10% down which co-signer paid on a Conventional 30 year. I made ALL the mortgage payments, co-signer made extra payments and Mom loaned me money to pay it off. (I have been paying her back) (Co-signer and I also made lump sum payment to pay it off)
MORTGAGE FREE now but I had help.
That's probably the most creative way I've seen yet to lose money.
Paid off property is 5 min from the beach / Ocean Drive .... Im not paying the bank interest, I dont have to pay rent $2,000 rent and I can travel anytime I want because I don't have a huge payment holding me back. I've seen people in their 70's still paying a mortgage.
Question: what are your most creative financing strategies?
Thanks!
Some of the “creative” financing methods I’ve used over my 40+ years as a real estate investor can only be utilized, or are only profitable in certain specific economic climates. What worked in 1981 when interest rates were 18% is different then 2021, when interest rates were 3%.
Purchased a retail/warehouse with tenant in place for $290,000 (seller financing) with $75,000 down. The $75,000 I borrowed on credit cards. Simultaneously sold a 50% interest to the tenant for $95,000 cash to me subject to the existing note. So put $20,000 cash in my pocket and owned 50% of a property worth $290,000 (at purchase price) with a $215,000 mortgage. The tenant/partner rent payment was 3N and covered the note payment which was a 5 year fully amortized at 6% interest when interest rates were at 18% in July 1981. In 1985 my tenant/partner bout me out for $145,000 cash upon refinancing the property.
wow this is a very advanced industrial advantage in your area of expertise. simply wow, this is more like a very good business decision I guess.