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I JUST PAID OFF MY HOUSE FOR 60% OF MY LOAN BALANCE?!!
Hello friends-
Some of you know me pretty well, some of you don't know me at all, but I've just figured something out I want you to think about. This isn't about politics, Donald Trump, the Supreme Court, transvestites or bathrooms. This is powerful stuff.
**** Kathleen won't let me share our real numbers, but every number in this post works for examples like the ones below and are available in current market conditions.
Let's say we bought our house three years ago with a mortgage. Our mortgage payments are about $900/month. We owe about $140,000 on our house. If I called my bank today and told them I wanted to pay off my mortgage they would tell me to send them a check for $140,000. Or I could continue to pay $900/month for the next 27 years.
Did you read "Rich Dad, Poor Dad?" My takeaway from that bestseller from 19 years ago was to look for assets that would pay for your life (Rich Dad) instead of working for a salary (Poor Dad). So (let's say) I just bought a performing Mortgage note that will pay $950/month for the next 27 years. (Seeing a pattern?) That note (would) cost me about $80,000! I've got my $140,000 mortgage covered until it's paid off for $80,000.
I haven't really burned my mortgage, but I have purchased an asset (the note) that will cover my mortgage payments until my house is paid off! If I have a bad year, die, want to go sailing, hike the Andes I can! (If Kathleen lets me). Our house payment will be covered!
What kind of a note would make the loan payment on my sailboat? $200/month? Note- $12,881 for 10 years.
Now what kind of note should I buy to cover my expenses on the sailboat? $300/month for 10 years? Note-$19,321
Health Insurance Premium? $500/mo? ... I'm living another 40 years! Note $46,963!
Now that's security!
To Learn more follow this link- http://www.equityfundingofwashington.com/#!performing-notes/f13jp
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