holy fuck, have I just figured out this absolutely genius-tier high risk real estate leverage method to buy a $1m property for $100 or am I just retarded? If I'm correct It's completely legal to get loans from different banks at the same time and use money from other banks anywhere you please and you don't have to disclose where you received the funds from, meaning this is literally possible
>have very high or max credit score
>savings accounts in at least 4 different banks
>use $100 to get $1,000 (10%) loan from bank 1
>use $1,000 from bank 1 to get $10,000 loan (10%) from bank 2
>use $10,000 loan from bank 2 to get $100,000 loan (10%) from bank 3
>use $100,000 loan from bank 3 as down payment (10%) for $1m property with a little bit of seller financing
Holy fuck...
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>10% downpayment on 1MM home
kek
Also, no bank is going to give you a 100k unsecured loan based on you showing them nothing but a 10k balance at another bank.
Nope. They actually check where the down payment comes from. With fha, you can borrow/be gifted the down payment from blood relatives.
Even in the glory days, pre 2008, you had to put something down 3.5%, but you could piggy back loan the remaining 16.5% to avoid pmi, if you wanted.
You're not going to get even a 20% loan though if you don't have the income to back it up. But yes, you could do this technically.
DELETE THIS
20% down***
>do this every day for 3 years
>become billionaire
>run for president
Holy shit OP delete this post right now before the IMF come and find you and murder your whole family
that's how I felt internally
>kek
yes that's what happens when you have a very high or max credit score, my godfather has a maxed out credit score and only has to pay 10.5% on mortgages of any amount
also FHA is a thing
>no bank is going to give you a 100k unsecured loan based on you showing them nothing but a 10k balance at another bank
dude they hand out loans like 100k as long as you ahve the full down payment like pedophiles giving out candy to little children at the zoo are y ou kidding? the idea is to have some funds in each account and to put the house itself as collateral eliminating the insecurity of the deal
>They actually check where the down payment comes from
why? I think this is bullshit, my father told me he showed up with $8,000 cash and got an $80,000 loan and they never asked him anything, and my godfather tells me he never gets any questions when he takes out loans or when he took out his 2nd mortgage, and I've never heard anyone tell me the bank asked them where they got their money from unless someone was getting fucking like audited by the IRS and had an open investigation on them and agents were holding the bank clerks at gunpoint forcing them to ask you all kinds of retarded questions
yes if you have a MAX or very high credit score, anyways then you could do this with a $100,000 house, literally anyone wagesalving at fucking mcdicks could have that qualifying income, still insane value regardless right? it literally is possible i absolutely don't see why i'm not going to do this fucking tomorrow
BUT IT'S FUCKING TRUE DUDE, MAYBE NOT $1M IF YOU DON'T HAVE 6 FIGURE INCOME BUT STILL 100K 200K+ MAN LIKE WTF
LMAO FUCKING LITERALLY MAN CMON TELL ME WHY NOT
>have very high or max credit score
well already a non-started for me
is your godfather literally the god father? maybe thats why the banks dont ask questions kek
>well already a non-started for me
it's fucking easy as shit to get just takes time if you don't have someone to co-sign / authorize user for you
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he is in fact a badass, my dad is more in line with the god father stereotype but anyways, yeah you don't have to disclose where you got any of your funds from only government entities can do that shit, as long as you have the money, an income and the collateral that's all they care about, and you just put up the property itself as collateral and a $1,000+ income qualifies $100k, 200k 2,000 and so on specially with a very high / excellent / max credit score and credit history
I'm pretty sure this is also why bankers getting arrested and entire banks getting shut down or partially shutdown / investigate for money laundering / helping criminals and drug kingpins wash millions / billions of dollars is a thing too
>max credit score
>instantly spikes debt to credit ratio
>denied 2nd loan and laughed at
>credit is now 710
stay in school fren
>Oy vey! The goyim know! SHUT IT DOWN
it wouldn't drop that much or spike that high, but the idea is that if your credit is in the 800's or similar it won't be enough to literally flat out deny you a loan, and also you're not going to get denied on a loan for a few thousand dollars with a 710 credit score, some funds in the bank and an income + your assets lmao
OYGEVALT
>he's never gotten a mortgage before
What do you think they are, fucking payday loans?
if you have a high / max credit score, credit history, income, a few funds in, place the house itself as collateral and the full downpayment then yes it's like using a credit card to buy candy at the candy store
this is a larp
You have to be 18
You have no idea what you're talking about.
Stay in school kid.
