Geez! How does this guy think he’s getting anywhere by having an interest only loan?
And who pays for someone to walk their dog? Why have a dog if you can’t even take it for a walk?
“And who pays for someone to walk their dog?”
It was probably a trend in their McNeighborhood.
The Money for his Daily Dog-walker could have gone to the PRINCIPAL on his loan, something he’s now most likely UPSIDE-DOWN on!
Since when did idiot financial planning on YOUR PART, become a crisis on MY PART??
What he’s telling us is he FAILED to do his due dilligence, and now he wants to blame someone else (Real Estate Agent,, Mortgage Broker) for it???
I now realize my error--"rent" usually only caused the forfeit of a damage deposit if you left a place prematurely---
How could you walk someone’s dog every day, getting paid for doing it, and not give away the whole scam by laughing in their face every time you showed up?
That’s what I call self control....
I think the thought was that the actual property would continue to gain worth and they could sell in a few years and pay off the note and make a profit. Dumb, yes.
There are several reasons why a smart investor would pay interest only. Your question indicates you don’t know any of them.