I will make it simple after wasting 12 minutes watching it.SCAM!!!
If would've watched it till the end and said that I hear it but at 12 minutes ? If I understand it right it may not be as they make it sound but I don't see the SCAM part yet
You end up paying more in interest. That is a SCAM!!!
can you explain or link?
You have a loan at 5% and are paying it with a loan at 7%. It is simple math.
I really don't understand how the strategy is better than just prepaying....But he makes it seem like paying 80-100% interest over 30 years is a bad thing. It's actually a great thing for most ppl.
found some good comments here https://www.biggerpockets.com/forums/519/topics/453785-has-anyone-ever-used-the-velocity-banking-strategy
You want to save real interest? Get 0% BT credit cards and keep rotating them.
I love the extra cash i get to play around with because of this. 60k from amex right now is wonderful. Not BT though
You can get 100k without blinking an eye with a few CC balances. Does that mean you don't need 100k mortgage? I think I will sell this method.
Play around?
had 250k in the bank at one point with CC balances. that thought crossed my mind a couple times but would require some serious effort to keep it up every month.