10-31-2010, 05:25 AM
The best way to get a mortgage is to get one from a private investor. They make a lot more money on their investment than in the stock market or many other types of investments and you know exactly who you are giving the money to. Seems to me it's better to give money to people instead of to banks, especially if you can give it to people you know.
Another option is to get a hui together. Everyone puts in a sum of money and they buy a house for cash for one of the members. Everyone keeps putting in sums of money until everyone has a house. By buying houses outright for cash, they are a lot cheaper. If you buy a $100K house with a mortgage, you will end up paying $300K by the time it is all finished. Get 100 people to put in $1000 a month, that will generate enough money for the hui to buy one house per month if you can find houses at 100K per house. The people who get the money are selected by lottery or some system and the last one to get a house would have to wait a little over eight years. They would get a PAID FOR house out of it, not a mortgage. The other option would be to give the folks $100K worth of construction loan, too. Either way, if you had some sort of housing hui together, folks could end up in their own paid for houses without all the banks getting rich.
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Kurt Wilson
Another option is to get a hui together. Everyone puts in a sum of money and they buy a house for cash for one of the members. Everyone keeps putting in sums of money until everyone has a house. By buying houses outright for cash, they are a lot cheaper. If you buy a $100K house with a mortgage, you will end up paying $300K by the time it is all finished. Get 100 people to put in $1000 a month, that will generate enough money for the hui to buy one house per month if you can find houses at 100K per house. The people who get the money are selected by lottery or some system and the last one to get a house would have to wait a little over eight years. They would get a PAID FOR house out of it, not a mortgage. The other option would be to give the folks $100K worth of construction loan, too. Either way, if you had some sort of housing hui together, folks could end up in their own paid for houses without all the banks getting rich.
Kurt Wilson
Kurt Wilson