Get Rich Quick?


Friday, September 15, 2006

This sounds like it could work!

Here's another idea on how to get 'FREE' money!

I do not recommend that you jump into this without first checking the figures, but it does sound, in principal, as if it could work.

What I am talking about is a 'Self-amortizing loan'. Basically you get a loan of say $600,000, to pay for the building of a $200,000 house on a $100,000 block of land. Whilst the house is being built you make your 'Progress payments' using the other $300,000 sitting in your bank. Whilst the house is being built you are not a cent out of pocket!

When the house is built the value of your land should have increased because now it has been developed.

You now sell the combined house and land package for an amount that will pay for all of the current interest that has accrued and the remainder of the original loan, less what you have left from the $300,000 that you had in the bank.

If you play your cards right, at the end of the day, you should be left with maybe $50,000 in your bank!

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