those CC offers?
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those CC offers? (by george [MA]) Jan 23, 2023 8:54 PM
       those CC offers? (by Steve [MA]) Jan 23, 2023 9:09 PM
       those CC offers? (by Hoosier [IN]) Jan 23, 2023 10:06 PM
       those CC offers? (by don [PA]) Jan 23, 2023 10:07 PM
       those CC offers? (by Homer [TX]) Jan 24, 2023 12:02 AM
       those CC offers? (by plenty [MO]) Jan 24, 2023 6:31 AM
       those CC offers? (by Ray-N-Pa [PA]) Jan 24, 2023 7:05 AM
       those CC offers? (by DJ [VA]) Jan 24, 2023 7:27 AM
       those CC offers? (by S i d [MO]) Jan 24, 2023 8:50 AM
       those CC offers? (by plenty [MO]) Jan 24, 2023 9:00 AM
       those CC offers? (by Mike45 [NV]) Jan 24, 2023 3:44 PM
       those CC offers? (by plenty [MO]) Jan 24, 2023 3:50 PM
       those CC offers? (by Deanna [TX]) Jan 24, 2023 4:02 PM
       those CC offers? (by Deanna [TX]) Jan 24, 2023 5:41 PM
       those CC offers? (by george [MA]) Jan 25, 2023 6:55 AM
       those CC offers? (by mike [CA]) Jan 25, 2023 12:07 PM

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those CC offers? (by george [MA]) Posted on: Jan 23, 2023 8:54 PM

Seemed to all happen at once , I had to do several huge repairs,

had to put stuff on CC's , I have a pretty big bill,..I suppose I could go to my bank and pull money out of a building but I also see these offers about paying something like super low interest on their CC for 6 months or more,I see as much as 0 interest. I do have a good credit rating. But I'm wondering what is the catch,..the downside of shifting this debt to one of those low rate cards for a while.

In 6 months I should be close to paying off the debt.

those CC offers? (by Steve [MA]) Posted on: Jan 23, 2023 9:09 PM

The downside is that when the time comes to pay it off & you don't have the $'s, you'll get wacked with 20-30% retroactive interest.

those CC offers? (by Hoosier [IN]) Posted on: Jan 23, 2023 10:06 PM

You need to reevaluate your business model. You should have enough put back from historic income to handle even large repairs. You are playing the shell game, not a good plan.

Either your rents are too low, your expenses too high due to lack of maintenance, or you're spending too much of your profits. You need to save more for reinvesting and repairs.

those CC offers? (by don [PA]) Posted on: Jan 23, 2023 10:07 PM

Steve---those retroactive grab-backs don't seem to be around anymore. They may have been banned by regulation.

George, those balance transfer offers always have an upfront transfer fee, usually 3 to 5%. So if you get 6 months interest free and pay 5%, you are paying 10% annual interest rate.

those CC offers? (by Homer [TX]) Posted on: Jan 24, 2023 12:02 AM

I did hundreds of thousands of dollars over about 15 years playing the credit card game, over 25 cards I used. Never paid any interest, just the 1-2 percent fee they charged . I would pull from 2-3 cards to buy a house. Then never paid late. When my time was almost up I would transfer the balance to other cards. Rinse and repeat over and over. You have to be perfect with paying, otherwise the whole thing can crash down. I considered it dancing with the devil. I won, and now have houses worth millions. Proceed with caution.

those CC offers? (by plenty [MO]) Posted on: Jan 24, 2023 6:31 AM

Use the zero percent Credit Card offers all the time. It's a good deal if you plan to pay it off in the allowed time. Search this sight in 2022 there is a long post of how. Basically I do get hit with 3-5 % of a fee, divided by the months offer (minus one month) and that is the payment I send in every month. For a 12 months offer divide by eleven. It's a way for me to get more expensive fixes done faster.

those CC offers? (by Ray-N-Pa [PA]) Posted on: Jan 24, 2023 7:05 AM

You can play that shell game alright, but I agree with the others - it isn't the cheapest game in town.

Are you able to get a LOC on one of your places so you are only paying 7-8%?

those CC offers? (by DJ [VA]) Posted on: Jan 24, 2023 7:27 AM

In addition to what others have said, another downside is your credit score. You say you have a good one, so you may care about that.

Having an account for a long time helps your score.

Having new accounts hurts it.

Higher balances in those accounts also hurts it.

However: I have done that sort of thing too, when necessary many years ago.

If you are intentional and dedicated to on time payments, it can work to your advantage.

It's just another tool to use as long as you have your eyes open and calculate the risk and cost as acceptable.

