or rffinancialconsulting28@gmail.com
DISCLAIMER: I am not a financial adviser. These videos are for educational purposes only. Investing of any kind involves risk. While it is possible to minimize risk, your investments are solely your responsibility. It is imperative that you conduct your own research. I am merely sharing my opinion with no guarantee of gains or losses on investments.
Good video brother. Taught me something. Keep the knowledge coming✊🏾
Will do
@@RichardFain in the video are you using that 58k credit card from a LLC? So it wouldn't mess up your DTI when qualifying for the loan to buy a house.
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@@kathrynbrock4495 thanks for the help but to be honest I've learned it's easier to rebuild my credit than to fix it.
RAUL GOT MY CREDIT SCORE TO 820 WITHIN 2 WEEKS! SO AMAZING! YOU CAN GET YOURS DONE AS WELL
Hi how did you do to make 820 score in 2 two weeks,please advise me..
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RAUL I AM SO GRATEFUL, MY SCORE JUST MOVED TO 820 FROM 450
David Ramsey has left the chat
😂
😂...I use to listen to him in 2010
That's just STUPID! Dave Ramsey voice.
Dave Ramsey would NOT approve!
@J Hi I used credit cards to buy my properties. They are now ALL paid off. 5 rentals and my personal home is paid off. What were you saying about everyone losing their real estate? I guess I didn't get the memo.
i feel so happy! my score moved from 550 to 810 within 2 weeks!
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DO YOU KNOW WITH A GOOD CREDIT YOU CAN OWN A HOUSE?
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Called leverage folks..... People have no fear in using cards and maxing on consumer goods/ depreciating items yet afraid to use them on real assets
Great point!!!
Facts
Was mulling how to word this for a while, this hits the nail on the head. Thanks.
True. But let's be honest. Most people don't have access to 50 thousand dollar credit card loans with 18 month grace periods
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THANK YOU SO MUCH RAUL FOR REMOVING MY BAD RECORDS CAN GET YOURS DONE ALSO! I AM SO HAPPY
Love the tips man. And you actually explain it like a human being ! A lot of these financial people are hard to understand
It’s not hard to understand you are just stupid
💯
“If you can see it in your mind you can hold it in your hands” 💯
Thanks for the review +1
Hit me up directly for further assistance on earning
Awesome video, I was just trying to tell someone about this the last 3-5 days. He kept insisting, no way, debt is bad and no credit, Ramsey student. I was like there is a shortcut to buy real estate with credit, this is why you want your credit score to be high as possible. Excellent explanation. You could of also used a 2nd credit card to cover the $5250 or more for 12 month-18 months at low to 0%. While paying down principal for 12-18 months.
Literally just gave master class in acquiring wealth anyone can achieve.
debt is bad. if you dont have $5000 you shouldnt even be talking about investing in real estate. That doesnt even cover closing costs. Go ahead and pull $50k loan during underwriting and see if they approve the loan
Stop Struggling Now I’m really interested in learning more about this strategy for real estate especially if u don’t have to use a bank to do it
Sure its entertainment and not the real world fact, we are already used to watch this players talking about moves but if it was that easy why is RF still a millionaire and not a billionaire? 250 for half an hour of consiltation....i too would afford hundreds of 100 dollars t-shirts and polos. Peace !
If you can't pay the bank back.. Court will declare you as bankruptcy though ...🤔🤔
The father I always needed but never had.
💯
@curtis lane you weird as hell
Rich Dad Poor Dad
Hello son!
Buy your creditcard with high balance from *@Darkjacob* on *telegram* dumps with pin that comes with MSR i got mine from him 💯
If you have equity in your home, get a HELOC, use that to purchase real estate then transfer that balance onto a 0% credit card. We did this for several years before the recession when banks were not charging us the transfer fee. Never paid a dime on interest or fees. The catch is to make your payments on time and never use the credit card to make purchases. Doing that will create two separate balances, the charge balance accruing interest while your payments are being applied only to the 0% transfer balance.
I LOVE IT! Thank you for sharing some wisdom!!!
*You must have my phone tap because my family have been having this conversation nonstop. Peace and one love young King.* ✌🏾❤️
Investing is probably one of ther most interesting subjects I've encountered outside perhaps science
It is a science tho haha
@@yunggrampa727 that's debatable
More like... ☁️ creative finance ☁️
Gotta escape the mindset of thee traditional routes we were taught
Facts, its very interesting
Definitely interesting.
I would definitely use this. Imma have to rewatch this again.
First time watcher here. Excellent material my friend. Subscribed.
