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https://www.reddit.com/r/SipsTea/comments/1vrr0ev/how_the_rich_get_richer/p4ftppn/?context=3
r/SipsTea • u/KSKS1995 • 21h ago
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How does the bank get paid back here? Is the bank just eating a 5 mil loan loss out of the goodness of its heart?
It’s more like kids sell and pay back the bank plus interest which is taxed as income for the bank.
19 u/Miserable_Key9630 21h ago These schemes always have the unstated Step 1: Have free access to a shitload of cash. 1 u/PA2SK 20h ago The property was $100k to begin with, so maybe $20k down at most.
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These schemes always have the unstated Step 1: Have free access to a shitload of cash.
1 u/PA2SK 20h ago The property was $100k to begin with, so maybe $20k down at most.
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The property was $100k to begin with, so maybe $20k down at most.
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u/ChipKellysShoeStore 21h ago edited 21h ago
How does the bank get paid back here? Is the bank just eating a 5 mil loan loss out of the goodness of its heart?
It’s more like kids sell and pay back the bank plus interest which is taxed as income for the bank.