Quote:
Originally Posted by MarkyMark
That's a nice story, it doesn't say much about their financials when they sold a place for 625 and rent a shithole in Surrey.
So when the real estate market finally hits its limit and people who bought in just before then lose a bunch of money are we going to call them idiots too?
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if they wanted to sell to cash out to have money in the bank, they essentially missed out on 600k over a 4 year span. The most exponential growth their property ever experienced in the 20+ years of owning it.
I dont have all the insight regarding their financials, but if you're paying $2000 or more a month in rent, i guarantee their mortgage was equal or less to those payments. odds are pretty good they were less knowing the family and considering how long they had owned the house for.
When "the bubble bursts" that house will never be worth less than the 620 they sold for, i guarantee you. So yea.. it was the wrong move. Easy to say in hind sight, but losing 600k or more in a 4 year span i'm sure makes selling their house at the time they did the worst financial move they ever made.