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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 12:50 pm to BengalBlood81
Posted on 7/2/23 at 12:50 pm to BengalBlood81
We built a small house many years ago in one of the communities that have been mentioned here, and it became our primary residence shortly after the housing bust that began in 2006. We are the rare, middle class working stiffs in our community. Our assessment was pretty low, and as FL residents, it can only increase 3% per year. If our house was assessed to reflect the current insane prices, we would have to sell it.
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Posted on 7/2/23 at 10:54 pm to DCtiger1
quote:
I would say very few if any are using a LOC to buy a 6 million dollar home
You would be wrong.
quote:
where do people come up with this shite.
From closing disclosures.
Posted on 7/2/23 at 11:49 pm to BengalBlood81
Because living paycheck to paycheck isn’t exclusively a poor person’s problem. Some people just spend $2 for every $1 they make. I once had a doctor that had been practicing for over 15 years that couldn’t write a $5k check until his next payday.
Some people just have spending problems.
Some people just have spending problems.
Posted on 7/2/23 at 11:55 pm to BengalBlood81
1. It doesn't fricking matter.
2. Be a successful insurance agent.
3. Make more money (should be 2b, cause good agents print $)
Stop playing poker with baws that view 30A as aspirational, and shift to play with rich people that you know are going to take your money. Pretty soon, you'll be 50k into a daquiri shop somewhere, and well on the way to baller status.
ETA: If you don't have money to invest, you're shite out of luck unless you find some Louisiana bullshite small business loans (which you can do) . The entire principle of investment is that you have to invest something in order to make something. You standing around and not risking capital is a simp strategy.
2. Be a successful insurance agent.
3. Make more money (should be 2b, cause good agents print $)
Stop playing poker with baws that view 30A as aspirational, and shift to play with rich people that you know are going to take your money. Pretty soon, you'll be 50k into a daquiri shop somewhere, and well on the way to baller status.
ETA: If you don't have money to invest, you're shite out of luck unless you find some Louisiana bullshite small business loans (which you can do) . The entire principle of investment is that you have to invest something in order to make something. You standing around and not risking capital is a simp strategy.
This post was edited on 7/2/23 at 11:59 pm
Posted on 7/3/23 at 5:22 am to GeauxTigers123
quote:.
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?
I see it from a variety of ways. Doctors, lawyers, people in finance, people who stay at their companies for a long time and move up in the ranks, high level individuals in academia, people who sell their company, people who just have a knack with investments, etc.
Posted on 7/3/23 at 6:31 am to BengalBlood81
As many have already said, you vastly underestimate the number of wealthy people in the southern US.
I live in a nice suburb planned community. Average home is well over 650k. I have raised my kids with ton of guys over the last 25 years. All of them make over 250k per year and are (now) all mid 50’s to mid 60’s in age. (Physicians, attorneys, and business owners - almost none of whom were given generational money)
When you earn 250k for 20 years, you have earned 5 million (before taxes) on the low end. Even if you buy a 1 million dollar home, the left over money adds up. Especially adding up $$ in the stock market - All of them have several million in net worth in the stock market.
They have a lot of money they need to have invested somewhere other than the stock market. Thus, they all buy a lake house or a beach house.
I started looking through my phone contact list and stopped counting at 38 of these guys. That is just me in my small community.
I don’t want to derail the thread but the wealth we all accumulated is not going to be available to the majority of people in the US going forward.
Big business (Amazon, Wal Mart) is the norm now. I got married in the late 80’s. The 6 groomsman I had were all from my hometown and none of us had wealthy parents. Two of us are physicians, two are attorneys, 1 just sold his company for 7 figures and the other has a company that did over 10 million in sales last year. I know this is rare but it was possible with hard work that we learned from our fathers in the military and our fathers who were struggling to make a better life for their kids.
My kids will not have the wealth building opportunities I did even if they are successful.
Their stock market won’t grow like mine, their real estate won’t grow like mine, and their daily expenses won’t be cheap like mine.
People my age had the opportunity to make a lot of money, not likely the case in the next 50 years.
I live in a nice suburb planned community. Average home is well over 650k. I have raised my kids with ton of guys over the last 25 years. All of them make over 250k per year and are (now) all mid 50’s to mid 60’s in age. (Physicians, attorneys, and business owners - almost none of whom were given generational money)
When you earn 250k for 20 years, you have earned 5 million (before taxes) on the low end. Even if you buy a 1 million dollar home, the left over money adds up. Especially adding up $$ in the stock market - All of them have several million in net worth in the stock market.
They have a lot of money they need to have invested somewhere other than the stock market. Thus, they all buy a lake house or a beach house.
I started looking through my phone contact list and stopped counting at 38 of these guys. That is just me in my small community.
I don’t want to derail the thread but the wealth we all accumulated is not going to be available to the majority of people in the US going forward.
