Furniture repair shop owner ‘could be in trouble’ over ‘poverty trap’
NEW YORK — A man who built a $50,000 house and then sold it for $3 million to a local woman says he would be in financial trouble if he were to leave the building.
It was a story of desperation, a man who made $50 million and is now living in a trailer park, told The Associated Press by phone from his New York apartment.
His house is the largest home he owns in New York, and he’s living in the trailer park with his family because the rental income he earned during the boom years has run out.
He made $250,000 a year during the bust.
He’s also now a full-time firefighter and lives in a tiny apartment in a rowan grove.
The woman, who lives in New Jersey, said she’d like to sell the house, but is scared that if she does it will cause problems with her rent.
She said she bought it for her parents to live in and she’s had no problems with it.
She said she has two kids in it.
She has a rental agreement for the house for two years and is considering selling the house and moving into a smaller apartment if the current rental rate doesn’t work out.
She’s already looking at other rentals in New Brunswick, N.J., and hopes to move in by June, said the woman, whose name was not used for fear of retribution.
I’m a middle-class person who lives out of state.
I didn’t have a lot of money.
I had to work hard to get where I am.
But now I’m not sure I can afford it.
I have a little more than $50k in credit card debt and $6k in car payments.
I’m just so sad.
She asked not to be identified because she fears retribution from her landlords.
I don’t know what to do, said her sister-in-law, who declined to give her name because she was concerned for her safety.
I’ve never had anything to do with anything like this.
I don’t want to be a part of this, she said.
She is renting the house with a friend for $1,200 a month.
She paid $10,000 and now wants to move out.
She’s trying to sell her apartment as she’s getting older and is hoping to get the money from a trust fund, she told the AP.
I just want to get out of there, she was quoted as saying.
I hope to find another place where I can live.
I’d like my children to be better off than me.
I am tired of living in this squalor, she added.