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> he has sold all his stocks, emptied his retirement accounts, and mortgaged his two properties -- including a $1.2 million home with a view of Puget Sound May
by kspaans 11y ago
> he has sold all his stocks, emptied his retirement accounts, and mortgaged his two properties -- including a $1.2 million home with a view of Puget Sound
Maybe I'm missing something, but how is a $1.2m mortgage affordable on $70k/year? Did he not remortgage the whole value of the house?
- rdancer 11y agoHe sold the mortgage to his company, for stock. The company takes out a mortgage, secured by the house he owns, he gets stock in return. If the company fails to pay, house gets foreclosed on, but he still keeps the stock.
- kspaans 11y agoCool!
- linkregister 11y agoAre you speculating or is that substantiated? "He sold his stocks" implies stocks in other companies. He can't increase his equity (50%) in his company until he buys out his brother. Am I missing something?