True story: the guy across the street from us, his neighbor put their house up for sale. His father-in-law ended up buying the property, under the belief that they were going to flip it. The house is maybe like 6 years old in a nice neighborhood that sells well. We saw them do maybe a little bit of work on it, perhaps some work on the basement. This was like a year and a half ago, maybe more. Probably about 8 or 9 months ago, the dude across the street moved out of state. The house next door that his FIL owns has been unoccupied. No for sale sign. In the meantime, interest rates have shot through the roof.There were just a lot of better outcomes. Again I'm cool if they really just wanted John Collins the player. If it was for a flip it was a bad assessment. If it was as the salary for a star trade then it is just malpractice. You don't do 3/80M placeholders.
Is this a bad situation? I mean, he owns a valuable house that can sell. But what's been happening to his money in the meantime? Nobody renting it out, interest rates rising, his idea of flipping this thing will, at most, equate to a wash, all after being a few years and lots of labor into it. Great. What a prize.