alt Hacker NewsBut 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.
After you start a mortgage, you are forced to keep paying the mortgage until you've paid a certain amount. Hope this explanation helps.