The Mark Perlberg CPA Podcast
The Mark Perlberg CPA Podcast
EP 85 - Achieve 0% Financing w/ Brett Watts
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Zero-interest business credit cards offer a strategic way for real estate investors to fund properties without depleting personal savings and avoid the cost of traditional financing options. Brett's approach provides funding without impacting personal credit scores or debt-to-income ratios, allowing investors to scale their portfolios more effectively.
• Business credit cards don't check business income, tax returns, or require collateral
• Using 0% interest business cards doesn't impact personal credit utilization
• Qualifying typically requires 720+ credit score with clean history
• Maximum funding comes through business relationship managers, not online applications
• Balance transfers extend 0% periods for 3-5 years with minimal fees
• House flippers use this for "gap funding" between projects
• Down payments can be funded by liquidating credit card funds (not direct purchases)
• Strategy pairs well with tax advantages like cost segregation studies
• Minimum payments (typically 1% of balance) must be maintained during 0% period
• Multiple LLCs can be used to access additional rounds of funding
For more information or to learn about your funding potential, visit https://swiftlinecapital.com/ or text Brett at 803-240-9710 for a soft credit pull assessment with no personal information required.
Your tax savings is going to give you all your down payment back. The rest is just profit coming in. It's like you're investing in real estate for free. He was a limited partner, so there was zero risk and he really liked you. This was one of our more risk adverse clients.
Speaker 2:All right, welcome to the show. I always love nerding out with experts in the world of money and finance. Welcome to the show, the Prosperal CPA Podcast, where we specialize in helping out real estate investors, high-income earners and entrepreneurs with reducing their taxes. I'm excited to bring someone who knows a lot about some smart things you can do to acquire money. We love doing smart things with can do to acquire money. We love doing smart things with our money, not just reducing our taxes, but also gaining capital, maybe to buy assets that will reduce our taxes. So I'm going to interview today Brett Watts. Brett, can you introduce yourself in 60 seconds or less?
Speaker 3:Yeah, absolutely. First of all, appreciate you having me on. I'm super excited about this. I'm passionate about this myself. I am a business owner, real estate investor myself. I originally got into real estate for the exact thing that you help so many people with, which is minimizing, paying extremely stupid amounts of unnecessary taxes, buying real estate, and throughout the process, I realized, through buying real estate, a lot of your money can go away very, very quickly. So I had to find out strategic ways in order to help acquire more properties without my own money and without super high interest. So we actually help real estate investors leverage 0% interest capital in order to acquire properties without their own money, without extremely high interest rates, in order to expand the portfolio. So that's kind of what I've been doing.
Speaker 2:Okay, fantastic, so tell me more about this. I mean, I've heard of some things, but let's get down to the details here. How can I take out capital at 0% interest?
Speaker 3:Yeah. So there's lots of different ways, and what I love about real estate is there's not only multiple ways to close a deal right, how to find a deal, but also how to, you know, fund a deal. And so you know, when I first started buying, you know I'm typically buying 20% down. Well, that again can take a lot of your liquid cash very, very quickly, and so I realized, okay, I still want to do this, but how do I do it where I keep more of my personal funds to have for whatever else I may want that for? And so one of the ways that we've actually been doing is through 0% interest business credit cards.
Speaker 3:The first time I actually ever did this, I did it on a personal credit card. I bought an Airbnb. With Airbnb, there's much higher startup costs. Now you can do cost seg studies, as you know, with short-term rentals, and so that was very appealing for me. But you've got to buy all the furniture, the kitchenware, the beds, the linens, right? The startup cost is significantly higher because not only do you have down payments, closing costs, you've got all the startup and everything like that as well.
Speaker 3:So I originally did it with a personal credit card, which, in theory, sounded really good. But what I didn't realize is that maxing out personal credit cards increases your utilization, which, in other words, what that means is that the current debt you have on the balances of credit cards, and so by having high utilization, even though it's 0% interest, can actually hurt your credit score. So you know, I went from like an 803 credit score down to like a 754. So still good credit, but still also a pretty big hit. And I just didn't realize that right. And so now we still take that same approach, but through business credit cards, because you can actually max out the cards, it doesn't impact your utilization, doesn't report on your debt to income, doesn't negatively impact your personal credit score and you know this is really one of the only products out in the marketplace that you can have 12 to 18 months of absolutely no interest at all. So you know, that's what was really appealing for me in order to kind of help with that.
