XXX Brookgreen Drive $199/sqft. Asking $513,000
Invest $25K in a 10% downpayment on a $250K house. Wait 10 years. Sell that house for $500K. You make $225K off $25K
But before you say "that sounds too good to be true," just wait until I tell you that you don't even have to sell the house to start seeing a return on your investment!
Here's the timeline for todays home-debtors:
01/29/1999 Purchased for $251K, $225K mortgage. $26K down. Spruillco Ltd and Norwest Mortgage made that happen.
10/16/2000 Took out a stand alone 2nd mortgage of $25K from Bank of America.
01/05/2004 Refinanced their 1st mortgage with a $218 Mortgage from Wells Fargo.
03/10/2006 Refinanced both mortgages together into a single $356K mortgage with the Carolina Home Mortgage Company.
Today's home-debtors stand to make a handsome profit if they're able to get their asking price. Hell, they've already spent an extra $106K from their original $26K investment. They've already made a handsome profit. Too bad for today's debtors their next buyers will have to put twice down what they had to. Instead of $25K, the next sucker in this ponzi scheme will have to put down $100K.
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