James Caan was a brilliant actor, starring in many iconic films. Here he is as Sonny Corleone, taking out the trash in a famous scene from The Godfather.
Why Millionaires are Choosing to Rent? Math, Freedom and Amenities.
NY Times reported millionaire renting at 4X the rates since 2020. This trend has been playing out since before covid as I witnessed more and more affluent
renting from us when they could buy. This is partly why we shifted to buying luxury apartments with great amenities only in cities attracting wealthy people. I believe this trend will continue to accelerate:
1) Aging boomers will seek easier lifestyles with less responsibility.They already owned the "American Dream" and know it comes with headaches.
2) Migration from Liberal Cities. As people continue to migrate away from high taxes, cold weather, crime and socialism the first option will be to rent not buy.
3) Younger Generations do not have same appetite for ownership as previous generations.
4) Amenities & Service - modern apartments provide amenities only found in the most expensive of homes; swimming pools, saunas, gym, security, theatre and valet service and built in .
5) The Math - Except for two cities it's cheaper to rent than own in the top 50 cities and it's cheaper by 50%.
Millionaires are doing the math on $444K house.
Down Payment 10% $44,000
Monthly Payment Interest Only $28,000
Insurance $ 6,000
PMI $ 4,000
Maintenance $ 4,000
Property Taxes (Florida) $ 2,000
Total $44,000 year
In 10 years you will still owe 400,000 on the house and already paid 440,000 to live in it. The rent today is 1/2 the mortgage in 48 cities costing you 24,000 a year.
Invest the down payment of $44,000 into a rental property for 10 years that earns 15% IRR would result in $600,000 return on the investment over 10 years without the cost of spending 440,000.
This is our most recent purchase in Boca Raton. The average tenant earns over $500,000 annually. They are almost ALL qualified to buy. Each unit has views of ocean, gold course and $40M homes and only steps away from anything they want.
CardoneCapital owns 15,000 units of best in class institutional quality real estate and add Bitcoin to each purchase to improve returns to our investors.
Now that we are about 25 games in, let’s check in on last year’s @MVABasketball Freshman Averages:
Liam McNeeley, UCONN - 15 & 6
Derik Queen - Maryland - 16 & 9
Rob Wright - Baylor - 13 & 5
Cooper Flagg - Duke - 20, 8, & 4
Asa Newell - Georgia - 15 & 7
FYI - I’ve been locked in a room like a caged animal making the craziest music my soul could ever concoct but I may have to bust down the walls like a rabid, hungry, starving dog and give you a few more of these
@marcuslemonis@Delta Trying to get my family to Rome next year. We love pasta and want to celebrate our 25th high school reunion with friends over there #MyLemonisChristmasWish