The market doesn't always move in that direction. Your friend could have been in a much different position if he invested at a different point in time. If you t

The market doesn't always move in that direction. Your friend could have been in a much different position if he invested at a different point in time. If you take into account the real estate commission + recordation fees, your friend probably payed about 120k-130k. Also take into account the mortgage interest and the opportunity cost of the money he could have otherwise invested in this crazy bull market and your friend probably just barely broke even. This is in a great market, imagine what would have happened in a bad market to him...