Are the property owners from this site in trouble?

[hatterasguy]

So someone possibly went under. That is exactly why I started this thread. I'm still confused how someone with so many assets goes under. Especially with low overhead.

I don't want to speak for him but the way I read his posts is he had a lot of debt. He also had a lot of toys, if I remember correctly quite a few exotic cars.

I actualy just had a discussion about this with my uncle the other day. I found a pretty good 4 unit deal I wanted to leverage myself into with him. But he said its not worth it if you don't have the cash. He is right. If I took out a $250k mortgage the rent would barely cover the note, I'd get a few hundred bucks a month out of the thing if it was fully rented. If rents dropped I'd be under water. He cautioned me and said that I would be better off building for a bit and buying something when I had enough cash built up. Thats how he did it.

 

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[hakrjak]

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Djiist,
- Jelskel