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re: How? Just how do so many people afford 2+ mil secondary homes in florida?
Posted on 7/2/23 at 6:19 am to DCtiger1
Posted on 7/2/23 at 6:19 am to DCtiger1
quote:
Sshhhh, the OT thinks if you’re successful you must be maxed out in credit. Don’t burst their envy bubble
You're right. The OT is such a weird place.
My brother, who is certified OT baller status as a patent lawyer from UVA Law, and I were having a conversation the other day. And it seems that most of the medium-high earners are the ones with the largest debt load and a relatively low amount of assets and actual wealth. Say 250k-550k per year.
They want to live like millionaires but have to be leveraged to the gills in order to do it.
0
Posted on 7/2/23 at 6:21 am to BengalBlood81
I don’t think you realize how much wealth is floating around this country.
Posted on 7/2/23 at 6:23 am to BengalBlood81
Same thing I thought touring Coronado Island in San Diego. Where do these folks work?
Posted on 7/2/23 at 6:31 am to hankiba
I'm the poorest one in my immediate family and I'm doing very well financially. The rest were at the top of their field in lucrative careers. I did it with hard work and a frick ton of luck. While in the military, I started 2 small businesses that wdid very well. I made a lot of money when I sold them. I also dabbled heavily in real estate. Bought several properties close to the beach in California in 2009. Made bank on rents and have sold them.
My wife's uncle makes 7 figures a year owning a construction business and works maybe 90 days a year. He owns houses in 4 states and a beach house in Belize. Now my brother works his arse off as a lawyer and has too much money and no time. Kind of retarded imo.
My wife's uncle makes 7 figures a year owning a construction business and works maybe 90 days a year. He owns houses in 4 states and a beach house in Belize. Now my brother works his arse off as a lawyer and has too much money and no time. Kind of retarded imo.
This post was edited on 7/2/23 at 6:33 am
Posted on 7/2/23 at 6:40 am to StringedInstruments
Port Royal down here in Naples is ridiculous. We are talking multiple acre estates, on the gulf. Celebrity owners, corporation CEO's, etc. But, as the OP said, there are so many not "ultra" wealthy people here, who have their luxury cars shipped down every 6 months, and live in $1M+ homes for a few months. What did these people do to amass this kind of money? There are a ton of them here.
Posted on 7/2/23 at 7:06 am to LSUnatick
quote:
frick you and your bullshite math
$250k is .00025 of $1,000,000,000.
$12.50 is .00025 of $50,000.
I’m no accountant, but I think I’m right.
Posted on 7/2/23 at 7:20 am to MSTiger33
quote:
I don’t think you realize how much wealth is floating around this country.
If you work in this field. Which I think you do from your posting. Are most of these people making it from starting a company?
This post was edited on 7/2/23 at 7:21 am
Posted on 7/2/23 at 7:36 am to BengalBlood81
I’ve asked the same question. Played a golf course in destin recently, not even on the beach, and the neighborhood was full of 3-5,000 SF. Second homes.
And much of the entire state is the same way.
And much of the entire state is the same way.
Posted on 7/2/23 at 7:57 am to mule74
quote:
70% of the home purchases in Alys Beach are cash.
A lot of the upper range cash purchases are a line of credit from a bank. They usually do not have that amount of cash in their account. It’s just borrowing against other assets.
So they do have a note, but it’s an all interest payment, no principal. And they probably write off the interest payments.
Posted on 7/2/23 at 7:57 am to BengalBlood81
Many people claim with 2nd homes claim Florida as their primary residence. Florida doesn’t tax income, social security, pensions, capital gains, IRA/401 (k) withdrawals. It’s a no brainer for the uberwealthy. You’d be surprised how many professional athletes with no ties to Florida live here in the off-season.
Posted on 7/2/23 at 8:44 am to BengalBlood81
Many bought back when things weren’t incredibly expensive. My wife’s family owned a condo back in one of the original Phoenix buildings. They bought for like 100k. Sold it for not much profit. If they still had it today, could sell for 800-900k
Posted on 7/2/23 at 10:12 am to ERBlueblood
It isn’t as much oil money is Alys as I would have thought. Attorneys, real estate, ex-athletes… Sean Peyton just bought a house, an old Atlanta pitcher just sold his place.
Surprisingly, there are some internet “influencers” / snake oil sales people with houses too. Excited for that bubble to pop. A few even have their houses in non for profits.
Surprisingly, there are some internet “influencers” / snake oil sales people with houses too. Excited for that bubble to pop. A few even have their houses in non for profits.
Posted on 7/2/23 at 10:33 am to Palomitz
These houses are a great investment with a bonus of being able to use it. Some years there are 20% plus appreciation. Of course there are also years of 20% depreciation. Property in Destin over the last 10 years is up about 125%. If you want to rent that’s a bonus. Then you depreciate the property over 31 years for a $300k tax deduction. In the upper tax brackets you just saved $120k in taxes. While the property appreciates you are not paying any taxes but instead getting the depreciation deduction. Then you sell it to buy a bigger property and do a 1031 tax exchange again never paying the tax man. See how his beats the rigged stock market and your 401K?
Posted on 7/2/23 at 10:38 am to Ben Hur
quote:
but it’s an all interest payment, no principal
How many do you assume are doing it this way?
Posted on 7/2/23 at 10:55 am to notiger1997
I would say very few if any are using a LOC to buy a 6 million dollar home 
where do people come up with this shite.
where do people come up with this shite. Posted on 7/2/23 at 10:58 am to DamnGood86
quote:
Worked for a good company, made decent money.
Ok this is me
quote:
He lived like a pauper for first 10-15 years
Dammit I’m out
Posted on 7/2/23 at 11:04 am to StringedInstruments
quote:
$250k is .00025 of $1,000,000,000. $12.50 is .00025 of $50,000. I’m no accountant, but I think I’m right.
The only difference is, one is earning $50k per year. That’s not net worth. The $1B is net worth, not necessarily annual income.
Posted on 7/2/23 at 11:17 am to BengalBlood81
Maybe the owners earned real degrees for which they could earn real money with, as opposed to Art History, Gender Studies, Ethnic Studies, etc.
Posted on 7/2/23 at 11:57 am to biglego
(no message)
This post was edited on 2/19/24 at 7:49 pm
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