On Sun, 22 May 2016 04:30:48 -0700 (PDT), bob haller
wrote:

On Sunday, May 22, 2016 at 12:03:43 AM UTC-4, Micky wrote:\
Hmm. I have a friend who bought a house like that about 4 years ago
and I don't think he had enough money to pay cash.

I liked it, because it was old, but he replaced all the wiring
himself, and a lot of other stuff. I don't know what he did about
insurance. I'm sure he bought some.

hey may have been required to replace all the wiring within a timeframe like 30 days

He might have gotten the mortgage when they weren't asking questions.
Is that possible, that they wouldn't insist on speedy replacement of
the knob and tube? Wait a second. It's the insurance company, not
the mortgage company, that asks those questions. ?? Would the
mortgagee ever not require insurance, even during the liar-loan
period?

The guy who arranged the mortgage on the home and outbuilding he
bought for his business said if he applied now (5 years ago), he
couldn't get the mortgage. (His office is on the second floor and
attic. He remodeled the whole house and rents the first floor to two
business tenants. He rents the basement to another one -- it was a
church for a while!! He also remodelled the outbuilding, which was
partly a garage but quite a bit bigger than most, and he rents that to
another business. When fully rented the 4 are about enough to pay the
mortgage. Probably paid someone for all the remodeling since it's
clearly deductable, but that costs money too. I don't know how that
money is borrowed (the original mortgage or a second loan?) But he
made it through the recession and is, he told me about a year ago,
making money now. More clients are paying their bills, for one
thing. I'd like him to be a rich man by the time he retires but the
clock is ticking down.