this post was submitted on 02 Oct 2023
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I can’t even imagine how devastating it would be to have to sell my second home.
I mean, it’s more than that though. You could sell the property at a loss or have it foreclosed on. Selling incurs fees of roughly 6-8% of the selling price.. so, even if you sell it for what you bought it for, you could still be in the red. You might walk away $100ks in debt.
You can be jealous of people in that position of having multiple properties all you want, but ask yourself if you were in their position whether you would somehow respond differently to the incentives and risks?
If you had enough money to buy multiple properties what would you do?
I would do what I do now and invest in companies making products I really care about. I wouldn’t own two houses. To me, that’s unethical. I understand that not everyone considers it that way, but you should also understand that I do.