Speaker 2:Very cool. So I'm assuming here that you're taking out the debt not in your personal name, but in the name of your business entity. Exactly how do you? Well, that makes sense here, but I'm curious how do you qualify for that much in a business line of credit through a credit card? Do you need to be in operation for a certain amount of time? Is there anything that you should be doing with the business so it becomes you're more capable of maxing out and qualifying for the line of credits?
Speaker 3:Yeah, absolutely so. Does it help having age, sir? Is it required? Absolutely not. For a business line of credit right, in other words, a loan right which has interest. You're usually going to want to need to report things like two years, you know tax, you know you know tax reports. You're going to need to show proof of income, sometimes bank statements. You know things like that in order to really qualify. You can still get qualified for it, but the interest rate that you might get approved for is probably going to be so high that it just doesn't make sense. You could be at like 25, sometimes 30%, especially if you're a new business and even if you're in a high-risk industry. What I mean by high-risk cryptocurrency construction, sometimes even restaurants, because restaurants don't always have the highest success rate. Real estate, especially house flipping in the eyes of a bank and a lender, extremely risky. So if they are going to approve you I've seen as well- I've seen some house flippers really lose their shirts.
Speaker 2:Oh yeah.
Speaker 3:And it's crazy. What's cool about the business credit cards is it's non-verifiable, meaning you don't have to verify proof of income, you don't have to show tax returns, you don't have to give any collateral, you don't have to show bank statements. You can literally start an LLC today. Once you get your EIN, you know a couple of days later, or however fast you move, you're ready to apply. What it does, however, uses what's called a PG, which is a personal guarantor, which does mean that they are going to look at your personal credit report in order to get you qualified. So you've got to be personally responsible for that business. But that's the same. Anytime you start a business, you're personally responsible for it, so nothing's really different. And so by looking at your personal, you typically are going to need to have like a 720 credit score higher. Can you do it with less? Yes, but to try to get 50, 100, 200,000, you're really going to need to have nothing negative on your credit report. So no late payments, no collection, bankruptcy, repossession. Typically, you want to have a lower amount of inquiries in the last six months, 12 months, two years. What I mean by inquiries are credit checks, right? So overall, just a pretty clean slate, the things that we really look for and like the perfect candidate, just so someone kind of knows how much they can get.
Speaker 3:Usually, if you've got at least 20 or 30 thousand dollars on personal revolving lines of credit with your credit cards, least $20,000 or $30,000 on personal revolving lines of credit with your credit cards, so not the debt you have on it, but how much are you allowed to spend based on your spending limits. Of those, if you can combine those up 720 credit score, 20 or 30K utilization at 30% or less. Utilization means if you have a $10,000 spending limit, you want to be at 3K or less on that card. Okay, so basically a third or less of that. That. That's like what underwriters are really looking for fantastic, okay, very cool.
Speaker 2:Tell me about what happens now. Let's say we have a 12 or 18 month period and you know this is going to be really valuable to our real estate investors because the greatest constraint in their growth is access to capital. You know, even if you're a veteran, experienced real estate investor, you know the deal will work. You got the numbers down, but the cash just isn't there because of you know how capital intensive real estate investing is. So tell me about. Let's say we go through this process. We get like $150,000. Now we have the money for this down payment. But now a month or 18 months have passed and money's coming in. But, as we all know, credit card debt is insanely scary because you know these guys charging 25, 30 percent interest. It's just absurd. So we don't want to be paying that type of interest. What if we can't pay it all back right away? What would we do in that situation?
Speaker 3:Excellent question.
Speaker 3:So you know when I'm looking to really invest in anything, whether it's a business, whether it's real estate, whatever it may be you always want to have an exit strategy or a plan B. So let's just say hypothetically that the card that you're going to get in, maybe you have a couple of cards. It doesn't have to just be one, it depends on how much you need. Let's just say, for a sake of example, you've got a 0% interest for 12 months. You want to have that money paid off that card by the time that card expires. Now, when I say expire, it doesn't mean you can't use the card, but that's when the introductory period of no interest ends, right? So at that point it just becomes a regular credit card. You're going to be 20, 25% plus APR, right? So in order to avoid that, the plan B at this time if you need more time, as you would do, it's called a balance transfer. Now what that means is, right, before that card's about to expire, say in 11 or 12 months or sometimes 18 plus months, just depends on the credit card you would apply for another 0% interest business credit card at that time.
