If you mean that your credit card balance is at $0 (zero debt) and you add funds to allow for a credit balance (in your favour), be aware that the CDIC does not insure that money and you could lose it. Not a common theme, but just know the legalities and risks.
Great video! One thing to keep in mind is that Chase looks down on Plastiq and sometimes does not allow you to do this. One of my questions is where are you finding investment properties in a 50-70k range?
Fund and grow charge $3000-$4000 to fill out business credit applications for you. I rather do it myself and keep that money in my pocket. Great video, Thanks!
See that’s very interesting, I’ve often told some investors that they can fund a good amount of smaller renovations with business credit cards - 0% apr etc, but I never fully considered Plastiq to wire to escrow. Sure, worth noting that some of these business credit cards will have clauses that state you would have to pay all of the back interest for the entire year if you don’t pay in full by the end of the promotional period. Funny, I actually just did a similar video but kind of leveraging Amex points through Schwab for a house downpayment ha.
Great video, much thanks! Does it make sense to apply to multiple cards at once like you did - or would it be better to wait - and maybe enjoy the opportunity to stretch the spam of 0% apr rates coverage this way? (If you don't need the whole credit total at first I guess)
Hey fam. So any wise heads on here. I’m considering buying a property for say $40K but use my personal credit cards. And spread the $40K payment among 10 different credit cards. So at some point they are going to charge me interest right? But it’ll be like maybe $20 per credit card/ month that I have to pay back. Maybe probably $200/month. Do yall see this as wise?
We all know you have good personal credit due to all ur videos. So my question is why you only got 48k within 3 different cards, that's just 16k /card. I just opened my LLC 6 weeks ago, been banking with TRUIST for a while in the personal side. So I went ahead and opened my business checking account with them and same day applied for a Bus C.C and got approved for $42K, and got a BLOC for $35K (all the same day) and I did it myself. Not trying to flex, but I just think you hired the wrong company to get you that business credit. Next time do it yourself and do a small quick research before and you will be happier than going with a 3rd party company.
would it be worth it for me to open up an account with TRUIST rather than a credit union to build up experience with the bank in order to open a business credit line an get approved?
Your video title is about one thing but you take so long to get to the point. If you want to explain other things make videos for that separately. Otherwise we just leave because we want info straight to the point based on the title.
FALSE - In Ontario, we've had our business for more than a decade, making 6 figures. Personal credit is close to 900 (This is Canadian) and yet, we had to BEG the bank to increase the limit from $5000 to $7000. That's the highest amount they'd allow. My personal credit cards are over $20K limits. Our joint line is around $90K (as we put a cap on the limit). Come on Business Credit cards through TD are a JOKE.
You can use a credit card for a down payment you just have to deposit the founds in your account and let it sit for 3 month
True. Another great way to season the account
Depends on the type of financing you're doing.
At the car dealership, I did use my Discover card for the down payment
If you mean that your credit card balance is at $0 (zero debt) and you add funds to allow for a credit balance (in your favour), be aware that the CDIC does not insure that money and you could lose it. Not a common theme, but just know the legalities and risks.
I knew it! That's exactly what I wanted to do! It's weird that people are so against it.
Never thought of this, but that zero percent apr will come in handy when you need time to refi … brilliant
When using plastiq, to send a wire what category are you using? Real estate seems to get blocked. Thanks
Great video! One thing to keep in mind is that Chase looks down on Plastiq and sometimes does not allow you to do this. One of my questions is where are you finding investment properties in a 50-70k range?
Good to know. Chase has not let me down yet. In the southeast.
Can you make a video on how you cash out refi. Specifically what do the bank look for
Fund and grow charge $3000-$4000 to fill out business credit applications for you. I rather do it myself and keep that money in my pocket. Great video, Thanks!
Thanks for your service Devil Dog. Appreciate the info
See that’s very interesting, I’ve often told some investors that they can fund a good amount of smaller renovations with business credit cards - 0% apr etc, but I never fully considered Plastiq to wire to escrow.
Sure, worth noting that some of these business credit cards will have clauses that state you would have to pay all of the back interest for the entire year if you don’t pay in full by the end of the promotional period.
Funny, I actually just did a similar video but kind of leveraging Amex points through Schwab for a house downpayment ha.
Does plastiq still allow you to do this?
Plastiq filed Chapter 11 recently.
Still works
Great video, much thanks! Does it make sense to apply to multiple cards at once like you did - or would it be better to wait - and maybe enjoy the opportunity to stretch the spam of 0% apr rates coverage this way? (If you don't need the whole credit total at first I guess)
That work aswell
Hey fam. So any wise heads on here. I’m considering buying a property for say $40K but use my personal credit cards. And spread the $40K payment among 10 different credit cards. So at some point they are going to charge me interest right? But it’ll be like maybe $20 per credit card/ month that I have to pay back. Maybe probably $200/month. Do yall see this as wise?
We all know you have good personal credit due to all ur videos. So my question is why you only got 48k within 3 different cards, that's just 16k /card. I just opened my LLC 6 weeks ago, been banking with TRUIST for a while in the personal side. So I went ahead and opened my business checking account with them and same day applied for a Bus C.C and got approved for $42K, and got a BLOC for $35K (all the same day) and I did it myself.
Not trying to flex, but I just think you hired the wrong company to get you that business credit. Next time do it yourself and do a small quick research before and you will be happier than going with a 3rd party company.
would it be worth it for me to open up an account with TRUIST rather than a credit union to build up experience with the bank in order to open a business credit line an get approved?
Should we tell the lender we’re using for our mortgagee that we are using credit cards for our purchase?
No
I watch dogs in my neighborhood a few times a month. Can I apply for a Amex Business card? Can I use that card for personal spend as well?
If you watch dogs with the intent of making money, you're a business
so you can create an llc and open up a business side without having no income at all
I remember people touting this in the 1990s.
Looking to purchase first rental in a few months. Should I create business name and LLC prior to applying for business CC?
You don’t have too, but you can
Your video title is about one thing but you take so long to get to the point. If you want to explain other things make videos for that separately. Otherwise we just leave because we want info straight to the point based on the title.
That is why its not a tiktok video! 15 seconds is not enough
Mortgage Loan Officer here 😂
Care to weigh in, please?
Does plastiq work with AMEX?
Not at this time. But you can with Melio
Anybody know about an alternative to Plastiq?
Bill
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45k can’t buy even a bird house now a days
Lol
Have to find the right places
Thanks for sharing
can’t you get in trouble if they find out you are buying real estate properties
FALSE - In Ontario, we've had our business for more than a decade, making 6 figures. Personal credit is close to 900 (This is Canadian) and yet, we had to BEG the bank to increase the limit from $5000 to $7000. That's the highest amount they'd allow. My personal credit cards are over $20K limits. Our joint line is around $90K (as we put a cap on the limit). Come on Business Credit cards through TD are a JOKE.
Bunch of useless information, just to promote a company that applies for credit cards for you.
They helped, but you can apply the same concept yourself for free
@Naam.Wyn72 yes I would like to follow up. Please advise how yo reach you directly. Thanks