Extreme Home Makeover home in foreclosure...

[canuckcarguy]

Just goes to show that you can throw money at a problem, but people's nature doesn't change... I wonder if ABC will build these losers another house.

http://ca.news.yahoo.com/s/capress/0...er_foreclosure

[max_boost]

Apparently the home owner took out a loan to start up a home renovation business, well that didn't go too well. Isn't it ironic, don't you think.

[Toma]

hahahahha... you can't fix STUPID.

[Jlude]

Originally posted by Toma
hahahahha... you can't fix STUPID.

It's such a shame...

[finboy]

Originally posted by Toma
hahahahha... you can't fix STUPID.

first thing i thought when i saw this on yahoo

[adam c]

they had a 450k house for free and then another 250k cash on top of that and they still fucked up

wow.. that story makes me mad and i didn't even build the house

[Supa Dexta]

This is them> http://www.ajc.com/living/content/li...21extreme.html

I've always wondered about that show, how many of those families are going to be able to pay taxes alone on those huge houses, even without a mortgage.

[SkittleFreak]

But still, why would you take something given to you and then fuck up?
I can understand wanting to make a living in the world but I'd rather keep my house then put it on the line for a business

[adam c]

too much grape drank

[Eleanor]

Originally posted by Toma
hahahahha... you can't fix STUPID.

Hahaha, I love Ron White

[Xtrema]

Originally posted by Toma
hahahahha... you can't fix STUPID.

If you can't fix a septic tank, what chance you have on a construction business?

[canuckcarguy]

How much do you want to wager that after they took out the loan ostensibly for their renovation business, they ended up driving new hummers to work...

It's an unattainable dream for so many to have a clear title home, and these guys manage to plow through $450K in 3 years?

[Heff]

It was probably irresponsible to borrow so much money that they couldn't reasonably pay it back if the business tanked.

Other than that, it seems like a fairly reasonable decision - to use the equity in a free house to try to make a business and a better life for themselves.

Maybe if they'd only leveraged $50k as a startup this story would have a different ending.

And yah, home reno business takes a certain mindset and skillset if you really want to do it right, and succeed.

[topmade]

What a waste of money and time for everyone that was involved. No pun intended, but sometimes people live in places and situations because they brought it on themselves. Everyone has a sad story to tell, it's just the lucky ones that get picked. Unfortunately these lucky ones didn't realize how much they got vs how much the deserve.

[adam c]

Originally posted by canuckcarguy
How much do you want to wager that after they took out the loan ostensibly for their renovation business, they ended up driving new hummers to work...

It's an unattainable dream for so many to have a clear title home, and these guys manage to plow through $450K in 3 years?

over 700k actually

450k for house
250k for other stuff

[Heff]

Originally posted by canuckcarguy


It's an unattainable dream for so many to have a clear title home, and these guys manage to plow through $450K in 3 years?

If I had my HELOC Paid off, and clear title with no debts but what credit I use month-to-month, I could be "rich" on 30k a year.

[canuckcarguy]

They were making the bills before the big house, the show specifically have them a cool quarter million for expenses, and they still can't make it? I'm sorry, but who needs to borrow $450K to start a home reno business? Truck, tools, 1st 3 month's cash flow... I'm thinking $50K should do it, maybe $75K?

People who are given things rarely value them.

[Super_Geo]

Same principle here as how and why a large percentage of lotto winners go broke.

The majority of poor people aren't poor because they don't have the money to open doors for themselves... they're poor because they can't manage money.

I worked a summer on a pipeline construction crew and was blown away at how bad people were at holding onto their money. You put a couple thousand in cash and you can almost see smoke coming out of their pockets.

What can you do though... you need one hell of a lot of poor peopel to support the upper class, so keep on keepin' on and givin'er

[Antonito]

Originally posted by Supa Dexta
This is them> http://www.ajc.com/living/content/li...21extreme.html

I've always wondered about that show, how many of those families are going to be able to pay taxes alone on those huge houses, even without a mortgage.

In the case of this family they were given $250,000 explicitly to pay for upkeep and property taxes, and the show pays the ridiculous tax that America has on winnings (I've heard that Canada doesn't have said tax unless you sell the stuff, if I'm wrong, then boo Canada too). So at least in this instance, that wasn't an issue.

However you are right, most dream home winners can never afford to live in the houses, one of the HGTV winners that tried to live in the house (apparently the first ones ever to do so rather than selling for mega profits) had to take out a million dollar loan because the taxes for the winnings alone was something like $850,000.