Speaker 3:Now, credit cards, as you know, always have promotions, right. Sometimes it's spend $3,000, get $50,000 frequent flyer points. Sometimes it's get $800 cash back. Well, some promotions are no balance transfer fees. So in a best case scenario, we're going to want to have a 0% interest business credit card with no balance transfer fees.
Speaker 3:If there is a balance transfer fee, you're typically looking 3%. That's going to be the most common. Even if it is going to be 3%, what that means is you take the current debt off the current credit card that's about to expire. You get a new, zero percent interest business credit card and you transfer the debt off the current card onto the new one, and this essentially does two things for you. Number one, it avoids the 20, 25% APR. And number two, it essentially acts as an extension, because now the new card has 12, 15, 18 months all over again, so you can go three to five years just on a single LLC with no interest, the entire time. The only caveat is every 12 to 18 months when one expires. If you want to go even farther, you might have a 3% balance transfer fee, but when you think of a one-time transfer fee with no interest, nothing recurring, compared to a 25% APR, I mean it's a no-brainer.
Speaker 2:So here's an idea. I hired a lot of staff, so now I'm actually getting some free consulting, but I think our audience will appreciate this as well. I hired a lot of staff and the pressure is on to close deals, which is fine, we'll. We'll make the money we're. We're pretty good at what we do.
Speaker 2:But, um, it would be nice to have some more cash reserves now, with lines of credits like they say hey, you can take this cash wherever you want, but as soon as you get it, you're going to give us 25 interest.
Speaker 2:You know, we're going to charge you 25 interest over over the year and I'm like I don't even want to entertain the possibility of paying any of those monthly payments in interest. What I can do is I can work with you and let's say I access $100,000 of untaxed cash, but I don't need it right away. I don't know if I do so what I can do now I'm thinking is I just take this and I put it into an interest bearing bank account and I can collect four to 5% interest and now I can use the funds when I want to pull it out of that interest bearing checking account and then, when the 12 months is up, I will have had some interest income, I will have the psychological comfort of knowing I have the cash when needed and I made a little bit extra money. What are your thoughts on that way of looking at it?
Speaker 3:uh, yeah, I think that's great to be transparent. I haven't done that yet with with one of those bank accounts. But you know, ultimately it's like, even if you have the money, is it always best to spend that thing when sometimes you can reserve it? Maybe that can help you invest in, you know, going to some conferences. Maybe it can help you invest in some marketing, maybe some new machinery, some equipment. It just depends on your line of work. You know, for my line of work, you know we're remote, so our overhead is generally lower. But you know, I want to invest very heavily into marketing, ad spend where I can get our name out there and kind of push things like that. So, even starting this business, we launched it with 0% interest credit cards. But in regards to the interest bank accounts that you're referring to, that's actually something that I personally haven't done, but I think it's a great strategy.
Speaker 2:Yeah, cause at least now you're, you know you're putting it in a place where you're making money and it's guaranteed when you, if I put it into one of these high interest savings accounts and at the very least you know that's like four or five grand on a hundred thousand dollars it hits my bank account. That you know is pretty good. So now I'm wondering how do they determine how much you can qualify for with these loans?
Speaker 3:So every bank's a little bit different. There's a few things that you know we're looking at. Number one, you know we basically need to review your credit report for all three bureaus, right? So you've got Experian, transunion and Equifax Part of the term credit stacking Right, which is kind of a popular buzzword kind of going on for the last few years. There's two different types of credit stacking. Now one is with Eli, who you know, who stacks points, so you can do reward stacking, which is, you know how do you apply for the best travel cards that have bonuses of spend three thousand, get one hundred thousand points, right. When that's done, you can apply for another card and get that reward bonus and then you can kind of stack those strategically to get the most amount of travel points where you can fly free, stay free, and that's what I do. But you also have credit stacking when it comes to zero percent interest funding, and so when you're stacking with zero percent, you're essentially stacking against the bureaus, right.