It's certainly better than keeping a large balance on a card with a high interest rate, that you can't pay off right away..

those CC offers? (by S i d [MO]) Posted on: Jan 24, 2023 8:50 AM

I agree with other is the worst part of this is the "outta sight, outta mind" state of mind when you load up 0% cards. The emergency is over, so there's no incentive to pay for what you've spent. And unless you're more disciplined than 95% of the population, the odds are is that balance will start accruing interest before it's paid off.

What's your monthly set aside budget for repairs and capital expenses? I set aside 5% of gross potential rents each month into savings for big repairs and capital expenses. My properties are all Class C, which means "Clean, safe, and functional" is the standard. If you have nicer places that require renovations and trendy design, probably 10-12% would be better. --184.4.xx.xx

those CC offers? (by plenty [MO]) Posted on: Jan 24, 2023 9:00 AM

Sid the credit card company mails you a statement every month. So nothing is out of sight. Ray, the advantage is I don't have to produce a pile of financial papers to qualify. DJ my credit score actually increases. These offers are not bad if you have the intent of paying it off in the allowed time.

those CC offers? (by Mike45 [NV]) Posted on: Jan 24, 2023 3:44 PM

I looked into this once. After you take the loan, any payments you make on the card are credited against the loan balance and not against the normal credit card balance. So the normal outstanding credit card balance is charged the high interest rate on the credit card.

I would do this loan only on a credit card with a zero balance, and I would then not use that credit card while the loan was outstanding.

those CC offers? (by plenty [MO]) Posted on: Jan 24, 2023 3:50 PM

Mike45, the cards I write these checks against are zero balance and I don't carry them or used them when I write a check against them. Excellent tip.

those CC offers? (by Deanna [TX]) Posted on: Jan 24, 2023 4:02 PM

I had some big expenses coming up, so I thought I'd respond to an unsolicited card offer to one of my biz accounts. They had made the offer--- but then they wanted the entity to provide certain documentation. I could provide the information they wanted, but not the specific documents they wanted to convey that information. I tried chatting with a human after the autoapproval didn't go through--- "oh, I'm sure it will be approved in about 30 min." Of course, it wasn't-- but I had called too quickly after the information getting rejected for them to tell internally that my info had been rejected.

So-- if you respond to an unsolicited offer, be careful about presuming that they actually want to do business with you, or if they want extra hoops to be jumped through first.

those CC offers? (by Deanna [TX]) Posted on: Jan 24, 2023 5:41 PM

Fwiw, the pieces of information they wanted that proved to be an obstacle were--

Proof of physical address for each beneficial owner

Proof of legal name and physical address for business

Proof of physical address for authorizing officer

Proof of federal tax id for business

As a single-member LLC, I file my taxes under my personal SSN, but I have a federal EIN for banking purposes. Some of my EINs in the past have been generated on a cellphone while sitting in a bank-- so there's no physical paper that tells me "this is your EIN from the IRS," and they pretty much tell you, "Write this down now, because you're never getting this from us again." But having the bank screenshot your sensitive information-- including the EIN-- isn't sufficient.

Likewise, if you're a single-member LLC, you need a physical address for service. But screenshotting your biz entry in your state's Taxable Entity Lookup isn't sufficient. They want, like, a bill in your biz's name. Except you might have five or ten LLCs all claiming that physical address as where people need to go for legal service--- but it's not the mailing address for usual correspondence, and the entities definitely aren't in the business of paying your personal electric bill.

It was just kind of clunky and reminded me that I wasn't a big fan of Chase. I don't know if a different card issuer would have ended up differently, but in general, I've given up trying to establish credit history for my LLCs and just apply for cards in my personal name. It's a lot more straightforward.

those CC offers? (by george [MA]) Posted on: Jan 25, 2023 6:55 AM

I understand the CC company has to protect themselves but is there a lot of loops they make you make you jump through, There is 2 that come up on my Mozilla brozer that do "0" interest for a year and a half.

I can pay it off by then.

those CC offers? (by mike [CA]) Posted on: Jan 25, 2023 12:07 PM

i done that. be sure you pay on time though. the terms they bury in the transfers and check access can be revoked if you breach the many many gritty details of them, late payment being one. wisely used, if you have no other option, they can be a great tool for building your empire. it is a VERY good idea to have this card or cards be exclusive to the project at hand. that makes the bookkeeping cleaner.

Ray N Pa makes a great point, we should all have heloc's in place if we think we might need to access some credit for whatever reason. i am sure we'll see them (and seconds) come back in vogue since so many folks have 2-3% loans they should never pay off in a re-fi. --75.80.xx.xx

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