Your definition of investment is crap. The generally accepted meaning is has higher return than inflation i.e. depreciation of money. The goal of investing is to be in an asset that would increase your purchasing power such that you can buy more of the things you want sometime in the future which you have delayed doing so by investing.
What kind of return could you get on this $3.5m “investment”. … $8k rent less $3k property tax… $60k per year…not even a 2% return…horrible investment. …not to mention the upkeep costs…
He paid too much
The problem is IMO they paid way too much for the home to begin with. In 2013, the home struggled to sell at $2,475,000, and was taken off the market. It was re-listed and sold for less than asking in February 2014 for $2.5M. Then in November 2015, the Curry’s dropped a whopping $3.2M for the house, $700K more than the previous sale.
Hard too recover from a $1m miss…When you are $1m in the hole, time to stop digging…plus he spent $400k remodeling the kitchen…The wife was bored and just threw through away the money…She needs another hobby or a boy friend
That’s why he needs to hold on to it and wait another 3 to 5 years to break even!!! How else is he going to invest his money? He obviously has too much…