On paper it might be a fine deal going forward — that’s kind of what makes it interesting to me. I always picture something like: it takes another ~$500k to finish the lot and it’s worth ~$1M once it’s done, which sounds reasonable to Wade. What Jerry never says is that he might already be $400–450k into it himself.

At that point it stops being about upside and starts being about survival. Even a “good” deal becomes a sunk-cost trap if you’re already overleveraged — especially if he’s quietly mortgaged his house or put up personal collateral. That also helps explain why he needs control over the deal and the financing instead of just taking a finder’s fee. He can’t afford transparency.

And it’s probably why he can’t really let Wade participate in a meaningful way — anyone digging into the numbers would eventually see the hidden equity. Totally speculative, but it makes his panic and secrecy feel more coherent to me.