All Forum Posts by: Andres Vanegas

@Jorge Vazquez long term only always. Otherwise it’s just gambling!

@Erik Bunch don’t see why it wouldn’t! Good luck!

@Michael Flight I think at the moment I’m less concerned with gains tax and have a greater concern around just being able to explain what’s going on to the fine folks at the bank! I may go the route of placing some of my BTC with Blockfolio for a loan though so I can play with the rest in DeFi. Clocks ticking and I’m almost ready to make a move.  

@Patrick McGuffey seems like it is really lender to lender with how they source downpayment? Off crypto topic- was the rate better or worse for quicken v. your credit union? Also you mention reserves, was this an investment mortgage?

@Patrick McGuffey awesome! What documents did they request? Did you mention it was crypto at first and was their any additional back and forth from the usual conversations?
 Did they want to see your cash going into the crypto exchange account? Did you ever take your funds off the exchange into cold storage or another exchange? 

Any details would really help!

Caught this on market watch - looks like it is happening to some extent -

https://www.marketwatch.com/amp/story/this-software-engineer-used-cryptocurrency-to-buy-his-dream-home-but-the-process-wasnt-entirely-straightforward-11619662003

@Michael Yenny have you checked out Alchemix? When you deposit your funds in DAI you can receive a self paying over collateralized loan i.e. deposit 100k and receive 50k. Your loan goes on to be paid off over a variable period of time and you get your original deposit back. Tax implications are debatable at the moment. Not sure if this fits your use case but it definitely keeps a lot of your money in crypto land. 

A peek into where we are at with RE and blockchain: https://amp.cnn.com/cnn/2021/0... Ultimately Dulgeroff failed to get a single bid on his NFT + RE combo. I saw this a couple of weeks back and was hoping some billionaire would've bought it and worked out the kinks along the way, alas. I think the digital artwork was somewhat gimmicky but given that is where the focus of NFTs are at the moment that makes sense. 

Here is an international use case in RE from Sweden- they have been testing property transfers on a blockchain since 2018! Imagine being able to use your property as collateral in seconds? That's blockchain.

I was going to say slowly but surely but with the pace at which this space is moving I am more inclined to say quickly and surely, blockchain will be the backbone of real estate and DeFi will be the backbone of REI. This is inevitable.

@Noah Milstein - are you Scoopy Trooples? LOL - he mentions a RE example (and scrolling back up the boat!) in his Bankless podcast interview. You're correct no liquidation is possible as per Scoopy. Smart contract risk and composability risk still exist also a downward market turn for the Alchemix token could push out the length of time on your loan.

Don't get me wrong I WANT THIS TO WORK. I just don't see why I would put up 2x my capital for a loan that only gives me x and for a deal I only need x for. Overcollateralized loans, I believe, are the antithesis of REI at the moment- most folks are looking for cash, with little to no money down, to execute a deal. Let me know if I'm missing something!

Crypto>Gamestop