Credit Cards for Buying Real Estate

I bought my first house with my credit cards because when I started out in the Real Estate business I didn’t have any money.

I started going to all the seminars where these guys would tell you how they made their millions and then try and sell you a set of books so you could make a few million yourself.

One of the first seminars I went to the speaker said he had $300,000 worth of credit on his credit cards.

This sounded completely unbelievable to me.  I was sure there was no way anyone could do this, but I figured what did I have to lose… A few hours of my time and since I was unemployed my time was not all that valuable anyway.

I started filling out applications and sending in everyone I could find, and to my amazement a lot of these credit card companies accepted me.

The first one was for a $200 line of credit, then another and another.

Some credit card companies thought since I had all these other credit cards I must be a good risk so they would give me one too.

Then I started getting larger lines of credit, $500 and $1000.

To make a long story short I built up my credit cards until I could walk into a bank and withdraw $80,000 in cash on my credit cards.

I bought my first house for $40,000 that left me another $40,000 to do repairs and make the payments while I was working on it.

I spend $15,000 fixing the house up and then sold it a couple months later for $75,000.

That was a cool $20,000 profit and I was hooked, I remember driving away from the escrow company with my check in hand thinking how fast can I do this again?

I paid off all my credit cards and started looking for my second piece of Real Estate to buy.