Richard, I’m 19, I currently have a total credit line of 9k, I’m planning on buying my first home at 21; I want to thank you. For a small exchange of just 14 minutes of time you gave me a lesson worth millions of dollars.
When I first learnt of Gibbs on Diqus recommendations, I thought it’s just like every other recommendation. I will implore you all to get in touch with 'Gibbs@creditpatchup.com' for your credit repair. He helped me increase my credit score to 801 and erased all negative items on my credit profile within 17 days. He also paid off my mortgage loan, My appreciation I am showing by sharing this testimony. He really is a great hacker, Just contact 'Gibbs@creditpatchup.com' for help ....
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update?
@@rojagoku25 I’m 21, my total credit line is $36,000 (not currently increasing). I’m still planning on buying a home, however more than likely will be buying a multi family complex.
My score is now 780
@@Pablo-bo2ru damn 2 years what was your score back then. im 19 total credit line of $12,000 score 720
I’m 18 and I’m about to go to trade school and I’m working on building up my credit right now. This was a good video, your a very smart man. I always had a passion for investing in real estate and I can’t wait to come out of school, save up some money, build my credit and buy my first property, these videos teach me a lot. Highly highly underrated, I’ll definitely be needing a mentor or some 1 on 1 when my time comes.
yo I’m thinking about doing the same thing any updates on your situation it’s been 2 years since u commented this 😅
It’s amazing how you do it. I do watch all your videos, and I’m learn it a lot. thank you.🙏
Man you are dropping some serious knowledge here and you didn't have to do this. Thanks you for everything, you are changing people's lives
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Richard you’re forgetting the monthly payment on the credit card. Even if you’re enjoying a 0% interest you still have to pay the monthly dues. A $58k balance on a credit card will require between $600-$900 in monthly dues depending on the bank. I am not trying to say this won’t work, I am just saying you should address every cost associated with this method. I plan to use this method in the future though to buy a second home
Taking the 58k from the credit card will affect your Debt to Income ratio which will make it super hard to qualify for the mortgage on the property on the first place and later the HELOC. Not to mention getting a credit card with a 58k credit limit, which probably most people watching this video don't have. This scenario will be for high income earners with excellent credit scores and with a really low DTI. Maybe a better option may be using the CC amount as a down payment on an owner financed deal and taking the amount from CC right after the end of the cycle in case the owner checks your credit and use the rent to pay the CC. You will need a CC with a low APR though, otherwise the APR will kill your profit...
did you not watch the video at all? in the beginning he says he uses offers his credit card company gives him. he is getting a fixed rate loan and not using his actual credit line.
@@davidomar742 we all get offers, I get offers from Discover all the time and have made use of these. Yes, they are a fixed 0% loan for 18 months, but they still require you to pay the monthlies, which is usually at least 1% of whatever the balance of the card is.
.
Also, like someone else said earlier, your DTI gets messed up when you take on a new loan of 58k. I am assuming this does not apply to Richy though with all the multiple income he has
Not to mention you probably need to be a rich person to have a credit card where you can borrow $58k from.
Yeahh u'r right , he has to deduct the minimum payment money from his pocket or from the money his got from the credit card . Let's say that he has to pay $600 per month on the credit card 600 * 18 months = $10800 . He has to take the latter amount off the $50000 to fulfill the minimum payment on the credit card .
Richard, thanks for all you do
I love how you explain this info bro! Phenomenal
Sir, you are a master of a teacher. May God continue to bless you and your family!
YOU TEACH PEOPLE HOW TO GET BREAD AND THEY ALWAYS TRY TO FIND AN EXCUSE TO NOT TRY IT. YES THERE IS SOME STUFF YOU WILL NOT BE ABLE TO GET LIKE A 58K CREDIT CARD ETC BUT LOOK AT THE BIG PICTURE. I BOUGHT A $100k FIXER USING CREDIT CARD MONEY (20k DOWN) FIXED IT AND MADE $50K IN 6 MONTHS ON THAT DEAL WITH OUT USING A DOLLAR OF MY OWN MONEY. ITS ALL IN HOW BAD YOU WANT IT. THANK YOU FOR ANOTHER GREAT VIDEO. KEEP THEM COMING🤙🏼
You are 100% correct you don't have to do exactly what he does just use the concepts
What about using Plastique (cover the credit into cash)? This way, if you use the credit card, it won’t appear as a cash advance.
I have credit cards up to 75,000. People do get high limits.
@Byron MaidPro -Salt Lake City Hi I bought many properties with cash advances from my cards. All my properties are paid off and all my credit cards have been paid back without any interest. I had 0% for 20 months. I made sure to pay it back within that time.
