Reply to When million-dollar-plus homes are purchased, do people put more than 20% down?

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Reply to "When million-dollar-plus homes are purchased, do people put more than 20% down?"

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[quote=Anonymous][quote=Anonymous]If the old money PP is as well-to-do as s/he's implied, s/he wouldn't be paying the 4.5% average rate anyway ... most big banks would be falling all over themselves to offer sub-3% rates and probably something in the 2%s if there's a cross-service opportunity.  Peace of mind to have no mortgage, but all that is is protecting the trust fund, certainly not adding to it (let alone adding to the real value).  Inflation's a bitch though, so hopefully daddy left a big pile.[/quote]

I am the 21:09 PP.  The other PP is full of shit.  There is no reason not to get multiple mortgages in the 5-15 million range and invest in real estate that way, and free up your capital for other things.

Rich people have debt all over the place, but it's debt they can pay off if they want.  It's just a way to keep moving money around.  If the rates are low, grab that money while its there regardless of source!

I am definitely not old money (I am new as they come), but I have met a few and I can tell you, they don't sound like the PP.  They usually have very nice homes as well and don't scrimp on that at all.[/quote]

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