Comments on: Leveraging Yourself to Grow Your Wealth http://www.iwillteachyoutoberich.com/blog/leveraging-yourself-to-grow-your-wealth/ Personal finance blog for college students, recent graduates and everyone else -- including entrepreneurship -- for getting rich. Featured in the Wall Street Journal and New York Times. Sun, 21 Mar 2010 02:45:13 -0700 http://wordpress.org/?v=abc hourly 1 By: Casey Serin http://www.iwillteachyoutoberich.com/blog/leveraging-yourself-to-grow-your-wealth/comment-page-1/#comment-314 Casey Serin Fri, 15 Sep 2006 06:44:44 +0000 http://www.iwillteachyoutoberich.com/blog/leveraging-yourself-to-grow-your-wealth#comment-314 Remember to be careful how you leverage. Its your best friend and also your worst enemy. If you know what you're doing you can actually borrow 100% of value of a house. If you are REALLY good you can get cash-back at close. I've received anywhere from 15 to 50 thousands back at close from the seller when i bought the house. That can really make your head spin. Its a false sense of profit though because its really a loan, until you sell the house. So the cash you pull out upfront is like a home equity line of credit. Its not free money... yet. If you don't have a good plan for that money its easy to get in trouble. You can "juice up" all of the equity in a house and then get stuck with it having no room to pay the costs to sell it. That's what happen to me. I went all out investing and bought 7 houses in the first quarter of 2006. I made some bad moves and am now facing foreclosure on 5 houses in 4 different states. You can read more here if you want to learn from my mistakes: <a href=" <a href=" rel="nofollow">www.IamFacingForeclosure.com</a>">http://IamFacingForeclosure.com">www.IamFacingForeclosure.com Remember to be careful how you leverage. Its your best friend and also your worst enemy. If you know what you’re doing you can actually borrow 100% of value of a house.

If you are REALLY good you can get cash-back at close. I’ve received anywhere from 15 to 50 thousands back at close from the seller when i bought the house. That can really make your head spin.

Its a false sense of profit though because its really a loan, until you sell the house. So the cash you pull out upfront is like a home equity line of credit. Its not free money… yet.

If you don’t have a good plan for that money its easy to get in trouble. You can “juice up” all of the equity in a house and then get stuck with it having no room to pay the costs to sell it.

That’s what happen to me. I went all out investing and bought 7 houses in the first quarter of 2006.

I made some bad moves and am now facing foreclosure on 5 houses in 4 different states.

You can read more here if you want to learn from my mistakes:

http://www.IamFacingForeclosure.com“>http://IamFacingForeclosure.com“>http://www.IamFacingForeclosure.com

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