10.5% on a mortgage is absolutely terrible though.
holy shit user I know at least 15 different banks, I'm literally a millionaire
>be me
>open bank
>be customer of that bank
>dont pay monthly payments
>go into negative
>bank demands 12% interest on my dept
>never pay dept
>bank literally makes 12% cash per month, forever
and how does your retarded ass plan to pay off the monthly rates if you are so poor you had to take out a $1000 loan in the first place?
Okay, assuming you got the loans, you have a loan to pay for 1m property. How will you pay this now. The plan only makes sense if you can immediately sell the property for profit.
And now you have no money and 4 loans to pay back. What was the point
>gets foreclosed 90 days later because the mortgage rate on the entire property is double what he gets after expenses from the property
BTC is not private or fungible.
What use does a large corporate entity or institution have with a coin that can be analysed through chain analysis so that their competitors, foreign governments, or other bad actors can analyse all of their transactions data?
Information leaked includes relationships, supply chains, profit and loss information, accumulated wealth, and more.
For people serious about Business Monero is the answer. Data mining will be a serious issue for commercial deployments.
You have no idea how to get credit do you?
Credit score is one of multiple factors. It accounts for about 30% of the overall strength of the application. Also it's not like they won't pull your credit bureua and see all the other loans you have at other banks.
>You can't debt service
>You don't have a good enough reason for borrowing
>You have had multiple credit inquires in the last year
>You are a new customer and bank with multiple other banks, red flag.
>why do you have so many loans on your credit bureau?
You will be rejected multiple times and all you will be left with is a shitty credit rating.
As always OP is a faggot.
You also didn't figure this out. This is how banks create money out of thin air.
>Tenth round of banking
Sounds good before you get interrogated by realtor
Can confirm
While approving loans we look at other inquires and can tell what they were for and when they took place.
The amounts wouldn’t show but the existence of two or more inquiries would lower your chances even if you weren’t approved previously
You've never gotten a mortgage have you?
>What is asset documentation?
Also only one of those loans is a mortgage. The rest are unsecured personal loans.
If that's all that your gonna confirm please tell me which bank you work for so I can short it, they don't know how to adjudicate credit.
There is only one way to properly leverage all of the loan. If you get a line of credit from one bank and transfer all of it to another bank and leave it in the second bank account for 180 days or more then you can use the line of credit for the down payment.
Guys, OP will pay off the mortgage with his income. The point of this is to get a deposit to buy the house in the first place, not as a way to get free money.
Hello this is Israel embassy. Delete this.
the banks will demand to see your taxes and check your credit. They will instantly tell you arent elligible
guys I found a way to make infinite money
I recently started working at a big EU bank as a small fish. I know for a fact that a risk portrait is made every time someone wants to take out a loan.
You’re right when you say that the bank does not know where the money came from specifically, but they can see how many loans you have, what loan category it is and how much the total sum of the loans is. They also check for the past couple salary deposits (which HAVE to be deposited at that specific bank account).
You also can’t sell the house within 3 years unless you want to be buttfucked by the government, which is a huge risk in the current economic environment
OP your autism is spinning out of control. When you ask for a loan, you have to disclose all debt you have. Even the most retarded normie bank wagie will add two and two together and report you to the FBI
Why not just dump the $1m into Bitcoin and disappear? Much better idea.
You are a genius OP. You can actually get more money than exists by using that very method.
Cont... from OP:
>use $1,000,000 loan from bank 4 to get $10,000,000 loan (10%) from bank 5
>use $10,000,000 loan from bank 5 to get $100,000,000 loan (10%) from bank 6
>use $100,000,000 loan from bank 6 to get $1,000,000,000 loan (10%) from bank 7
>use $1,000,000,000 loan from bank 7 to get $10,000,000,000 loan (10%) from bank 8
>use $10,000,000,000 loan from bank 8 to get $100,000,000,000 loan (10%) from bank 9
>use $100,000,000,000 loan from bank 9 to get $1,000,000,000,000 loan (10%) from bank 10
>use $1,00,000,000,000 loan from bank 10 to get $10,000,000,000,000 loan (10%) from bank 11
>use $10,00,000,000,000 loan from bank 11 to get $100,000,000,000,000 loan (10%) from bank 12
>use $100,00,000,000,000 loan from bank 12 to get $1,000,000,000,000,000 loan (10%) from bank 13
Yeah do it! Great idea! Tell me how it works out!
Use $1m loan to pay back the $100,000 loan.
Fucking noob.
What if I give the money to my fren and he takes out a loan then he gives his money to another of our fren and so on..
“Gold is the money of kings, silver is the money of gentlemen, barter is the money of peasants –
>but debt is the money of slaves.”
-Norm Franz
Try it.
The main thing stopping you is that the bank will require assurances that you don't have (I.e. a certain income level and a non-risky source of funds for the deposit), but if they don't then your plan is fine.