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Old 09-30-2010, 06:12 PM
 
Location: The Greater Houston Metro Area
9,053 posts, read 17,212,826 times
Reputation: 15226

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Quote:
Originally Posted by Texas User View Post
How do you tell from the fakers and the real millionaires? You can own a 2$ millionw with a 30 year mortgage, good credit and a income of like $60K a year.

Do they pay cash for these homes? No loans of any sort? Now your posts are really making sense and getting right to the point. I thought most vacation homes were in Galveston?
That would be a neat trick, considering your mortgage would be over $11,000 a month, not counting another big chunk of change for taxes and insurance. $60K salary is $5000 monthly, before income tax and social seciurity are deducted. You wouldn't have good credit for long.
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Old 09-30-2010, 06:21 PM
 
12,671 posts, read 23,826,766 times
Reputation: 2666
Quote:
Originally Posted by cheryjohns View Post
Sotheby's, Christie's and Phillips de Pury & Luxembourg can liquidate antiques and artwork faster than you can liquidate real estate.
How much do they cost?
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Old 09-30-2010, 06:23 PM
 
12,671 posts, read 23,826,766 times
Reputation: 2666
Quote:
Originally Posted by cheryjohns View Post
That would be a neat trick, considering your mortgage would be over $11,000 a month, not counting another big chunk of change for taxes and insurance. $60K salary is $5000 monthly, before income tax and social seciurity are deducted. You wouldn't have good credit for long.
What if they put a big down?
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Old 09-30-2010, 06:34 PM
 
Location: Charleston Sc and Western NC
9,273 posts, read 26,514,595 times
Reputation: 4741
Quote:
Originally Posted by cheryjohns View Post
Sotheby's, Christie's and Phillips de Pury & Luxembourg can liquidate antiques and artwork faster than you can liquidate real estate.
And millionaires don't have to liquidate those things fast either. They are a pleasure assets. As to stocks, most sit on those as well for dividends. Capital Gains are a b*tch and a government punishment for investing in America and your own retirement.

Texas User is trying to figure out a formula. I mind it amusing.
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Old 09-30-2010, 06:38 PM
 
Location: Charleston Sc and Western NC
9,273 posts, read 26,514,595 times
Reputation: 4741
Quote:
Originally Posted by Texas User View Post
What if they put a big down?

Taxes and maintaining said property would requre far more than 60k. And thus the housing crisis we find America in..........
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Old 09-30-2010, 07:10 PM
 
12,671 posts, read 23,826,766 times
Reputation: 2666
Quote:
Originally Posted by EasilyAmused View Post
And millionaires don't have to liquidate those things fast either. They are a pleasure assets. As to stocks, most sit on those as well for dividends. Capital Gains are a b*tch and a government punishment for investing in America and your own retirement.

Texas User is trying to figure out a formula. I mind it amusing.
The rule of 72 is what I follow.
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Old 09-30-2010, 07:49 PM
 
Location: Houston, Texas
1,668 posts, read 4,710,564 times
Reputation: 3037
Yes Texas User, when you get a job making 60k a year.......go out and buy a 2 million dollar investment house. I've got some ocean front property in Arizona for you to consider.
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Old 09-30-2010, 07:51 PM
 
Location: The Greater Houston Metro Area
9,053 posts, read 17,212,826 times
Reputation: 15226
Quote:
Originally Posted by Texas User View Post
How much do they cost?
How much does WHAT cost? Are you trying to buy Sotheby's?

And EA is right - no one making $60K a year could save up that large of a down payment - and taxes and insurance would be more than that salary per year.
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Old 09-30-2010, 07:52 PM
 
12,671 posts, read 23,826,766 times
Reputation: 2666
Quote:
Originally Posted by LizzySWW View Post
Yes Texas User, when you get a job making 60k a year.......go out and buy a 2 million dollar investment house. I've got some ocean front property in Arizona for you to consider.
Lol, I don't think thats a smart move since I am a frugal.
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Old 09-30-2010, 07:52 PM
 
Location: The Greater Houston Metro Area
9,053 posts, read 17,212,826 times
Reputation: 15226
Quote:
Originally Posted by LizzySWW View Post
Yes Texas User, when you get a job making 60k a year.......go out and buy a 2 million dollar investment house. I've got some ocean front property in Arizona for you to consider.
...and I have a bridge to sell him. Actually, the London Bridge IS somewhere in Arizona (probably next to that ocean-front property you have).
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