Quote:
Originally Posted by mikemhg
There are a lot of people in the States right now who learned this lesson the hard way.
|
The guy I bought my old Typhoon from had to sell all of his vehicles for this exact reason. This was in Loveland, Colorado. The guy owned 20+ properties and had been flipping them/renting them out and buying cars, going on vacay, living the good life.
...then the bottom fell out of the market. He couldn't rent the places and break even on the payments, and he was underwater about 50k on each property... do the math... 50k x 20+ properties + unable to rent them = perfect storm.