ilmscore | Prediction Details
"if you buy this property you can buy it as a home your own personal residents but you're not allowed to rent out your unit for at least 12 months but after 12 months you typically have the right to turn this unit into a rental unit as well so now you move out and now you just got this new rental unit remember if I bought this property initially as an investment property I'd be paying 6% interest I'd have to put $200,000 down and my monthly payments would be $4,800 a month but if I buy this property at my own home and I live here for a year remember I can get this at a 3% mortgage I can still put down $200,000 but now my monthly payments are going to be something like what was it $3,400 something like that a month and now I can live here for a year not have to pay any housing payments because my neighbors are paying for everything put $100 into my pocket every month and then a year later I can move out and then put an additional $2,000 into my pocket every month because these three tenants are paying the mortgage they're paying all the house housing bills they're paying for everything else this tenant is just profit after I move out so now this new property where I just moved out of can keep paying me that $2,000 a month every single month because now your interest rate doesn't change your bank is going to let you keep this 3% interest rate which you're not allowed to get if you're buying it as an investment property"
By Minority Mindset | January 7, 2024 | Pending
From video
This LOOPHOLE Lets You (Almost) NEVER Pay a Mortgage Bill Again 00:10:51 - 00:12:15
Interpreted Prediction
After living in a primary residence for 12 months, it can be converted into a rental unit. This allows for retaining a lower mortgage interest rate (3% vs. 6% for investment properties) and generating additional rental income, potentially turning the entire property into a profit center.

Prediction Details

Topic
Real Estate Investment

Comments

0 comments

Be the first to share your thoughts.

Like this prediction?

Join to make your opinion count.