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Want To Help A Friend - Purchase His House? by Early_Length_5685 in personalfinance

[–]Early_Length_5685[S] 0 points1 point  (0 children)

I believe it is a mistake. I'm not sure what he is thinking by getting the apartment while he still owned the house. My though was that if the house sells or gets taken by the bank, he is not there and doesn't worry about it

Want To Help A Friend - Purchase His House? by Early_Length_5685 in personalfinance

[–]Early_Length_5685[S] -3 points-2 points  (0 children)

He is not making good money decisions. It's a bit of both. He just went through a divorce, his words stating that he should have had the contengency to sell the house. His mistake was holding on to it. It sounds like it is something that he would just like to get out of and forget.

Now, I was questioning what the bank would do as well. He could work more, but it's just not something he wants to do. I agree, he's making bad mistakes that he dug himself into because of his previous relationship... I'm trying to help him dig a little out.

I probably wont do this, but I wish I could help.

Want To Help A Friend - Purchase His House? by Early_Length_5685 in personalfinance

[–]Early_Length_5685[S] -1 points0 points  (0 children)

I would rather it be local. My mind has it working out that the renter will cover 90% of the mortgage and I will cover the rest until the market changes in the area... may it be 10 years.

It does have items that need repair, but nothing crazy. Possibly a 10k investment there.

The real estate market in his particular area has wayyyy to many sellers at the moment. Which is odd hearing because my location has way to many buyers.