Quote:
Originally Posted by numsgal
Agree with the posters upthread who said to sell the second property. You just can't swing it. Debt consolidation isn't the answer.
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Im one who said that.
But i dont think the OP wants to hear it.
But if the OP continues, they'll find out its insanity. Too late, to, I'm afraid
Insanity is defined as doing the same thing over and over, while hoping for a different result that never comes.
Put another way, if you always do what you always did, you'll always get what you always got.
In this case deeper in debt, especially if property 2 isnt finished yet. They'll need more debt to finish it off so it is rentable. They need to unload it, and cut losses.
But as i said in my previous post, they cant debt their way into retirement. But apparently they think they can.
Best of luck to them if they continue as they are. Theyll be in poverty in retirement and not be able to pay the taxes on the 2 properties, and lose them anyway.
Only if they get radical and change what they are doing will they succeed, at least better than they are currently. Doesn't sound like they want to make the radical sacrifices needed to get out of their hole.
They seem like the people who ask for advice, then think none of us on here know anything.
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