@Byron MaidPro -Salt Lake City Hi, my rental homes were 5-8 years old when I brought them. The roof is still new. I didn't buy anything old. I brought the new homes condos and townhouses people walked away from during the housing crash. Banks had so much inventory of nearly new properties. They wanted cash. Investors were buying entire streets. It was a crazy good time. I was always very conservative with money. I have the money in my 401k but didn't want to pay penalties/taxes. I found another way to get the cash. Credit cards. Everyone thought I was crazy. Now Im the family guru, everyone comes to me for advice about real estate before they buy. Im just a regular middle aged lady. That's me in the thumbnail. I work in a medical laboratory (pathologist/dermatologist).
I'm s first timer and it already interesting. I've already subscribed. Thanks brother.
Thank you so much for this valuable information. This video came in right on time because I was thinking of ways to pull money off my credit cards to buy real estate. I will definitely try this method!
I like your intro, and also the value that you bring to the RUclips community. Anyways, I am really inspired by your channel growth. I just started my channel in April and it’s tough to keep pushing but looking at examples like you, I know I have a shot. Thanks for the inspiration.
Keep goin keep growing ✍🏾
Dave Newell thank you 🙏
Wishing you much success
Keep going Benson.
Thank you for the video. I’ve been trying to understand this process. Could you have refinance the house instead of doing the equity loan??
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Thank you for the content 🙏🏼
Wow. This is very innovative. I may not have all the credit options described in South Africa. I’ll tweak this advice to make use of the credit lines available to me. Thank you !!
Credit cards are key to the real estate game
are you out of your mind? credit cards are not the key to anything but high interest debt. This is crazy. literally. there is no short cut to success. period. If you think you can cut corners then go ahead.
yeah you're crazy. don't do this.
Folks rack up a bunch of debt that makes no sense at all like clothes, eating out, travelling; at least real estate is likely to increase in value where one can refi and pay it off when the home appreciate..they other things bought just evaporates or becomes almost useless.
Having money is the key to real estate investing don't be foolish!
In 5 years.
Kept saying all you have to pay is the interest. Out of pocket with 5500. So what I comprehended from this was you basically paid the interest with tenant rent. Waited for the property value to go up to resell and make 47500 🤔
Get another heloc buy another one
Yes sir this is a great technique! Thank you for the golden nuggets!
I usually never comment on videos but man I honestly can't thank you enough for this knowledge🙏. I can't even put into words how meaningful this was to me. Thank you very much. Keep doing what you doing💪👍.
Hello,
What type of credit rating is required for the high credit card loan approval and equity line of credit?
Steven as long as your score is in the 700s you will eventually receive these card offers in the mail discover,citi, Wells Fargo offers these type of 18 mo no interest balance transfers
Steven Haskins yeah 720 and I have heard some get at 690
@@tam6011 thank you.
@@christiantorres842 thank you.
This is so good. It's a little over my head but I'm going to replay this multiple times to understand the technique. Thabk you for the knowledge!!
Sir, you have just become my new BEST friend and mentor!!! 👊🏾☺️
You’re missing a calculation. Banks won’t lend you 100% of the equity. Max loan would be in $10-15k range. Please address and/or list lenders willing to loan out 100% of equity.
He didn't say 100%, he said 90%. With that said, I'm seeing most lenders capping HELOCs at 80% during this COVID mess to mitigate default exposure.
Direct Home Advisors I am not referring to LTV. The calculation would be $275k * 0.9 = $247,500. $247,500 - $195,000. $52,500 total equity, but a bank won’t give you 100% of that equity. They’ll typically give you up to 25% of it. So .25 * $52,500 = $13,125. Hence my $10-15k.
beautiful boombap Bank of America.
This sounds good and all but a 50k credit limit most people don’t have. I suppose you can do this on multiple cards
You have to take your time to build business credit
I think you're stuck on a 50k credit limit and a 200k house. It's just an example it's not a one size fits all. You can do this on a smaller scale or grander scale depending on your budget.
Go learn how to leverage credit a few months ago i couldn't get a loan for a stick of bubble gum now i can go take out $150,000 loan at 0% for 18 months and can take out up to 5.5 million once i build my company credit
150,000$ in few months how did you?
Another great video Richard! Thank you 😊👊🏼
The Business Mindset!! Exactly how I do it. No tv...just business!!
BUT... banks will not give you the loan once you tell them you have to service all that credit card debt? Am i missing something?
Your using business credit and they look at that different
Abron Beamon you know for sure?
