/biz/ - Business & Finance

imagine selling now

My boomer dad doesnt really have retirement savings. He has some cash tho (less than $50,000). He's been watching house flipping videos on youtube and he's gotten excited about it thinking it's his way to get saved for retiremeny in the next 3 years.

His plan is to take out a heloc on our house (he has like $150k equity), buy a fixer-upper house, renovate it, get a mortgage on it, and then rent it out for a few years before selling it.

I told him that now is not a good time because prices are high and interest rates are high, but he doesnt care. He keeps yelling at me to do research for him and to help him flip houses since im a neet. I wouldnt mind helping him with a business, but im worried hes gonna lose all the equity he put into our house. He seems really delusional and fixated on doing this like when a guy discovers crypto for the first time. Note: he has bipolar, and he gets heavily fixated on his impulses for weeks at a time.

So is now a bad time to take out a heloc and do real estate investing? If so, pls give reasons i can explain to my dad.

Christ is King, and God is his Father. Gold and silver stackers will prosper.