It's a personal choice.

All else equal, buying homes that have been built to a very specific aesthetic is a bad choice.

If the guy who did the remodel hadn't had coverage in place, he would have been forced to make the same fight or pay choice.

It has become popular here for investors to "buy" these properties in BK, through the trustee auction, for $5-10k, even when severely underwater, depending on if the property is in foreclosure, and how far along it is in the process, much like the HOA "buy to rent it out until the bank forecloses" strategy.

If so, it might just possibly be appropriate for someone really overwhelmed by consumer debt, but it would be a terrible choice for someone looking to improve their DTI.

If I stand in front of you asking for Seller finance with $1.0 Million in my hand and agree to 110% of value that is fine, if I stand in front of you with $1,000 and you write me a loan for 110%, I have no way to get myself out, not only is it is a poor, poor choice as a mortgagor (which is why we have regulations to protect folks of such things), but the Seller is implicated in the plan.

Certainly the day was a poor choice but I had to pick the day I could get everyone together.

That kind of money is life changing for many people and you want to take things slow and make the best choices for reaching your goals.The first question with investment is do you want to be passive or active??

I came into Real Estate while researching different career choices that would allow me three simple things. 1) Have a career/craft to fall back to at any given point in my life. 2) Be my own boss. 3) A means to meeting/building new relationships with other like-minded individuals.I read the majority of Real Estate for dummies, once I identified that Real Estate Investing may be the chosen field which would open doors for me.

He needs to know he can get out of the deal for no loss no matter what happens.Your only choices are to wholesale it or JV with a money partner.