Financing Real Estate Investments With Credit Cards Can Pay Off — If You Pay Them Off

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Imagine it’s 2008, at the onset of the worst economic downturn since the Great Depression. Now imagine you have $80,000 in credit card debt. You’re going through a divorce, you’re self-employed, and your income is dropping rapidly as the recession worsens. Faced with that kind of nightmare, most people would probably think about looking for a more traditional job, selling their home — or even declaring bankruptcy.




Not Glenn and Amber Schworm. Instead of getting conservative, the upstate New York couple decided to try their hand at real estate investing, racking up even more credit card debt in the process before they turned things around.
“We were pretty desperate,” says Glenn, recalling the day in 2008 when he and Amber, who at the time were both going through divorces from their previous spouses, decided to buy a house and try to flip it as quickly as possible, putting renovation expenses on credit cards.

For more on this story: https://www.nerdwallet.com/blog/credit-cards/financing-real-estate-investments-with-credit-cards

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