Is there someone here who purchased a fixer upper home and then did a rehab on a credit card and potentially took the benefit of 0% apr. would love to hear how was the experience

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Remodeling a home always takes more time and money than expected unless you fix and flip on a regular basis with a reliable crew.

A safer bet would be a second mortgage or a home equity line of credit. You can still plan on paying off the balance in less than a year but the consequences of going longer are far more manageable.

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Thank you so much that was very helpful! Do you know how does the process of secured loan work? Also, how much interest rates are usually on those loans

I did this, timeline always can fall apart so get more time than you need

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Yep

I am not aware of any contractor who would be willing to take a credit card payment, most actually prefer cash. I mean you can charge a lot of the building materials on a CC, but I think that’s about it. This is from experience as I have rehab 2 houses and an apartment.

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Purchased a home on a credit card?

I meant just did a rehab on cc

Lots of contractors won’t take CC, or will charge extra. It’s good for buying supplies, but contractors often want cash or check so they don’t get hit with fees. So you’ll still need some money for those scenarios

Yes I just had a roofing/siding company do some work and installed a new deck. Both had 3% fees to use a CC.

Broke even on the sale because of holding cost, but made money from business expenses on taxes

What do you mean by holding cost and can you explain more in detail?

Watch more HGTV

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