Is OnTheWhat The Only Millionaire Here??

[jjgold]

Guys house is worth at least 1 million

[tullamore]

He would need to get his parents whacked first.

[jjgold]

Someone said he has a piece of it?

I do not know if it is true

Does anyone know if OnThewhat owns the whole house or part of it?

[SlickFazzer]

He is in a rent to own situation I believe.

[big joe 1212]

I will be one soon. Just waiting on some family members to pass!

[Casperwaits]

If we are saying that we are as rich as our parents, I have a sneaking suspicion that many of us one here are loaded. Of course if we are all waiting for our parents to die to become rich,we might have to reassess our life goals don't ya think?

[pavyracer]

Living in a 1 million dollar house doesn't mean you are a millionaire. It means you owe $900,000 on your mortgage.

[Tsoprano]

JJ, we don't owe any mortages and some of it is already in my name now.

Property upstate, apartment, etc

[Tsoprano]

Pico's gotta have a pretty penny too, guy bets 30k on baseball games.

[DeluxeLiner]

archie has some property. it might be in the ghetto but it might add up to being worth over a mil

[onthewhat]

Living in a 1 million dollar house doesn't mean you are a millionaire. It means you owe $900,000 on your mortgage.

What if you paid for the house up front?

[DeluxeLiner]

What if you paid for the house up front?

That is not the smartest move

[Casperwaits]

What if you paid for the house up front?

Onner, with that type of thinking, you better hope your parents give you cash as you get older.

[RealSlimShady]

Guys house is worth at least 1 million

But he could have bought it in 2006 with a no money down loan and $2m principal to pay off!

[pavyracer]

This is why you don't pay for the house upfront:

1. The IRS will audit you if you can't verify where the income came from.

2. You will not be able to deduct thousands of dollars of mortgage interest every year from your taxes.

3. If you have millions you invest them to make more money...you don't burn them all to buy a house that is a sitting duck and doesn't make you money.

This is why all professional athletes have mortgages on their houses.

[Robust]

diff markets = diff prices.. my house is ~3600 sq/ft (this includes the garage, btw.. but we have telephone/cable/AC/Heat etc all in there to convert to a room should we want to).. only worth about 1/2 mil.. this house in NY or NJ would be about 2-3 mil in my estimation..

but now the house is a liability.. lol.. taxes keep comming and no one would buy if we tried to sell it.. so i am with ya pavy.. except the irs part.. we bought a shitload of properties and no audits.. and income reported is around 80k/year

oh.. and to answer your question jj, we are not millionaires.. no where close.. can't include property values since we owe most of them..

Robust

[jjgold]

Pico's gotta have a pretty penny too, guy bets 30k on baseball games.

Tony he lost everything, the guy quit gambling last week

[wtf]

[quote=pavyracer;1656151]This is why you don't pay for the house upfront:

1. The IRS will audit you if you can't verify where the income came from.


I dont understand this point, ONLY someone with a ssn# is allowed to purchase a home in america. i dont think so.

how can you be audited if your not american?

[durito]

I dont understand this point, ONLY someone with a ssn# is allowed to purchase a home in america. i dont think so.

Not true.

[wtf]

ok so if you dont have a ssn how can you be audited? or have to prove where money came from.

[Bostongambler]

Mario I will fly you in and then fly you out. You tell me.

[pico]

i am not rich. in fact, i am currently on welfare. this is what is in my wallet.

[pico]

the avatar is my new home. posting from public library...

[durito]

ok so if you dont have a ssn how can you be audited? or have to prove where money came from.

itin#