Speaker 3:So say, hypothetically, if Experian is your highest credit score and you know, and a lot of banks actually pull from Experian, so you need to know which banks pull from which bureau and if Experian is your best, I want to find out, okay, well, which bank is typically going to pull from Experian? Right, let's say Chase. Most of the time they're going to be Experian. Every now and then they'll use TransUnion, but majority of the time it's always Experian, right? So if we can try to get you the maximum amount of capital and funding at 0% interest with Chase Now Chase has two credit cards alone that you can request with a brand new business no proof of income, no sales, no history of anything that actually will get you up to $75,000 per card. So if you do it right, you can get $150,000 just with Experian and with Chase alone. Then the next card you might want to do, you know, maybe it's going to be TransUnion. So then we want to find out, well, which bank's going to pull from TransUnion, because you don't want to just apply for, you know, five cards blindly or two cards blindly, without knowing which one. Usually you kind of want to stagger it to get the most amount per bureau, because when you apply for a credit card, most of the time they're only looking at one bureau, Unlike a mortgage, they're kind of looking at all three. So you can do an inquiry with Equifax, an inquiry with TransUnion, an inquiry with Experian, and that's kind of the way that you can stack by getting the most amount of funding per bureau.
Speaker 3:But different banks and institutions do have different policies of kind of what they're looking for. For example, like Truist as a brand new business, you know the max that they're going to give you is $25,000. It doesn't matter your credit history, it doesn't matter your age, you know things like that. So it does depend on which banks typically have it. And then the real trick of the trade is is you don't want to apply online, right. So when you apply online, in theory it sounds great because you get approved within seconds. But what it's doing is basically taking some formula within a matter of seconds saying yes, you're approved.
Speaker 3:Nowhere in that application does it ask you how much funding would you like or do you want max funding? It just very quickly optimizes for speed of approval. It's not optimizing for maximum funding. And so you actually want to go through what's called a BRM, which is a business relationship manager that works with these banks. Now on their end of the screen, they can actually put a request we want to request $75,000 on this card. When me and you do it, it doesn't even give us the option. You just put in your social or your EIN, like however you're going to apply, and then within a minute or two, you're typically approved. But you're usually going to get approved for 10K, maybe 20K, maybe 30, but I usually don't see anybody getting higher than that for instant approvals, versus if you're going through a BRM, a business relationship manager, and they're doing it for you. This is how you're able to get 50, 65, $75,000 just on a single card, right off the bat.
Speaker 2:Cool, okay, very interesting. I love talking to folks like you who have taken the time to learn how to work the system and learn how that system works, and you reminded me we had a great conversation with Ron Carruthers on working in the college financial system and getting grants and how to reduce college tuition and how to negotiate on college tuition and get more FAFSA aid by doing certain things. So, just like a tax return, we do certain activities that will reduce your taxes and similar. Here you're taking the time to explore how the system works and know the ins and outs so we can dive deep and create some opportunities here. So very cool stuff. Can you tell me some stories or success stories or examples of how this has played out?
Speaker 3:Yeah, you know, I originally started this actually by myself, so it's kind of cool, it's like you know, I'm not just a guy trying to sell a product out there because I think that it's good for the marketplace, like it's literally what I use myself. Like this is how I fund a lot of my own deals, and so between my wife and I, we've probably gotten over $300,000 in 0% interest capital. And what's cool about this is you can not just do it once, but you can rinse and repeat it, especially once you have access to these relationship managers. You can just start a new LLC and now get another $100,000 in funding, and so that's pretty cool. And so again, I've done it to fund my own. You know, when I, when I got my first couple of properties, I was using all my cash and I'm like man, this is really. It depletes it really fast. And you know real estate. You know for me I was mainly getting into it for tax strategy savings. Instead of spending tens of thousands to the IRS, I'd rather just take that money and fork it into an appreciating asset. So one thing is that I do for my own properties it's how I cover the down payment, it's how I'll cover closing costs, and that's another topic we can talk about is how to liquidate a credit card to use for a down payment. But yeah, I've now in the last three years I'm up to five properties, so nothing crazy. But if I can do this consistently and just get one property a year, two properties a year, and just stay consistent with doing this for 10 years, I'm setting myself, my family, up for not only eventually passive income, I'm setting my myself, my family, up for, you know, not only eventually passive income, but you know just kind of generational wealth as well.
