I certainly wouldn’t go near this approach. Apart from the illegal aspects there is the risk of losing all credibility with the banks – also paying more stamp duty than you otherwise would on the inflated purchase price.
Just finshed talkin to an investor that said they bought a house for $200’000 but had on the contract 250’000 so they get 50’000 extra cash from the bank which they are using as deposits on potive cash flow houses I said that it was illegal and they said that everyone is doing it what are peoples thoughts on this.
