this fellow is unfortunate. is he a victim of a housing bust? we dont know yet do we.. (well IMHO anyway)
in 15 years no he wouldnt be, but the first 5-7 are the years carrying most risk given the outlays in simply buying a home let alone reno'ing it.
We need to to do some smmall reno work to our home, and i advised the missus that won't be happening 5 seconds after we move in. rather 5 years or maybe 7 :)
so its sounds more life misfortune. if prices collapse 40% well its a moot point. but if they rise over the next 5 years and this poor guy gets burnt well thats truly sad.
i bought of a fellow in 2008 in exactly the same position. he stayed on and rented off me until his baby was born and he got his finances sorted out. nice guy just bad timing and luck; could happen to me one day.
