From the time I lived in texas 900,000 dollars would buy you a huge place, well done Dirk ,
Yes, but he doesn't have 900,000 dollars Dolno. He has a house which he hasn't paid for and which he values at 900,000. If he pockets 100,000 dollars he'll be doing well. I used to work for an estate agent in London and I know how the story goes.
Young guy buys a place that needs renovating. Gets an almost 100% mortgage on it, let's say 400,000 dollars. In this case Adrian's family are in the building trade so he felt he could do it up at trade price for materials and free labour plus his own labour over evenings and weekends, then resell for 600,000 + and make a tidy profit, possibly do another one etc. Fast forward a couple of years. A tiny bit of the mortgage is paid off so he still owes virtually the whole capital sum, renovation is unfinished, real estate values have oossibly gone up a bit, young guy puts property back on the market speculatively, with an inflated price above the ceiling for the neighbourhood and street where property is located - property may or may not sell. Young guy isn't really bothered as he reckons that as long as he can continue to service the mortgage he's quids in, in the long run, but it's a VERY long run. However if it's lucky it will sell for the 600,00 he originally expected and having paid off the mortgage he'll have a few quid, which is great, but still a long way from a million.
I'm surprised at you Dolno. I thought you had more common sense.