Phil got incredibly lucky & purchased that place in Renton just at the start of a Seattle housing boom. The Pacific Northwest has had the hottest real estate market in the country over the past several years. Phil purchased his condo for $265k in early 2014. Since then, identical condos in that same development have sold for well over $300k.What is the housing market like in Phil's area? If he hypothetically had to sell his house to pay taxes how long do you speculate it would take?
Now, Phil has been trying to refinance his mortgage in order to payoff his revolving debt, but the bank won't work with him because his income to debt ratio is shit. Despite what other detractors think, I believe Phil is just barely treading water between his 2 mortgages, "business" loans & credit card debt, car payment, $400 internet etc. It is possible that a $5k tax bill could break his very tenuous balancing act.
If he sells, I believe he would make a tidy profit with a very short turnaround. He doesn't want to sell now though because he's hoping the value of that condo will continue to rise substantially in the next 3 - 5 years to the point where he can pay off everything. He's banking on that condo in to pay off all his debts as well as the Connecticut place. That's why he's so worried about having to sell now. I'm convinced all Phil's plans hinge on selling that place in 3 - 5 years for a huge profit.