Have yall leveraged your credit/credit cards and/or loans to make money/investments?

[GoFlipAPack]

I took a small amount of money from a line of credit that I have and bought SHIB back in April. Earlier this month I went on a credit binge and acquired more credit cards and lines of credit. The plan is to use those credit lines to buy rental properties. 3 of those credit cards have limits of 20-25k. Next step is to acquire more business credit cards/lines of credit with limits in the same range.

Any of yall use this strategy?

 

[b_b]

The apr on those card are so gnarly as to preclude you from really buying anything that will be cash positive with all the debt in them cards my g. You better off leveraging your credit score for a regular bank/business loan with a Apr of like sub 4 instead 14-18 fukkin percent.

Another lane is if you have a decent 401k you can take half your shyt as a loan to yourself at the same rates you'd get at a bank. Then you pay yourself back over time with interest. It's a better strategy if you can do it.

 

[GoFlipAPack]

The apr on those card are so gnarly as to preclude you from really buying anything that will be cash positive with all the debt in them cards my g. You better off leveraging your credit score for a regular bank/business loan with a Apr of like sub 4 instead 14-18 fukkin percent.

Another lane is if you have a decent 401k you can take half your shyt as a loan to yourself at the same rates you'd get at a bank. Then you pay yourself back over time with interest. It's a better strategy if you can do it.

True the internet can be but if you can roll it over into another card with 0%apr for 6 to 18 months then

 

[b_b]

True the internet can be but if you can roll it over into another card with 0%apr for 6 to 18 months then

It's kind of viable but you are going to end up with hella closures and open accounts littering your credit history.

Let's say realistically you can get 25racks for two cards, what real estate can you cop for 50k that isn't crazy distressed? Then to keep the payments from being untenable, after half a year you gotta balance transfer to another card, but at some point the balance you'd like to transfer is going to be higher than the new card supports. Now you are stuck and your credit and wallet getting hella fukked up.

 

[NatiboyB]

That ish is playing with fire unless you are getting into something guaranteed. I wouldn’t leverage credit to invest in some fly by night ish….also if you are using personal credit you will likely take a hit on your score.

basically don’t leverage credit to invest in some bs like amc or doge coin.

but if you have a real estate deal or a known quality investment and can deal with the utilization hit on your personal side go for it…

 

[tater]

Do you have life insurance? There are ways to borrow off of your policy.

 

[GoFlipAPack]

That ish is playing with fire unless you are getting into something guaranteed. I wouldn’t leverage credit to invest in some fly by night ish….also if you are using personal credit you will likely take a hit on your score.

basically don’t leverage credit to invest in some bs like amc or doge coin.

but if you have a real estate deal or a known quality investment and can deal with the utilization hit on your personal side go for it…

Most def. It would definitely go to solid for sure investments and not only that I suggest having the cash reserves to pay off whatever you use in case shyt goes wrong

 

[GoFlipAPack]

It's kind of viable but you are going to end up with hella closures and open accounts littering your credit history.

Let's say realistically you can get 25racks for two cards, what real estate can you cop for 50k that isn't crazy distressed? Then to keep the payments from being untenable, after half a year you gotta balance transfer to another card, but at some point the balance you'd like to transfer is going to be higher than the new card supports. Now you are stuck and your credit and wallet getting hella fukked up.

Youd have to float that payment on the card until you rehab and refinance the house

 

[NatiboyB]

Most def. It would definitely go to solid for sure investments and not only that I suggest having the cash reserves to pay off whatever you use in case shyt goes wrong

check out the real estate trapper and radikal marketer on YouTube

 

[10bandz]

I trade with margin sometimes but you gotta be smart with it.

 

[GoFlipAPack]

check out the real estate trapper and radikal marketer on YouTube

Those two are exactly who I've been watching

I see you up on game too breh

 

[NatiboyB]

Those two are exactly who I've been watching

I see you up on game too breh

Ehh keep an eye on radikal he got a lot of stuff from that him500 scammer

 

[NatiboyB]

I trade with margin sometimes but you gotta be smart with it.

Thay margin stuff I’m too scary for especially with options. Like if it was margin and apple or Berkshire B on commons id be with it

 

[Michael's Black Son]

The apr on those card are so gnarly as to preclude you from really buying anything that will be cash positive with all the debt in them cards my g. You better off leveraging your credit score for a regular bank/business loan with a Apr of like sub 4 instead 14-18 fukkin percent.

Another lane is if you have a decent 401k you can take half your shyt as a loan to yourself at the same rates you'd get at a bank. Then you pay yourself back over time with interest. It's a better strategy if you can do it.

this is the answer

hell even during the height of coronamania folks were dipping into their plans with “no penalty” so the shyt just made sense.

401k is your money anymore so tap in if you got eyes on some property and make it worth your while. If you wind up finding another job, take the rest of the $ and keep it moving

 

[Seoul Gleou]

what? no

the fukk? if you're going to margin trade, just do that. but the prospect of losing borrowed money on an investment is not appealing. hell, the idea of interest only payments till the investment yields a profit is stupid; it's a zero sum game