Yes because business credit doesn't report to your personal credit. He can prove that he has other assets to use as Collateral (investment among other things) and it will depend on the relationship with the bank. Example if you have business accounts, checking accounts & savings accounts with this lender, they can see how your money flows in and out of those accounts and will want to do more business with you.
@@abronbeamon6460 MANY business credit cards get reported on your personal credit report since you are a personal guarantor... E.g. Capital One, Discover, Bank of America and many others...
@@NoCabeDuda they only report you when you have late payment or u don't pay at all. Other than that ur personal credit is clean .
This can be very risky if you buy at the height of the market.....
Its risky no matter when you buy
Not worth it. You'll land in bankruptcy court like I did in 2009. When those variable rates adjust, son you are screwed!
Risky how? U not gonna spend no more than 6k outta pocket for a real estate property that’s a Win
i could be wrong, but what i think John Adams means is that if the interest rates go up at some point u gonna have to pay a higher rate cause u take the Variable rate loan.
Great information.
I can absolutely see myself using this method
Thank you OG for dropping GAME!!!!!
Ok
So what lender is doing a 90% ltv loan on rental property?
Seriously I really want to know...
Certain hard money lenders.
Discover is doing 90% home equity loans
Tell the bank you are using the property as a primary residence
Exactly....see my comments above
Cheerio 357 yes but they do Loans not HELOC. The monthly payment would be higher since loans require principal payments as well. I’m about the close on a HELOC and highest I found was 80% right now.
This was great knowledge, to get that type of 3.5% loan you’ll need at least 700+ credit score w/stable job. Get the grind on!
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Um no you dont at least not on the stable job part what you have to do is know how to build up your credit using credit then use it just like he showed you people buy houses every day with no jobs
@@22koga through borrowing money that they have to pay back. Kinda hard with no job.
@Mr. Nasira Ross no its not i haven’t had a job since 1999
Reminds me of my dad. Educate and straight to the point.
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Oh my goodness you just saved my life... makes so much sense 👌🏽 I'm looking to invest in buying houses out of state for about $50k... or in that range and I'll use my home equity heloc of my home which my value is pretty good 👍🏾😉this video is the best that really explains in great detail 👍🏾😀
I've used credit cards as downpayments when the seller did owner financing. How do you find a conventional lender that will allow you to borrow the downpayment on a credit card. Usually they won't.
This was what I was wondering
They never do
As long as it does not cause your DTI to get out of whack in qualifying for the mortgage, pull the money from your credit card 60-90 days before you apply for a mortgage and deposit into your bank account. Those funds would be considered to be seasoned by your lender.
Not sure how he does it, but it's easy if you do it with business credit cards because they don't show up on your personal credit report.
@@jayinfinitetrades But your still lying if you say the down payment wasn't borrowed.
Nice Richard, you literally became your own private lender! I really appreciate your insight, I was literally wondering where I was going to generate 20 to 25% on my next investment property. I had no clue that this was possible. After a few more properties I may be in touch with you.
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You do an awesome job explaining difficult subjects
This actually checks out. Instead of all those Velocity Banking videos I just watched which just didn't make sense when you crunch the numbers. Good shit. Playing with leverage feels dangerous, but it's powerful. The fact that you can double leverage a house gives you insane leverage at a low interest rate.
Buying properties never felt dangerous to me. Buying useless junk, hundreds of shoes and handbags brand new cars just to show off. Now that scares me.
A house is nothing to be afraid of, it has REAL value and my tenants send me money every month. Let's see your new car do that. 😉
Are we just gonna ignore the fact that the mortgage company always runs a last minute credit? And they’re gonna see that you took $50k 😂😂😂 you’ll get rejected immediately.
This is something he should address. I was thinking the same especially in a recession or downturn
Not if you use business credit it doesn't report to ur regular credit card company
Kamali right, business credit is the way to go if you have access to it.
Only if you over 30% of your total credit
The offers I get like this come in the form of a check. So if the bank did do a credit check it wouldn't show because the check wouldn't be cashed until after closing.
"decent" credit required ?
more like ..... a score of 850. lol.
A 800 score would do too..does not have to make it all the way to a 850. Might even be a 700 and something too..got to shine that up some though if a little lower.
Dusty Wilson I got a house with a 650
The biggest deciding factors are credit score and debt to income ratio. My wife couldn't qualify for $120k mortgage with a 780 credit score.
They. Have changed the mortgage. Rules since the covid19. And they have raised the credit score. Means that's. Ass backwatds. Claiming they want to. Help people and you have to get a pre qualified. Before you even go tour a house
I do have over 800 credit score. I always paid my debts in full and don't carry balances. Im very conservative with money.
