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Every Thing Else Board
Love of the land
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<blockquote data-quote="eric" data-source="post: 125183" data-attributes="member: 7"><p>Wait, this just got fuzzier upon a reread. </p><p></p><p>If he borrows $1,500,000 from a bank, then he still owes $1,500,000! Actually, he owes 1.5 + the $450,000 on his first note. If he uses the banks money to pay off his first note, he still has to pay it back. He just has a note of 1.5 instead of 1.95 mil. (Isnt it great to get to spend others peoples money!)</p><p></p><p>The way I interpeted the original post, the land was probably inherited from his family, thus the sister and him getting 1/2 shares. So there probably isnt any first note. </p><p></p><p>Yes, its a shame to see large chunks of land sold of like this, but the sister can probably live happily ever after with this money and not have to worry about taking care of the place.</p></blockquote><p></p>
[QUOTE="eric, post: 125183, member: 7"] Wait, this just got fuzzier upon a reread. If he borrows $1,500,000 from a bank, then he still owes $1,500,000! Actually, he owes 1.5 + the $450,000 on his first note. If he uses the banks money to pay off his first note, he still has to pay it back. He just has a note of 1.5 instead of 1.95 mil. (Isnt it great to get to spend others peoples money!) The way I interpeted the original post, the land was probably inherited from his family, thus the sister and him getting 1/2 shares. So there probably isnt any first note. Yes, its a shame to see large chunks of land sold of like this, but the sister can probably live happily ever after with this money and not have to worry about taking care of the place. [/QUOTE]
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