I bought a house, but not to live in.

Discussion in 'Financial Cents' started by rictus, Nov 6, 2010.

  1. rictus

    rictus Monkey+

    I had a tenant lined up before I even started looking for the house. I got it (tax sale) for a bit over half of appraised value). Now I will use my mortgage to build up my credit. When possible (about 2013), I will start to get lots of credit cards. If shtf looks imminent, I will use the cards to buy gold coins and other preps, "lose" all my $ at casinos, and take a bankruptcy. Contrary to what you may believe, this is not criminal fraud. No one can prove the necessary "intent to defraud". It's just a "civil failure to pay" situation. Naturally, I would not do this unless forced to by circumstances, because I'd lose the 20k downpayment on the house. However, it's a great way to have a major amount of $ to leave the US with, if that's ever necessary. It's quite feasible to have 1/2 million $ in this way, in 4 years or so.
  2. NVBeav

    NVBeav Monkey+++

    ^^ That's pretty good!

    ^^ Credit card have good uses...

    ^^^Now you're losing me, although PMs and preps are good. P.S.: You know casinos have security cameras on anything you do there?... Plus, they can confirm how much you played between certain hours just by taking note or machines or tables you played at.

    I have a family to raise and am sometimes tempted to do certain things to "gain". Then I remember how much it's worth to have certain things that are worth more than money or riches and last for eternity.

  3. rictus

    rictus Monkey+

    Since the "getting" will only be done if shtf, I'm not real worried about the "loss" of my good name. There will be total disaster, so no one will care.
  4. fireplaceguy

    fireplaceguy Monkey+

    There was a time when I would have attacked you for your plans. Today, I can't. Given that the entire financial system exists to do precisely the same to us, I'd say you're merely holding them to the golden rule.

    They did unto us, and only our morals gave them that power...
  5. BadgeBunny

    BadgeBunny Monkey++

    I have worked for bankruptcy attorneys, government agencies in their bankruptcy sections and temped for a bankruptcy trustee ... All I can say about your plan is things like this always look good on paper.

    Good luck to you.
  6. LostInAmerica

    LostInAmerica Monkey+

    There are likely to be a number of other "lost investment" systems out
    there that are less likely to look suspect.

    One that seems to be popular is used in the dot com world a lot. A company
    will pile up a load of debt to do R&D, go bankrupt, and their product will
    be sold off to another company. That company tends founded by former
    employees, friends of friends, or others who are technically not insiders.

    The investors take the hit for the R&D expenses, finding worthy engineers,
    training of employees, and the rest. The product is now free and clear of
    baggage from the old company.

    Of course things can and do go wrong.
  7. Hispeedal2

    Hispeedal2 Nay Sayer

    With the rest of America practically living the same way and considered "normal"....

    I still think it's criminal. I really can't agree with you even if all I have is principle. There are a lot of people doing a lot of things I don't care for, but that doesn't make it right. Everything comes with a price and everything is a bit of a gamble. You should seriously consider minimizing risk and paying the long term cost. Why? Because when S doesn't hit the fan and you are sitting post-bankruptcy with no cash and the gold prices "normalize", you have some serious long term issues to deal with. There is a lot of people that did similar things before Y2K. The other day, someone mentioned in a thread a family that made it on reality TV. This family financed all their preps as well... this is contrary to the hard work most of us here consider important to good living.

    Call me old fashioned, but I think one should work for what they want. If you take a piece without doing your part, you are no different than the lazy as*es that helped get us into this mess and continue to live off of every hard working American.... I would call it parasitic.

    I think it's a generational gap?? I think another blog is starting to surface in my head from sh*t like this lately and having to teach the Me generation at work.
  8. RightHand

    RightHand Been There, Done That RIP 4/15/21 Moderator Moderator Emeritus Founding Member

  9. TnAndy

    TnAndy Senior Member Founding Member

    That assumes your tenant sticks around and pays you enough rent to cover your mortgage ( does the bank know it's not owner occupied ? ), property tax, insurance and repairs......and that last one can be a biggie.....let me tell you as former landlord who got out of it for that very reason.....renters are HARD on property they don't own.

    You think CC companies don't watch that stuff ?

    Yeah....except for the fact you've been talking about it for years ahead, on the internet, and most likely running your mouth to whoever will listen in your personal and work life.....ahahahaaaaaaa

    ahahahaa.....yeah....get back to us in 4 years or so and tell us how it's working out for ya......

    Life ain't a video game.
  10. BadgeBunny

    BadgeBunny Monkey++

    Regardless of what he thinks, it is. And if he gets a "properly motivated" trustee (and most of them are) he will have it run up his backside and broke off in him so fast he won't know what happened ...

    And I agree with you. I would much rather enter a SHTF era with no debt than with a ton of debt I have no way of paying back. Because those things have a way of coming back to haunt a man (or woman) ...

    My dad told me one time (in my rebellious phase) "You are what you think. Remember that next time you are in trouble." I thought he was a kook ... Know what?? Turns out the cranky old fart knew what he was talking about ...

    I have been on both sides of the fence. I sleep a lot better and am a lot happier now that I have morals ... lol
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