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How? Just how do so many people afford 2+ mil secondary homes in florida?
Posted on 7/1/23 at 2:36 pm
Posted on 7/1/23 at 2:36 pm
I’m not talking about your $500k condo in gulf shores. I’m talking about 5-10mil homes in florida on the beach that are mostly vacation homes. I want to know how this type of money was amassed. I feel like that scene in wolf of Wall Street where Donnie walks up to Jordan B in the coffee shop. “I’ll quit my job right now and come work for you if you show me a pay stub”
I have a good paying job and still want to know how so many people can afford these things. Again, I’m not talking about a handful of very successful people. Lots and lots of homes 2mil++. How do they do it?
I have a good paying job and still want to know how so many people can afford these things. Again, I’m not talking about a handful of very successful people. Lots and lots of homes 2mil++. How do they do it?
58
Posted on 7/1/23 at 2:37 pm to BengalBlood81
PPP loans.
Posted on 7/1/23 at 2:37 pm to BengalBlood81
It’s more like the scene in The Big Short when they find out that the stripper owns 8 houses on mortgages and can’t afford any of them
Posted on 7/1/23 at 2:40 pm to BengalBlood81
Drove down Anna Maria Island, Longboat Key, and into Sarasota for dinner 8 days ago. Every time I make that drive, I wonder the same thing.
2 BR Gulf Shores like condo we were staying in is ‘pending’ at a little over 1.4 million.
2 BR Gulf Shores like condo we were staying in is ‘pending’ at a little over 1.4 million.
Posted on 7/1/23 at 2:50 pm to BengalBlood81
If you can get good rentals it offsets some of the expense. At a place like Alys Beach though, lots of people don’t even have their place up for rent. Talking about mid to upper seven figure places. Very wealthy people with FU money.
Posted on 7/1/23 at 2:51 pm to BengalBlood81
All that just to have the home take massive damage from a hurricane every 5 years.
Posted on 7/1/23 at 2:53 pm to BengalBlood81
quote:
talking about 5-10mil homes in florida on the beach that are mostly vacation homes. I want to know how this type of money was amassed
It wasn't. Those people bought those homes 30 years ago for like $250k.
Posted on 7/1/23 at 2:55 pm to Gifman
It simple. 1% of Americans have a minimum net worth of around $11.1 million. So, on average, if you know 100 people, 1 of them can afford it. When you have a big city like Atlanta just a few hours away, it makes sense.
This post was edited on 7/1/23 at 2:56 pm
Posted on 7/1/23 at 2:56 pm to WG_Dawg
No they didn’t, those homes didn’t exist 20 years ago. I know because I insure a lot of them
Posted on 7/1/23 at 2:58 pm to BengalBlood81
They made a lot of money
Posted on 7/1/23 at 3:02 pm to BengalBlood81
quote:Entrepreneurship (or Inheritances)
I have a good paying job and still want to know how so many people can afford these things.
This post was edited on 7/1/23 at 3:06 pm
Posted on 7/1/23 at 3:03 pm to BengalBlood81
quote:
I have a good paying job and still want to know how so many people can afford these things. Again, I’m not talking about a handful of very successful people. Lots and lots of homes 2mil++. How do they do it?
Great inheritance or small business owner with great margins.
Posted on 7/1/23 at 3:06 pm to TexasTiger33
Creating jobs without government approval is White privilege
Posted on 7/1/23 at 3:09 pm to BengalBlood81
I quit paying my student loans. Now I can afford it
Posted on 7/1/23 at 3:12 pm to Dandaman
quote:
It simple. 1% of Americans have a minimum net worth of around $11.1 million. So, on average, if you know 100 people, 1 of them can afford it. When you have a big city like Atlanta just a few hours away, it makes sense.
Even if I could afford it not sure I would want the pain with dealing with hurricanes and renting it out of occasionally.
I’d rather have a 1000 acres with a simple house on it.
Posted on 7/1/23 at 3:14 pm to BengalBlood81
People always talk about debt in these threads. And yeah, some of that is debt.
But there's a shite ton of FU money out there.
But there's a shite ton of FU money out there.
Posted on 7/1/23 at 3:16 pm to BengalBlood81
Get the right silver spoon shoved up your arse
This post was edited on 7/1/23 at 3:17 pm
Posted on 7/1/23 at 3:17 pm to castorinho
I agree. I think the 30A highway with Seaside down to Panama is all kinds of FU money from all places. New York folks, Texas folks, Georgia folks etc…
Posted on 7/1/23 at 3:21 pm to BengalBlood81
My wife’s uncle has a multi-million dollar home in Tennessee as his main residence and a multi-million dollar home in Naples.
He was an upper executive for a few major automobile companies for around 20 years. Factor in investments he’s made, he’s probably sitting at a net worth of $20 million+. If not more.
You see “so many” million dollar homes around and don’t realize that in the grand scheme of things, there aren’t that many. There are way more middle to lower class residences where people are just making it. And the super rich have multiple million dollar homes, so it’s even less people than you think.
He was an upper executive for a few major automobile companies for around 20 years. Factor in investments he’s made, he’s probably sitting at a net worth of $20 million+. If not more.
You see “so many” million dollar homes around and don’t realize that in the grand scheme of things, there aren’t that many. There are way more middle to lower class residences where people are just making it. And the super rich have multiple million dollar homes, so it’s even less people than you think.
Posted on 7/1/23 at 3:22 pm to BengalBlood81
As I get older it is more eye opening how much entrenched money there is out there. Whether it be natural resources or just family money people don’t even really know about. Think about as well how we have historically reproduced. Wealthy people had huge families and a lot of times multiple sets of offspring.
But anyway, back to the point, a simple anecdote of all of this on the latter example. I was acquaintances of a person in a professional field who made good money, but they also received a trust distribution from a family trust in the six figure rang as well. Nothing crazy, but something like 200k a year. Now think about, if you’re already making a professional salary, what you could do with that extra family money. Now this is just one example - not a 1% type scenario.
If you want to get there on your own, fact is as long as you work for someone, you have virtually no chance. I won’t say no chance, as you could become a high level executive at a big company, but chances are if you aren’t self employed you will never have the kind of money to touch that realm of life.
But anyway, back to the point, a simple anecdote of all of this on the latter example. I was acquaintances of a person in a professional field who made good money, but they also received a trust distribution from a family trust in the six figure rang as well. Nothing crazy, but something like 200k a year. Now think about, if you’re already making a professional salary, what you could do with that extra family money. Now this is just one example - not a 1% type scenario.
If you want to get there on your own, fact is as long as you work for someone, you have virtually no chance. I won’t say no chance, as you could become a high level executive at a big company, but chances are if you aren’t self employed you will never have the kind of money to touch that realm of life.
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