But he had liquid 214k to spend on improvements. So how is that different than being able to afford to save up 214k for a down payment?
The only thing I can think of is he is using extremely suspect math and a lot of that 214k comes from "sweat equity" billed at a ridiculous rate. Otherwise he'd easily be able to afford a mortgage in that area with 214k down.
alt Hacker News
But he had liquid 214k to spend on improvements. So how is that different than being able to afford to save up 214k for a down payment?
The only thing I can think of is he is using extremely suspect math and a lot of that 214k comes from "sweat equity" billed at a ridiculous rate. Otherwise he'd easily be able to afford a mortgage in that area with 214k down.