Comments on: Using Credit Cards or Credit Lines to Create a Fixed Income http://www.greatlakessecuredinvestments.com/blog/2009/08/using-credit-cards-or-credit-lines-to-create-a-fixed-income/ Sun, 07 Mar 2010 15:32:53 -0500 http://wordpress.org/?v=2.9.2 hourly 1 By: Cash Advance http://www.greatlakessecuredinvestments.com/blog/2009/08/using-credit-cards-or-credit-lines-to-create-a-fixed-income/comment-page-1/#comment-33 Cash Advance Wed, 30 Sep 2009 21:17:04 +0000 http://www.greatlakessecuredinvestments.com/blog/?p=35#comment-33 As a newbie, I am always searching online for articles that can help me. Thank you for sharing this ! As a newbie, I am always searching online for articles that can help me.

Thank you for sharing this !

]]> By: rmichael http://www.greatlakessecuredinvestments.com/blog/2009/08/using-credit-cards-or-credit-lines-to-create-a-fixed-income/comment-page-1/#comment-27 rmichael Mon, 31 Aug 2009 01:00:26 +0000 http://www.greatlakessecuredinvestments.com/blog/?p=35#comment-27 Very good points. Nt all credit lines are equal. Some of them have no checks, you can only use the card to purchase or get a high rate cash advance. I never do that. Some give you checks but only for "purchases", not to yourself, your LLC, and often not to repay other creditors & lenders. Also, of course, important to know the actual interest rates you'll be paying. Be very clear on the terms of the teaser rate, often 0.99% for the first year, and then uncaps the 2nd year. I have one know but as it now uncaps looks like the rate will be less than 7%, so it's still well worth it. So it's very important to keep track of the promotional rate, then know exactly when the new rate will kick in, and how it will be calculated. Very good points. Nt all credit lines are equal. Some of them have no checks, you can only use the card to purchase or get a high rate cash advance. I never do that. Some give you checks but only for “purchases”, not to yourself, your LLC, and often not to repay other creditors & lenders. Also, of course, important to know the actual interest rates you'll be paying. Be very clear on the terms of the teaser rate, often 0.99% for the first year, and then uncaps the 2nd year. I have one know but as it now uncaps looks like the rate will be less than 7%, so it's still well worth it. So it's very important to keep track of the promotional rate, then know exactly when the new rate will kick in, and how it will be calculated.

]]> By: pauly99 http://www.greatlakessecuredinvestments.com/blog/2009/08/using-credit-cards-or-credit-lines-to-create-a-fixed-income/comment-page-1/#comment-26 pauly99 Sat, 29 Aug 2009 05:14:34 +0000 http://www.greatlakessecuredinvestments.com/blog/?p=35#comment-26 I'm currently working with a couple of private investors and am currently talking with a third gentleman. Its bizarre that it always seems to be one thing or another. I am an incredibly positive person but have run into some obstacles that I need to bulldoze over. So... my credit lines and ability to use credit cards have decreased but I'm currently working with 2 private investors and talking to a 3rd.<br><br>Here is the issue. I have access to MLS and have a relative that is a realtor. I often put in 20-30 offers within a few week period. Problem... I have not been able to close on a property in the past 2 months even though we have had accepted offers. Yep, I can tell the banks that I have a briefcase of money and the realtor on the selling end stands to make a commission but the darn banks have not been able to close. I'm currently working with a couple of private investors and am currently talking with a third gentleman. Its bizarre that it always seems to be one thing or another. I am an incredibly positive person but have run into some obstacles that I need to bulldoze over. So… my credit lines and ability to use credit cards have decreased but I'm currently working with 2 private investors and talking to a 3rd.

Here is the issue. I have access to MLS and have a relative that is a realtor. I often put in 20-30 offers within a few week period. Problem… I have not been able to close on a property in the past 2 months even though we have had accepted offers. Yep, I can tell the banks that I have a briefcase of money and the realtor on the selling end stands to make a commission but the darn banks have not been able to close.

]]> By: HanhDBrown http://www.greatlakessecuredinvestments.com/blog/2009/08/using-credit-cards-or-credit-lines-to-create-a-fixed-income/comment-page-1/#comment-25 HanhDBrown Sat, 29 Aug 2009 04:42:26 +0000 http://www.greatlakessecuredinvestments.com/blog/?p=35#comment-25 Thanks Dave for the further insight!<br><br>Paul, I share your thoughts. Credit cards have provided us a source of working capital as well. Previously getting increases on credit lines for small businesses and were much easier than dealing with a bank. Well, since the credit market crisis, we are all feeling the pinch. Perhaps, look for angel investors and venture capitalists. I guess the next question would be where will the additional financing come from when the VC investors are ready to cash out? Thanks Dave for the further insight!

Paul, I share your thoughts. Credit cards have provided us a source of working capital as well. Previously getting increases on credit lines for small businesses and were much easier than dealing with a bank. Well, since the credit market crisis, we are all feeling the pinch. Perhaps, look for angel investors and venture capitalists. I guess the next question would be where will the additional financing come from when the VC investors are ready to cash out?

]]> By: Paul Tomlinson http://www.greatlakessecuredinvestments.com/blog/2009/08/using-credit-cards-or-credit-lines-to-create-a-fixed-income/comment-page-1/#comment-21 Paul Tomlinson Mon, 24 Aug 2009 14:14:16 +0000 http://www.greatlakessecuredinvestments.com/blog/?p=35#comment-21 Nice article. I've purchased my last 3 properties through credit cards and lines of credit. The only issue that I'm running into lately (and it is a big issue that I'm working on getting resolved) is that credit card companies are reducing the amount that they are willing to lend out. No matter whether it is a business card or a personal card and no matter whether you are using $3000, $12000, $5000, or zero on a available balance of $15,000, the credit card companies that I am dealing with are lowering the available balance to the amount that you currently owe. Ouch. Yeah, and it doesn't seem to matter if you have a 720 credit score. Nice article. I’ve purchased my last 3 properties through credit cards and lines of credit. The only issue that I’m running into lately (and it is a big issue that I’m working on getting resolved) is that credit card companies are reducing the amount that they are willing to lend out. No matter whether it is a business card or a personal card and no matter whether you are using $3000, $12000, $5000, or zero on a available balance of $15,000, the credit card companies that I am dealing with are lowering the available balance to the amount that you currently owe. Ouch. Yeah, and it doesn’t seem to matter if you have a 720 credit score.

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