Big business (Amazon, Wal Mart) is the norm now. I got married in the late 80’s. The 6 groomsman I had were all from my hometown and none of us had wealthy parents. Two of us are physicians, two are attorneys, 1 just sold his company for 7 figures and the other has a company that did over 10 million in sales last year. I know this is rare but it was possible with hard work that we learned from our fathers in the military and our fathers who were struggling to make a better life for their kids.
My kids will not have the wealth building opportunities I did even if they are successful.
Their stock market won’t grow like mine, their real estate won’t grow like mine, and their daily expenses won’t be cheap like mine.
People my age had the opportunity to make a lot of money, not likely the case in the next 50 years.
Posted on 7/3/23 at 6:40 am to SECdragonmaster
To add a little more perspective to my long comments:
1. College was cheap in the 80’s. All of us went to schools where tuition was under $1500 per year. We graduated with ZERO debt.
2. All of us were motivated to work hard because we grew up NOT BEING able to go on nice vacations and our parents did not have nice things.
Somewhere along the last 50 years, credit got out of control and future generations will suffer.
Only wealthy families can pay for college in cash now.
Daily expenses like a car note and even food is crazy high.
My kids, compared to me, have a huge uphill battle to just stay in the middle class.
My generation had it all. Work hard and opportunity will present itself. Not anymore.
Unlike many guys my age, I don’t look at my kids generation as lazy (some are). I look at them as people who don’t have a real path to financial success no matter how hard they work.
1. College was cheap in the 80’s. All of us went to schools where tuition was under $1500 per year. We graduated with ZERO debt.
2. All of us were motivated to work hard because we grew up NOT BEING able to go on nice vacations and our parents did not have nice things.
Somewhere along the last 50 years, credit got out of control and future generations will suffer.
Only wealthy families can pay for college in cash now.
Daily expenses like a car note and even food is crazy high.
My kids, compared to me, have a huge uphill battle to just stay in the middle class.
My generation had it all. Work hard and opportunity will present itself. Not anymore.
Unlike many guys my age, I don’t look at my kids generation as lazy (some are). I look at them as people who don’t have a real path to financial success no matter how hard they work.
Posted on 7/3/23 at 6:48 am to BengalBlood81
We’ve owned 3 homes and have made money on the sale of the first 2. That money went into paying for the 3rd. Our current home will likely be sold in the next 5-7 years and it has also increased in value significantly. We also lived off my husbands salary alone through our late 20s and mid-30s and saved every penny of my salary until I stayed home with our son. Neither of us come from family money but a $5m home isn’t out of our range for retirement. It certainly helps that all of our homes were in high growth areas where value increases worked to our favor.
Posted on 7/3/23 at 7:24 am to BengalBlood81
We are all loaded baw.
Posted on 7/3/23 at 9:22 am to SECdragonmaster
quote:
My kids, compared to me, have a huge uphill battle to just stay in the middle class. My generation had it all. Work hard and opportunity will present itself. Not anymore. Unlike many guys my age, I don’t look at my kids generation as lazy (some are). I look at them as people who don’t have a real path to financial success no matter how hard they work.
This is complete and utter bullshite.
Posted on 7/3/23 at 9:35 am to DCtiger1
His post may have been a little bit of an exaggeration, but it's not utter BS.
It is going to be pretty hard going forward to obtain affordable housing/cheap health insurance/cheap cars/big stock market gains, etc.
Much will depend on individuatl reasonable choices in how they spend money and expecations, but it's going to be a harder time than what people faced 40 years ago entering the work force and starting a family, etc.
It is going to be pretty hard going forward to obtain affordable housing/cheap health insurance/cheap cars/big stock market gains, etc.
Much will depend on individuatl reasonable choices in how they spend money and expecations, but it's going to be a harder time than what people faced 40 years ago entering the work force and starting a family, etc.
Posted on 7/3/23 at 9:44 am to liz18lsu
quote:
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.
Most of my friends here (Naples) are also owners of or former owmers os businesses. They worked their asses off to get where they are now. They also bought down here at a smart time. Many were around 2011 when you could still get a canal property in Naples for about $500k. Now just the land on those canals is worth $2-$3 million just for the lot.
To answer your question the snowbirds you descibed are business owners from up north who are at the point in their business where they can winter down here.
Posted on 7/3/23 at 9:47 am to BengalBlood81
Save up 20% down payment. Make it a vacation rental. Profit.
Large houses are where you can really make money in the vacation rental game. On a $500k condo, the rental fees will likely not do more than pay the payment, insurance and Condo Owner Association fees.
Large houses are where you can really make money in the vacation rental game. On a $500k condo, the rental fees will likely not do more than pay the payment, insurance and Condo Owner Association fees.
Posted on 7/3/23 at 10:07 am to notiger1997
quote:
Much will depend on individuatl reasonable choices in how they spend money and expecations,
I’m sorry, it’s just not. There’s just as much, if not more, opportunity to make money, start a business etc.
My starting salary in DC at age 23 was a whopping 33k. Our rent was 3300/month in Arlington split between 3 people.
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