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Strategies & Market Trends : The Residential Real Estate Crash Index
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To: John Vosilla who wrote (25386)11/23/2004 4:03:28 PM
From: damainmanRead Replies (1) of 306849
 
"Any idea who financed him? I can't imagine he put much down."

This type of financing is par for the course- I've seen Wells Fargo of all people offer a zero down line of credit to my in-laws who earn ~ 35k total income w/ no savings to buy a $295k house.

As for the owner of 4 homes who makes $30k a year, I've personally seen that also. At every family gathering or friendly get together I am regaled with stories of those who've become paper millionaires through real estate. My own wife keeps bugging me to buy another house and when I ask why, her answer is :"so we can get rich."

Here's how some have done it (as told to me):

1. Starting with price appreciation of primary residence, refinance to interest-only or ARM to increase cash flow.
2. Get increased limit on Heloc.
3. Whale away at any house you see for sale with your paper money.

This has worked very well for some, but when will the greed end?
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