On the one hand, you do kind of feel some pity for some of the people who get involved in this because they are just so naive. You really have to seek out a business/economics education in the US. High Schools don’t even teach the basics of business, they just teach math, english, PE, and some computers now. Sure there are some home economics classes, but come on.
Alot of people have no idea what they are getting into when they get into these half million dollar 20 and 30 year term business deals. They lack the critical thinking and math skills to analyze even basic mortgage and interest calculations.
On the other hand, you get kind of sick of hearing some of these people just parrot that same old things they’ve heard before: Can’t lose money on real estate, you get to write off the interest, need to build equity, paying rent is throwing away money, everybody wants to live here.
