Mike Majlak Lost $700,000 Buying A House

@jacobdmith9950 says:

Only if you’re financially illiterate, its like a car, can lose more percentage wise, for example Tesla cyber trucks when they first came out retailed for 104,000 , they sold for 200,000 due to demand, then 3 months later, people sold them for below 104,000, and lost money, If you bought a tesla and sold it straight away you would make 200% ROI. Doubling your money. The person that bought that car for 200,000 when they go to sell it now would be worth 65,75-000, meaning they lost 65% of there money if they go to sell it. His house in Cali, was 4 Million, he paid taxes and interest, and he overpayed for the house because he wanted to, if your not a smart buyer and you buy the first thing you want, just because he paid 4 million doesnt mean it was worth it when he first bought it, was probably only worth 3 million when he got it, and a good buyer would look around the area and get the market median, based on the bedrooms and square footage, conditions and more, they would do there diligence and wouldn’t overpay for a property they know isnt worth it, this can be achieved by a good real estate agent, mortgage broker or buyers agent, that knows that area and has field based knowledge. lets say he sold that house for 3.3 it would of actually gone up 300,000 from when he bought it, however he was already so down on the property, his mortgage would of been for 20-30 years, if he kept that house, he would be up in the long term, but he sold it early, im assuming he needed access to funds and didnt appropriately buy the right house for his needs. Its only a loss if he sells, he bought a new house with no work required, what was he expecting it wasnt a flip house, he sold too early. You can lose money on anything and even more if you dont do the right research or have the right people in the industry.

@chips9092 says:

I dont