Speaker 3:And then we primarily work with a ton like our most popular avatar of customer is a house flipper and the main problem that they have is not necessarily deals coming their way, but they're having to turn down deals because their money is tied up in other properties that they're either waiting to flip or they're working with a hard money lender that will cover renovation costs. But the catch is you typically have to front the money for renovations, you have to show proof of receipts Sometimes you got to show a photo that the job's actually done and then they will actually pay you back on what's called draws, which are basically reimbursements and stages. And so, uh, if they have two properties that the renovation work's already done and it's sitting there for 60 days and they hasn't sold yet. They're passing away deals because they don't have enough capital in order to cover the next down payment, or they're waiting on a project to be completed with the renovation. So the hard money lender will pay them back their next draw. And so we are really known for what's called gap funding, which is covering the gap, covering the difference, right, a hard money lender. They're typically going to need even a DSCR loan. You still got to put 20% down, and so we'll cover the down payment and we'll help front load a lot of the renovations.
Speaker 3:And so, what's really cool, a lot of our bigger investors that are wanting to do multiple bills at the same time.
Speaker 3:Instead of using 100% of our capital just on one property, they'll take 20% for down payment here, 20% for down payment here, 20% for down payment here, instead of just buying the house out cash.
Speaker 3:Right, you can actually do a hybrid of options to now get a hundred percent of the purchase price done and disperse our funds on multiple properties where now they can actually go at scale, because that's what really most people want, especially house flipping. You know it's not something that you have recurring revenue on, and so if you're sitting there for three months and you can't buy the next property. You know your, your, your, your cash flow is stagnant, you're at a stalemate, and so you know that's really what we've been able to do for most of our clients For now. They've either been able to take that risk, to have the money and confidence because the average flip is going to be three months, maybe six months, right and so you can actually take this and now fund multiple deals in a 12 to 18 month period, no interest Right and without over leveraging your personal funds, where, if you have a rainy day, you're not stuck in a tough situation.
Speaker 2:You know, and for real estate investors, for real estate flippers. You know we always talk about the advantages of real estate investing but flippers have it rough just because of the structure, the tax code you get these flippers, you know they'll say hey, you know, I just got $100,000 profit on this flip. I don't want to pay taxes on it, so I'm going to buy another house to flip. And that is not a good idea at all, because now you've lost all your money and you don't write off that house because it's inventory.
Speaker 2:And the only time you get to write off is after you've sold the house and then you have more taxable profits. So you need to set aside a portion of the profits for taxes.
Speaker 2:And so liquidity is always a challenge for real estate flippers big time. And then what I like with what you do, I think, is this is going to be really cool for short-term rental investors who are, especially if you have a w-2. You're doing short-term rentals because you know you finance the capital and especially back in the day with a hundred percent bonus, which may come back back in the day of a hundred percent bonus. And let's say you do a 10% down second home mortgage. I mean, let's say you borrow $100,000 through this program, you use it as a down payment, you do the cost seg and maybe that reduces your taxes by $100,000 to $150,000.
Speaker 2:The refund check hits your account when you file your taxes and then you pay off the credit card. A refund check hits your account when you file your taxes and then you pay off the credit card. So there's a really great arbitrage strategy where it's just timing and you wait for your refund. Then boom, you have the cash to cover the amount and now you have a cash flow in the real estate investment as well. That's going to appreciate and grow in value.
Speaker 3:Exactly, yeah, and what I try to recommend for a lot of our clients that are just doing flips is like, hey, every x amount of properties you flip, you should really try to hold one where then you can do a call, seg, study right, and so you can do the burr method.
Speaker 3:You know where you buy it, you basically rehab it, you rent it out, you refi it and then you hold it right so you get the same benefits of a flip where you get a big paycheck at the end based on you increasing the ARV and now what the house is valued at through all of your improvements. But now you've got to keep it. So now you actually get to help with the tax strategies that you can help with. But you also have some monthly I'm not going to call it passive because it's not right, but semi-passive income that's now coming in just through tenants paying down your mortgage every month. You're getting equity, you know, and so I do think that for a lot of our flippers, I do suggest that every few homes try to do a BRRRR strategy where you're, you know, now going to take advantage of the tax benefits of actually owning, you know, the assets as well.
