Incredible, just incredible
From Minneapolis Star Tribune:
"When confronted with a series of financial crises -- divorce, loss of his job and $28,000 worth of credit-card and other bills -- Ed Derdzinski did what millions of other Americans have done over the past several years: He bet the house.
Since buying and remodeling his owner-occupied Fridley duplex in 1996, the 38-year-old property manager has refinanced four times, a feat aided by rapidly rising home values and banks and other lenders hungry for his business.
Along the way, Derdzinski pocketed $100,000 in cash that he hopes to invest in other properties. Meanwhile, the house that he originally bought for $105,000 now has a mortgage of $323,000; his monthly payment, originally $850, is now $1,680.
Derdzinski, who makes about $35,000 a year, says he's not worried.
Ed Derzinski"I want to retire at a reasonably young age," he said. "I'm not going to do that by working for someone else. It's up to myself and good investing."" |
