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Started By
Message
re: Never pay off your house?
Posted on 3/10/09 at 11:21 am to MileHigh
Posted on 3/10/09 at 11:21 am to MileHigh
quote:
create a corporation. Buy the house from yourself. Then rent it back to yourself for some ridiculous low amount. Make sure the lease term is long, record the lease.
Inject enough capital in the corporation to pay for the house. shite gets bad, house is foreclosed on and you can stay in it for a low lease.
Your lease would have to preexist the mortgage and the lender, at a minimum, would require your personal guaranty of the corporation's mortgage debt...and would probably require subordination of the Lease.
1
Posted on 3/10/09 at 11:23 am to Putty
The old sale-leaseback is a tried and true accounting fudge for corps (and previously local govs) though. 
NYT just did it yesterday as a matter of fact.
NYT just did it yesterday as a matter of fact.
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