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If you can't bear any risk of losing money perhaps you should buy money market funds instead of real estate at 20x leverage.
by greenshackle2 5y ago
If you can't bear any risk of losing money perhaps you should buy money market funds instead of real estate at 20x leverage.
- nsxwolf 5y agoI bought a house just before the financial crisis and a decade later needed to move but I was underwater. I didn’t have enough money to sell it so I rented it out.
- dylan604 5y agohow did this not break your mortgage agreement? most private mortgages have a clause that states the mortgaged property will be your primary residence. specifically. it is to prevent private mortgages being obtained for rental properties.
- nsxwolf 5y agoShrug. It never came up. I was all squared away with a good legal document for the lease, verified renters insurance, all that. Never even occurred to me the bank might take issue with it. Oh well, no harm done.