Speaker 2:Yeah, and you know know, we have a handful of house flipping clients, and one of the challenges, though, is that they buy them so cheap a lot of the times that they're doing single family rental flips, and that the basis is so low, even though the house is worth a lot, but they purchased it at such a low price of the cost, like, while we still might be able to do a like a smaller scale cost side, we gotta, we gotta combine that with some other advanced tax reduction strategies or maybe invest into some other. You know, maybe, if the houses that they flip are just not really going to create the most tax savings, if they can get some cash, they can invest passively and group that with, maybe, some multifamilies or some other things that are going to give you a little more depreciation deduction, just because the basis is so low on some of these flips.
Speaker 2:They spent a little on the land and stuff. Yeah, 100% Cool stuff. Yeah, awesome. Well, brett, thank you so much for your time.
Speaker 3:Yeah, of course, there is one other very frequently asked question that I typically get. I can just take like 60 seconds to kind of hear that.
Speaker 3:Because the number one. You know, we have people sign up for our ads sometimes, and then they'll find out kind of what we do and they say oh, you know, that's not going to work for me. I need to buy real estate. And so the misconception really is you can't buy a house with a credit card, which is a hundred percent true, you can't. There are some exceptions with, like, auction sites in certain States you can, but it's very rare, right? In order to do that, and so, in order to you know, to buy a house with a credit card, you actually can't you have to show proof of funds in your bank account. You transfer and wire the money to a title company, and the title company is not going to take a credit card, right. What you can, however, do is liquidate a credit card. This is different from a cash advance, where you take out cash from that spending limit, right, you can liquidate from it Now, in order to do that, it usually takes about two to five days, so you need to you know, don't do it the day before closing and you can self-liquidate it by leveraging yours in another LLC.
Speaker 3:There's multiple ways to do this. There's also liquidation companies that you can use in order to have that. But you're going to pay a minimum of 3% processing fee. That's just like a credit card processing fee. Now, if you want to hire a company, right, obviously they want to have a little piece of it as well. But you know, I've always self liquidated mine and it takes two to five days. So if you've got one hundred and fifty thousand dollars and spending limits on your business zero percent credit cards you need one hundred thousand dollar down payment. Well, you pull one hundred thousand dollars out of that and now you have funds sitting in your bank account where then you can actually now use for a down payment. So when they say you can't buy houses with a credit card, that's accurate. But you can liquidate from a credit card to then use for the down payment.
Speaker 3:And so that's kind of the thing that you know. That's the biggest misconception is. They'll say oh no, that's not going to work for me. I need down payments. Well, you just have to know how to play the game.
Speaker 2:Yeah, interesting nuance there. Well, tell me about. If someone listening wants to work with you. How would they do that? What's the? What does that look like?
Speaker 3:Yeah, so you know we're called Swiftline Capital. A lot of our team are actual real estate investors ourselves as well, so you know. So we not only help other people do this, but it's the same strategy that a lot of our team members physically do ourselves to acquire our own properties. So we're living and breathing in it, and when we say we believe it, we're actively doing it ourselves. And so you can go to our website, swiftline Capital. We can take a look at your credit report and let you know realistically of a range based on your report, of how much funding you can get at 0% interest, what the timeline would be If you're not at the credentials that I mentioned.
Speaker 3:We do offer credit repair. We're not a credit repair company, so it's not something we proactively offer. But if it's someone that we can help boost and optimize their report to now get access to another $50,000 just by making a couple of tweaks, and obviously it's in our best interest, so you can go to our website, swiftline Capital, or, you know, you can contact me on, you know, cell phone or email or however else you know I don't want it to go through that way as well.
Speaker 2:Okay, and and then you know, we'll see what you guys can do and what your consultant packages look like, and that'll be very helpful for our audience and all of this will be show notes as well if they want to check you guys out.
