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balla39

posts: 3

Oct 23, 2006 5:53 PM ET Quote Report Abuse

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Is there any way I could buy or put a down payment on a peice of land with a credit card?

davenny

posts: 110

Oct 23, 2006 5:59 PM ET Quote Report Abuse

Points: 0 Vote

It is possible to do it on a credit card, however your interest rate would make any possiblity of profit vanish....why? What is your idea?

-------------------------

Erik
www.usspin.com
www.unitedbusinessalliance.com

sleepehead

posts: 5

Oct 23, 2006 6:00 PM ET Quote Report Abuse

Points: 0 Vote

I have worked in the processing industry for ten years now. It’s not against Visa/MasterCard rules however unless the firm you’re purchasing the land from is setup to accept purchases of that size, it will get flag by the risk system and the funds frozen which may hold up your purchase. You most likely better off not use a credit card. Use a mortgage you have a lower percentage rate or pay cash.

Hope this helps. Good luck.

balla39

posts: 3

Oct 24, 2006 2:22 AM ET Quote Report Abuse

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Well what im trying to do is open up a paintball park where I live. The land that im trying to get is a perfect loaction, but it commerical property and its gonna cost me 165k total just for the land. Do you think I could do it like a mortgage instead on the peice of land? I know for sure this will be a profitable business, I just have to get enough money to at least put down a decent down payment.

sleepehead

posts: 5

Oct 25, 2006 10:35 AM ET Quote Report Abuse

Points: 0 Vote

Talk to your local bank about a land note.

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