| manaboutown |
09-06-2022 08:18 AM |
Quote:
Originally Posted by rsmurano
(Post 2133584)
Not sure what your point is! There are multi-millionaires owning outright 1 house here in TV and/or owning outright multiple houses around the country. I know people that own multiple homes and they have multiple mortgages.
You can also say that owning multiple houses has been a very good investment that has generated more profit than expenses at the same time of being able to live where and when they desire
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On another thread I commented on how my brother is working to straighten out the finances of his 81 year old sister-in-law and her 89 year old husband who has developed dementia. They owned four houses, three in and near a mountain town in Colorado, and one in Tucson. They were snowbirds. One of the CO houses was a rental and the long term tenants recently moved out. When my brother got ahold of their finances they did not have sufficient cash to pay their income taxes! They had lived large (pun intended; they each are obese) for almost 25 years on two quite sizable pensions, but had not set aside any cash savings. Long story short: my brother sold the vacant rental and their $700,000 "cabin" for which they had paid $150,000 some years ago. He recently put their large CO home up for sale. So, their multiple homes will fund their last few years in Tucson along with their generous pensions. They lived quite high (pun intended, CO homes at 8,500; cabin at 9,500 ft. elev.). |
