Credit Myth: “I can’t get cash from a credit card for my real estate investments.”
We believe every real estate investor benefits from having a business credit card.
But only so many types of expenses can actually be put on credit. What if you need cash to cover a down payment, earnest money, paying certain contractors, and more?
There are lots of expenses in real estat investing that don’t take a credit card. So, how much good is a business card, really?
Fortunately, there’s a simple way to get cash from a credit card.
Getting Cash from a Credit Card
Most credit cards come with an option for a cash advance. But these come with limits that are usually well below what you need for cash purchases in the real estate world.
So how can you pull off getting cash from your credit card even above your credit card’s cash limit?
There’s a service called PlastiQ.
They charge your card and convert it to a wire, ACH, or check. So you can use up your full credit limit to as cash funds.
PlastiQ does charge a fee for this service, but it’s typically lower than your credit card company’s advance fee.
(This is not a paid referral – just a service we really think most investors should have in their bag of tricks.)