Quote:
Originally Posted by lendaddy
Fair enough, but without knowing what type of company they started beyond "construction" it's hard to say what initial capital investment was required.
Say they built four or six spec homes and couldn't move them or pay the monthly juice.....$450k gets eaten up real quick.
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While I agree with you in principal it would be different if the family had actually built and paid for that *$450k house themselves*. In this case, they did not. Some ill will fell about them and the show (ala ABC), sponsors, volunteers, etc. put the effort in to improve their life somehow by building the house, with the guise of giving them a fresh start. Perhaps if they actually had the funds to build a $450k house, they would have been smarter and not put it at risk like they did in this case. Foolish with a capital F whatever the reasons they can't repay the loan.
I once had a friend tell me the way to get that business started is to use a home equity loan. Now that his business is bust due to the housing trade falling apart, he almost lost his house due to the additional lien on it. I admire him for hanging it out there to make a go at the business, but there are smarter ways find funding...
The show is getting a bit obnoxious...ever notice how a few of the families just can't manage to pick up their trash or clear their bedrooms of the squalor? Building a new house and thowing all the money at it won't accomplish jack squat to address that mentality. I grew up in some houses that were small and by no means fancy, and was taught to make the best of it and clean up after yourself.