Buy a house for $100K. Take a $100K loan. Sell it later for $200K. Buy back for $400K with bigger loan. Sell again at $600K, buy at $800K Once total loans hit $1M+, stop paying. Bank seizes the house. The house was originally worth just $100K. Congrats. Easiest $1M ever.
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Buy a house for $100K. Take a $100K loan. Sell it later for $200K. Buy back for $400K with bigger loan. Sell again at $600K, buy at $800K Once total loans hit $1M+, stop paying. Bank seizes the house. The house was originally worth just $100K. Congrats. Easiest $1M ever.