This is stuff that the big and famous podcast don’t talk about. This is next level investing and leveraging other peoples money including the banks strategy. I started in 2017 and only until the last 12 months ago did I know about credit stacking methods. Good stuff
Yes I would use it and appreciate the game your give
I like what i hear only question is how do average people get to the point where they qualify for $50k credit card loans.
Exactly, which is why he started the video with "this won't be for everybody"
Use the same logic on a smaller scale. You don't have to get a 250k investment property
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This Was Huge... I’m dropping out of college to play with my credit..
Lol
NEED MORE CONTENT LIKE THIS RICH! THANK YOU
Awesome! That was a great technique, are learning about Velocity banking, this is just another tool to use!
This dude was a pro nfl player you really think his tactics/strategies will work for your average joe, hah. I’m sure those nice cars and house aren’t from any of this but money he saved over his nfl career.
Im a average joe. I didn't play in the nba. I did something similar to Brother Fain, The only difference I brought cheap homes condos townhouses in Atlanta so I didn't use mortgages. I used the cash advances and paid in full at closing. This was during the housing crash. Everything was cheap cheap cheap. I couldn't do it now everything is expensive.
@@six6goddess214 makes sense but how'd you get a cash advance for such a high amount most credit cards only offer a small percentage of the available balance for a cash advance
@@ItsYaBoiJerm call the number on the back get a live person. ASK for the entire line to be put into your checking account. They will do it.
Very very risky. Its pretty much juggling debt. I wouldn't chance it without having whatever money in a savings account not an investment. Me personally I would rather save up the $50k and buy a house 100%. Save up the money to fix it up. Yes im using my money. but once i put a tenant in it, im cash flowing everything except taxes. It'll take a lot longer to scale. But its actually my asset. I'm not managing an asset that the bank owns
Where can you buy a house for 50k?
@@six6goddess214 is that a serious question? What state you in?
You can't even buy a parking space in Chicago for 50k
Dee BROWN not in any major city
Not even in Jamaica 50g gets u anything ✍🏾
I love your work...keep it up
Excellent video brotha 👊🏾
Fast Forward 2 Years: "ON THIS EPISODE OF AMERICAN GREED"
Oh you don’t like making money? Max out your cards to buy house!!!
Hahahahahaha
*Dave Ramsay has left the chat*
Great video. Something I’d likely use in the future. Thank You!
This is eye opening. Thanks!
Nice, Richard. Thank you for this great lesson. I really appreciate it.
great video, I love this one!!
This is a fantastic technique!!
Keep the content coming sir!!
Richard you are the man for this one, just have 3 to 6 months of expenses saved, have most debts payed off and credit score of 720 or higher and make sure it cash flows from day one! We can do this!
I've been seeking a financial "investment" consultant. And through this video you've already helped me to get some questions answered.
BOSS! I thought there had to be a way. You proved it. Thank you. So detailed. I love it.
Hit me up For more guide lines 👆
👆......
Learning from you. You be dropping 💎
Great explaining, Thanks!
Thanks
👏🏾👏🏾 All the Time Excellent layout and blueprint
Wow thanks so much for this excellent information will use this when i plan to buy. Again thanks so much!!!!!
Mr Richard Fain here from South Africa The system about buying house using a sweet credit line system in combination wow i must say thanks for helping Each one Teach one Stay blessed Peace!!!!
Thanks, great content.
gonna need to work on increasing my LOC, thanks for your knowledge Mr. Fain
Thanks for the great videos- very informative. Could you share what bank(s) give you a HELOC @ 90% LTV on a non owner occupied property?
Thank you so much for the information. You gave me some idess
Thank you Richard, this is exquisite.
Great video man. However, when you're using a home equity line of credit the percentage can fluctuate at any time giving you a negative cash flow. This is why I use HELOC for short-term use.
Your great my friend!!...this explains very well on how ppl get rich from real estate
Excellent video , sure i have to re watch it because i just can't keep up with the explanation altough i already had an idea of the 50k profit, not much but still rewarding the smart move. Excellent video!
Excellent techniques, I really learned from it!!👍👍
Very interesting technique. Of course there are several variables that would influence how the deal ultimately turns out, but it is definitely something that I would consider using. Thanks for sharing.
Thanks a lot for the information! I got a quick question for you! I was wondering did you use the rental income to pay for the heloc for the 5 years?
Pleeeease give us more videos like this 🙏 using credit for real estate is definitely an interesting topic
11:45 i appreciate you pointing that out. Most people would have missed it, watching this, and the presenter wouldn’t bother mentioning that which could be dangerous.