Here’s how you can get paid to own a house with DeFi self-repaying loans
Published in
6 min readOct 17, 2021
DeFi is changing lives, for the degen apes among us, it’s possible to use DeFi protocols to get paid to own a house outright.
Yes, that’s right, it’s entirely possible to purchase a house entirely with borrowed money, and getting paid interest to buy a house, crazy!
Here’s the TLDR:
- Obtain $USDC, $DAI or $USDT stablecoins in your wallet
- Deposit $USDC, $DAI or $USDT into Curve’s 3Pool
- Deposit 3pool LP tokens on Abracadabra money
- Borrow $MIM from Abracadrabra money
- Swap $MIM to $GUSD
- Off-ramp into USD via Gemini to your bank account
- Buy house with USD
What happens in entire process:
- You still own the entire position of your USD collateral in 3pool on Curve
- This is locked in Convex Finance via Abracadabra Money which allows you to borrow $MIM debt against your interest bearing LP tokens
- The yield on 3pool LP is ~8.8% via Convex Finance
- Over time, your 3pool LP tokens is farming boosted CRV interest via Convex Finance
- You pay 0.5% as…