An investor friend of mind share a method with on how to get my house paid for. Most people buy a house and pay on a mortgage for thirty years. This allows you to pay off a house in as little as 5 years.
Here are the steps you need to take:
1. Find a house that you can buy under value. You know a fixer upper. Let's say it worth $100 k and you bought it for $70 k. Purchase the house.
2. Your house needs fixing up, so invest about $10,000 into the house to fix it up.
3. Live in your house for 2 years. Your will get tax benefits for living in your home for two years.
4. After two years sell your house. For Fair Market Value, in most cases you will find that your house has gone up in value. You could make $20 k - $40 k on sale.
5. Re-invest your profit into a new home (second house) as equity. Again find a house that is under value and fix it up.
6. After to years sell the house. At this closing you should have $60 k - $80 k to put into a new home.
7. Repeat the process until you live in a home that is completely paid for. So, you can see in few short years, you can live in a home that is paid for and at the same time you can build your wealth.
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