I agree with you there!
My dad used to remodel (now it’s called flipping, I guess) 1 house per year.
He paid himself for the year’s work (along with any subs) from the loan he took to buy the house.
Then, he would have enough left from the sale of the remodel to put a down payment on the next house.
1 house per year.
(or 9 months)
After he was unable to sell his last remodel (from summer, 2007), his main house was foreclosed on (about 1 month ago).
This is not some kind of shark.
He’s just a small builder trying to make a modest living.
He’s not looking for a bailout, but, is very frustrated with the idea that others will be bailed out when they weren’t (again, he’s not saying he should have been).
It’s just a sad thing.
He’s just a guy who went to work for himself...no security there I guess!
:-)
We’ll see what happens to him and my step mother.
But, you’re right.
He is not some kind of societal leech.
Good luck to your dad. I hope things can work out for him.
Has he moved out of the main house already?
From what I read if he tried to make the payments on his primary home he needs to call about a re-mortgage now.
If he had the flipper under LLC he should be okay credit wise but can’t get it refinanced under Obama’s terms. He should rent it out for now and save his primary house.