Author Topic: Personal Debt  (Read 6117 times)

fareastwarriors

  • Hero Member
  • *****
  • Posts: 3550
Re: Personal Debt
« Reply #40 on: May 29, 2019, 04:22:28 PM »
I used a margin loan from IKBR to put a downpayment for an investment property. I'm still paying it off, slowly. No regrets. 


rkbabang

  • Lifetime Member
  • Hero Member
  • *****
  • Posts: 4455
Re: Personal Debt
« Reply #41 on: May 29, 2019, 06:57:47 PM »
I paid cash for a condo last year just to avoid the mortgage paperwork.

Everytime I try doing something like that, they think I'm money laundering ;D
Definately not the time or place for those used hundreds!

SD

LOL. I suspect by cash he meant "bank draft." At least that's what I do...

I wonder how a real estate conveyancing lawyer would react to a briefcase full of hundreds. I suspect if you filled out the correct paperwork it wouldn't be an issue, although he/she probably wouldn't appreciate the chance to deposit a few hundred k in cash into their trust account.

This is funny because someone I know just went through something like this.  She was selling her house and was under agreement with a Chinese couple that owns a few restaurants. Evidentially the couple planned to buy the house with cash so they showed up at their bank with bags full of about $500k in cash.  Before the closing the IRS starting investing them and froze their accounts.  So the house is back up for sale again.