So I wanted to write a little bit about how to get ahead in life and screw banks at the sametime. All my friends know how much I hate banks, I believe they are the cause of all evil on this planet and responsible for almost all social disparities in everyone's countries. If a bank was blown up in my city, it is almost certain I would get a visit from the police, as almost any person who has had contact with me knows how I feel about them.
But the one good thing about them is they are greedy as fuck and you can use this to your advantage. Most people have probably heard the bank wants to loan you money, but most people fuck this up because they talk to much. It really isn't the bank declining you, its you sticking your foot in your mouth.
If you have a problem with bending the rules then this post is not for you. I know a lot of techniques to get around any conditions a bank might ask you in order to get a loan or mortgage. I prefer to go the mortgage route as the liability isn't as risky as compared to a personal line of credit. Some of things I will talk about are pretty much outright fraud, but because of the Canadian legal system and banking laws, you will be left untouched if shit ever hit the fan. Alot of these tricks I have learned come from billionaires and multi millionaires. Although they do outright fraud and should be prosecuted because they are harming innocent people and not just gigantic banks.
I should mention this is geared towards Canada. Although I have no doubt the same techniques can be applied to the US, UK, Austrailia and so on. What makes it works is the privacy laws, banks cannot communicate with each other about a persons account information.
I have also mentioned in other threads about how it is possible to not only get a bank to finance a 100% of the mortgage but they will also finance even higher and that will leave you with cash in your pocket.
So where to start. First you need a property. So you go out and find yourself a great deal. One that is under market value, although some banks are so dumb you could get one at market value and inflate the value higher. Always best to look in booming neighborhoods that have a wide value of homes. So for example there are plenty of neighborhoods in Canada where a price range can be between $300k-900k. A lot of banks use an internal system based on postal codes, so they just type the code in and look for the average value. If you are good at this you can send properties in and they will never trigger an actual appraisal if you don't push the envelope too far. The big mortgage insurer in Canada called CMHC uses a similar system called EMILI. That one is even worse for skewing the property values. Unless of course you get a smoking deal on a property and then an actual appraiser coming out to look at the property is not big deal.
So let's say you find a house for $200k but it is worth 300k. Well you and the owner sign a contract up for you to purchase the house for 200k. You then sign a second contract that states you are buying the property for 300k, this contract is the one the bank sees. Now you can go about it 2 ways in Canada, you can get a high ratio loan where the bank will finance you 95% of the purchase price and the loan is insured by CMHC or you can get what is called a conventional loan where the bank will provide you with 80% of the purchase price. Both have + and -. I will get into that a little later on as it has a major impact on what you do with the property, your FICO score and liability if there was a foreclosure. Lets just say you go the high ratio route and get 95% financing. So that means the bank will give you 95% of 300k which works out to $285k. With the bank funding 285k and you actually purchasing the property for 200k, you just made yourself 85k in cash. If you go the conventional route you get 80% of 300k which works out to 240k so you would net 40k.
Now there is still plenty of other things I need to post about this, such as the +s and -s of high ratio vs conventional, how to deal with the lawyers and making sure you get your cash. Also qualifying for the loan. Some of you might not have high enough paying jobs or money in your account to qualify for a mortgage. But that can all be changed with a little know how. Also I will talk about what to do with the properties after and how to do this with more than one place with different banks and the different mortgage insurers. I will also talk about how to get 100% return back on GST paid on new properties. I am sure plenty of you paid GST on a new house and didn't even think of filing with the Canada Revenue Agency to get it all back. That can be a lot of money. If you bought a $500k house that would be a 25k cheque back to you.
I will try and add a new segment everyday for the next 5 days or so to map this all out. It is a great way to get ahead and fund other ventures, build businesses and of course have some fun as well. Best part is it is at the expense of the big evil banks.
But the one good thing about them is they are greedy as fuck and you can use this to your advantage. Most people have probably heard the bank wants to loan you money, but most people fuck this up because they talk to much. It really isn't the bank declining you, its you sticking your foot in your mouth.
If you have a problem with bending the rules then this post is not for you. I know a lot of techniques to get around any conditions a bank might ask you in order to get a loan or mortgage. I prefer to go the mortgage route as the liability isn't as risky as compared to a personal line of credit. Some of things I will talk about are pretty much outright fraud, but because of the Canadian legal system and banking laws, you will be left untouched if shit ever hit the fan. Alot of these tricks I have learned come from billionaires and multi millionaires. Although they do outright fraud and should be prosecuted because they are harming innocent people and not just gigantic banks.
I should mention this is geared towards Canada. Although I have no doubt the same techniques can be applied to the US, UK, Austrailia and so on. What makes it works is the privacy laws, banks cannot communicate with each other about a persons account information.
I have also mentioned in other threads about how it is possible to not only get a bank to finance a 100% of the mortgage but they will also finance even higher and that will leave you with cash in your pocket.
So where to start. First you need a property. So you go out and find yourself a great deal. One that is under market value, although some banks are so dumb you could get one at market value and inflate the value higher. Always best to look in booming neighborhoods that have a wide value of homes. So for example there are plenty of neighborhoods in Canada where a price range can be between $300k-900k. A lot of banks use an internal system based on postal codes, so they just type the code in and look for the average value. If you are good at this you can send properties in and they will never trigger an actual appraisal if you don't push the envelope too far. The big mortgage insurer in Canada called CMHC uses a similar system called EMILI. That one is even worse for skewing the property values. Unless of course you get a smoking deal on a property and then an actual appraiser coming out to look at the property is not big deal.
So let's say you find a house for $200k but it is worth 300k. Well you and the owner sign a contract up for you to purchase the house for 200k. You then sign a second contract that states you are buying the property for 300k, this contract is the one the bank sees. Now you can go about it 2 ways in Canada, you can get a high ratio loan where the bank will finance you 95% of the purchase price and the loan is insured by CMHC or you can get what is called a conventional loan where the bank will provide you with 80% of the purchase price. Both have + and -. I will get into that a little later on as it has a major impact on what you do with the property, your FICO score and liability if there was a foreclosure. Lets just say you go the high ratio route and get 95% financing. So that means the bank will give you 95% of 300k which works out to $285k. With the bank funding 285k and you actually purchasing the property for 200k, you just made yourself 85k in cash. If you go the conventional route you get 80% of 300k which works out to 240k so you would net 40k.
Now there is still plenty of other things I need to post about this, such as the +s and -s of high ratio vs conventional, how to deal with the lawyers and making sure you get your cash. Also qualifying for the loan. Some of you might not have high enough paying jobs or money in your account to qualify for a mortgage. But that can all be changed with a little know how. Also I will talk about what to do with the properties after and how to do this with more than one place with different banks and the different mortgage insurers. I will also talk about how to get 100% return back on GST paid on new properties. I am sure plenty of you paid GST on a new house and didn't even think of filing with the Canada Revenue Agency to get it all back. That can be a lot of money. If you bought a $500k house that would be a 25k cheque back to you.
I will try and add a new segment everyday for the next 5 days or so to map this all out. It is a great way to get ahead and fund other ventures, build businesses and of course have some fun as well. Best part is it is at the expense of the big evil banks.
" I'M NOT A CHRONIC CUNT LICKER "
Canada, where the women wear pants and the men wear skinny jeans