The purchase price of the house is $22,500 and I funded the $1,000 deposit with funds in my checking account. I think I will get a credit for property taxes that will have to be paid at the end of the year so I'm looking at a $21,000 outlay. So where to come up with the money?
That's right, I'm buying a house with credit cards. More specifically, I am taking advantage of two balance transfer offers. Both offered me a 0% interest rate (instead of transferring a balance I wrote a check to my bank and deposited the funds into my checking account) for 18 months. I did have to pay a hefty fee for the privilege of initiating the transfer (3% on one card and 5% on the other, or a total of about $925), but that's a fair price considering I won't pay any interest on the money for 18 months.
So my goal is to pay off this house in the next year and a half. I need to pay about $1,200 toward the balances each month. About half of that will come from the rent I get on the house. I think I can come up with the other half from rents and mystery shopping income.