I can buy a house solely on credit cards

[GeoffM]

Yep. Not a very good house, but if I find one under my limit (3k), I could put the entire thing on credit cards.
It would work out too, one is brand new, so no interest for 6 months, the other, I could pay off in the first month.
I just thought I'd share. It's kind of funny to me, especially because I currently have almost no income.

Example House

[BurtonRiderT6]

That house is not for sale. It's a rent to own so the monthly rent is $1,200 and after the given lease they will give you the option to buy it minus a percentage of the rent you've been paying, typically.

That's nothing really, my buddy has an American Express card with a limit around 100k. Although he is a business owner, so I suppose that doesn't count.

[Tippey764]

lol @ the thought of a house being that cheap

If they were i would own 3

[toycar]

That house is not for sale. It's a rent to own so the monthly rent is $1,200 and after the given lease they will give you the option to buy it minus a percentage of the rent you've been paying, typically.

That's nothing really, my buddy has an American Express card with a limit around 100k. Although he is a business owner, so I suppose that doesn't count.

Lol



You can buy houses for cheap. I bet there are a dozen houses for sale in Omaha for 1,000 bux. Shit holes, bullet riddled, leaky roof/no copper kind of shit hole. But still, if you are in the market for a fixer upper, they do exist.

I would think in MI, on the outskirts of Detroit there must be hundreds of houses for next to nothing.

Sure, you might get shot by the locals and they might burn it down if you run out for some groceries, but still.

You could do it.


There was a mansion, like a 10,000 sq ft mansion for sale in Detroit a while back for $15,000 cash. The entire place was a shit hole, but my wife and I almost bought it and this was before the city started tearing everything down. Now, I bet you can scoop up 4-5 houses, keep one and have an acreage worth of land for $10,000 bux. House would probably need another 25-35 grand to get it right, but there really is a lot of opportunity out there right now.

I've been doing a lot of work out there lately for my jobby. Detroit is coming back baby!!

[GeoffM]

Now, I bet you can scoop up 4-5 houses, keep one and have an acreage worth of land for $10,000 bux. House would probably need another 25-35 grand to get it right, but there really is a lot of opportunity out there right now.

That's actually a plan of mine, I just hope the economy stays in the shitter while I accumulate funds.

And there are many houses for that cheap. That house was the result of ~20 seconds of searching.

[Soufkackicustom]

I seen people buy houses on credit cards. On purpose they build up great credit, go to college, get out get a good job, and apply for all the credit they can. The guy down the road bought his for $47,000 like this, and hasn't made a payment. He figures in 7 years it will be off his credit anyways, and they can't take the house

[Ralphie]

I seen people buy houses on credit cards. On purpose they build up great credit, go to college, get out get a good job, and apply for all the credit they can. The guy down the road bought his for $47,000 like this, and hasn't made a payment. He figures in 7 years it will be off his credit anyways, and they can't take the house

Ummm thats not true....

And why would you go thru the hassle of building credit to just destroy it.

Not very smart if you ask me.

[Leung]

Actually i had a buddy buy a forclosed home for only 8k. It was ugly as sin and in a very shitty neighborhood. All he had for a yard was a dump in the back that sloped downward and everyone threw their trash, old bricks, cinder blocks, glass, diapers... who knows probably even dead bodies.

This thing had two floors and a basement that looked like it belonged in a horror movie. The most messed up thing was there was even one of those entries for dumping coal down. Well he redid the inside with what money he had left and it didn't look too bad. I think he ended abandoning the house after he lost his job; i don't know where he is now.

[8ball]

I seen people buy houses on credit cards. On purpose they build up great credit, go to college, get out get a good job, and apply for all the credit they can. The guy down the road bought his for $47,000 like this, and hasn't made a payment. He figures in 7 years it will be off his credit anyways, and they can't take the house

Good for him on fucking the system just a tad bit.

[Leung]

I seen people buy houses on credit cards. On purpose they build up great credit, go to college, get out get a good job, and apply for all the credit they can. The guy down the road bought his for $47,000 like this, and hasn't made a payment. He figures in 7 years it will be off his credit anyways, and they can't take the house

I don't understand how this works.

[Ralphie]

I don't understand how this works.

You and me both.

[ChIoVnIdCa]

You and me both.

47k is a small amount
Get a bunch of credit cards
Cash advance on all of them within 30days of each other
Take the 47k and buy a house

Don't pay the CCs

The credit card companies (holder of a unsecured debt) can not seize a secured asset (your home) ... Sure they can get a judgement to put a lien on the home.. But they can not take it..


It would be hard to do this on a normal home (not one in a poverty area 47k lol) ... The reason it would be hard is you need to account for the down payment (Account for how you got it).. They will not take a down payment that was made on credit/loan/borrowed... But you know this since you just bought a house. So pretty much only way to do this is to pay in full upfront.

Pretty scum bag move, this is the idea behind it.

[deevergote]

I don't understand how this works.

The house is paid off. The house was never collateral for the loan (which is essentially what credit cards are... loans on demand.) Therefore, the credit card companies could hound him all he wants, and he could declare bankruptcy and get those debts wiped clean (sacrificing his credit for the next 7 years in the process...) but he gets a free house.

However, that would most likely be considered fraud, should any authorities look into it. People have gotten in serious shit for maxing out credit cards purposefully then declaring bankruptcy.



It's an interesting concept, though!
Though Geoff... my mortgage interest rate is 6%, and that's HIGH by today's standards. I'm about to refinance at 3.75% (very low.) Most credit cards are 12-15%, and many cards that younger people can get are even higher rates. OR cards like my "student card"... miss one payment and they jack your rate up to 29%!

[GeoffM]

It's an interesting concept, though!
Though Geoff... my mortgage interest rate is 6%, and that's HIGH by today's standards. I'm about to refinance at 3.75% (very low.) Most credit cards are 12-15%, and many cards that younger people can get are even higher rates. OR cards like my "student card"... miss one payment and they jack your rate up to 29%!

I was kind of surprised when I got my second card. Even more so when they gave it to me on the spot! I thought Amex was hard to get.
I loled because my credit limit is now 10 times what my girlfriends is.

Keep in mind, that's buying a house outright.
After some more searching, foreclosed home are going to 15k, vs the 70k they're worth.
Based off the websites "auto estimate" (I know) that usually runs like $100 a month for a mortgage payment.

4 bdr, 2 bath
That (not seeing any pictures) is one I wouldn't mind taking a closer look at.
I can do almost all house work except for tiling (I've never tried) which makes buying a run down house for cheap even ore appealing.

[Ralphie]

Wow well i guess if you could pull it Off, hats to you, but a shithole house in a shithole neighbourhood isnt worth 7 years Of bs.