advice and thoughts.? My friend is in education, and is a realtor on the side. He has had success this year bring in about $ 50,000 in commission. Anyhoo he has a home that was paid for, he paid $ 85,000 in cash. It just needed minor cosmetic improvements, but is a nice house. This year he sold it, for a $ 250,000 house put the $ 85,000 down on it, now is unable to pay the note for the house, and is now living with me. Do you think he was stupid in selling paid for home, rather than keeping it, and still buying new home, that way if he can't pay for it, he still would have a paid for home to go back to. He is in bad spot b/c the home was $ 250,000 he put $ 85,000 down, and had put paid so far on the $ 165,000 about $ 5,000, but had not equity in it, since although he put down bid dp over half of home was not paid for, in order to get money back at least 50% would need to be paid off.
My friend had success as realtor, sold his paid for home, now is homeless, I need
- Thread starter Jake W
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