One of the guys working for me lives in Linda Vista, a fact he is quite proud of which is a good thing for him, just not my kinda place. They rebuilt, and had a ton of work down, adding a second story and getting to 3200 Sq. feet. Totally out of cash, he borrowed from 401K, and has no grass or landscaping apparently. Nice guy but he overreached on this one badly.
Now he plans to consolidate it all into an IO loan for just 3 years so they can catch their breath and re-fi. He was hoping to get 800K but so far can only find 725K, as he wanted to consolidate all costs into this.
He spent just over a year renting an apt. across the street, while all this wad done, and had all his payroll taxes knocked off to be able to finish. He claimed 99 dependents to be able to do this.
I don’t know how he is going to see this through. Apparently a nice ocean view so it’s all worth it. All from a house bought for 130K and re-fi’d twice before upgrading.
