We got an investor to invest in our home, so we can get new appliances and paint our home and do other small jobs around the house.
The way it works is it’s an investment into our home equity. We pay no money and accrue no interest for 10 years. You can sell or refinance at any point during the 10 years, but you must sell or refinance in 10 years. If you lose money on selling, they lose money. But if you make money, they make money.
It’s pretty cool. They’ve been in business over 10 years now with great ratings.
We need work done so bad. Anyway, we didn’t get much from them so we’re being very careful and pricing things out a ton to be extra sure and extra careful. I picked out my appliances so I’m happy about that :).
That sounds very encouraging. I wonder if it is a business model that can be propagated. If it is, and I had the money, I would be looking for ways to invest in it. I’m very glad that things are working out well for you.
@Wave My husband and I researched them thoroughly. They gave us the check and we have a contract that was lengthy and we used a notary for it. It’s legit.
I owe them a percentage of the equity of my home. We get two appraisals - one from them and one from us to be fair. Based on that we owe them a percentage of the equity at that time. @Phrogflyer
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