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re: Cousin just asked me for money: he’s a high income earner and parents are wealthy
Posted on 8/18/23 at 11:15 am to Double Oh
Posted on 8/18/23 at 11:15 am to Double Oh
quote:That ain't gonna work out too well if the cousin is upside down on the properties like OP claims.
Yep he would have to put up the Air BNB up as collateral
Starting to think this is made up nonsense though since OP hasn't been back in this thread since last night when he said his cousin was upside down on the properties. Pretty damn hard to be upside down right now on investment properties since housing prices haven't really come down much from their peaks and a mortgage on an investment/secondary property requires a lot bigger down payment than a mortgage for your primary residence. Unless his cousin was committing mortgage fraud buying the properties and applying for mortgages with low down payment requirements under the pretense that he was buying it to be his primary residence.
Posted on 8/18/23 at 11:43 am to Tiger Prawn
quote:
Unless his cousin was committing mortgage fraud buying the properties and applying for mortgages with low down payment requirements under the pretense that he was buying it to be his primary residence.
Wouldn't surprise me. Easy to hide all the fraud when the money is flowing. Mortgage brokers are happy to close their eyes, since they get paid for writing mortgages, not rejecting them.
I wonder how many other people over extended themselves to buy vrbo and airbnbs... now that revenue per property is dropping, along with property value, is that enough to domino the housing market?
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