Speaker 3:Yeah, and then last thing I'll mention as well not only do we help with funding we teach you how to do this again and again and again, just like I've been able to do but because we're also real estate investors. For anyone that wants to be new to it, real estate can be a little bit scary and daunting. Once you do it, you realize that, okay, it's not that bad. But most people don't take that first step because just the fear of the unknown. So we do have spreadsheets and resources that we provide on how to analyze ARV.
Speaker 3:If you're going to do flip, I've got spreadsheets that I personally use to calculate. You know how much am I expecting to make by punching in the numbers. And then the spreadsheet has a formula which tells you what you're you know if it's short term rental. You know what's your occupancy rate, you know. So we kind of provide guidance on how to strategically, you know analyze deals to make sure that you're getting in at the right thing. So those are just extra bonuses that we kind of provide. Just because we already have them ourselves. We might as well just share them.
Speaker 2:Very cool, actually. Now you just remind me of another question. Is there a mistake to avoid? Is there some sort of like slippery slope, or because you know there's ways to extend it for five years? And is there ever worse when it comes to this strategy? Because there's ways to extend it for five years? When it comes to this strategy, are there any things to be aware of or mistakes to avoid to be concerned about here? If someone listening tries to DIY this thing, it will likely mess up.
Speaker 3:I mean, the most important thing is optimization, so it's understanding which bureaus that they're going to pull from. That's where a lot of people kind of get stuck. It's also having access to not just applying online. Right, if you apply online, even with an 800 credit score, you'll probably get 10 to 30K. So if someone comes to us and they say, hey, I just need 40K, sometimes we just say, look man, just go apply online. It might take you two or three cards to get that amount. You don't necessarily need us. It's really when somebody wants $100K, $150k, $200k plus.
Speaker 3:That's when a real strategy kind of comes involved and the relationships that you have with the banks. You want to go through these bankers, not doing online applications. The other thing as well is when you're doing this strategy, you're going to need to make sure that you're paying the minimum payments on the credit cards. If you don't, every bank's a little bit different, so I'll just speak kind of laws of average. But sometimes somebody will say, oh, that's cool, I don't have to pay anything for 18 months when my card expires, or 12 months.
Speaker 3:Well, that's true, but you do want to make sure for certain banks that you're paying at least the minimum payment amount. So just do auto bill pay minimum amount. Some banks it's like a minimum flat fee of like 25, 50 bucks. On average it's probably going to be 1%. So if you're going to take $50,000 out, you're only paying $500 a month for that minimum payment amount. Yeah Right, compared to a hard money lender or a business sign a credit at 10, 15, 20% plus interest, I mean it's there's nothing out in the marketplace that you can pay that minimal in order to have it and with no interest, right?
Speaker 2:So that is something that you just need to be aware of, because sometimes if you don't make a minimum payment, a bank sometimes does have the right to say, hey, you can still use this card, but we've revoked your access to 0% interest. Very, very interesting. Okay, cool, brett. Thank you so much for our conversation. I think this is going to be really eye-opening to our audience here, and me as well, by the way, and anything else you got a call to action or anything else before we head on out?
Speaker 3:you know I'd say, if anyone's at all interested, um, you know, we have a software that works with experience that we can do a soft pull.
Speaker 3:We don't need a sensitive information, don't need social, don't need your date, don't even need your date of birth. We just go based off your name and address and I can let you know exactly kind of what the underwriters are looking at and give you a range of kind of where you're looking at. In order to have that, so I'd say you could just go to SwiftLine Capital or, you know, you could just text me at 803-240-9710. I'd be happy to just say hey, you're either not ready for it yet. Here's the things that you need to do to improve it. Otherwise, we could easily get you maybe 50K, maybe 150K right. So, based on the soft pool, I can let you know, based on all of our data and all the funding, that we're doing pretty, very realistically, like setting expectation of what you'd be eligible for based on your report. So that's usually going to allow somebody to decide is this going to be the right avenue for them.
Speaker 2:Wonderful, brett. Thank you so much for your time and for those of you listening. You'll have his info in the show notes and if you want to learn more about our tax strategies and how we can combine this with your tax strategies and liquidity friendly ways to reduce, drive down your taxes or eliminate your taxes, go to prosperlcpacom. Prosper with an L? Cpacom slash apply. Have a wonderful day. Stay tuned. We got more great content coming your way.