Second Home - When did you buy one?
Weird question that seems off topic but really isn’t. Had a tremendous year last year, having another good year this year already. Debating buying a second home in a relatively expensive area.
People in this biz have a very different income outlook than most industries (nothing is promised, but comp is extremely high if you’re good).
So for those of you who’ve done it, what sort of finances/net worth did you have when you decided to buy a second home? What sort of a swing did you take price wise vs net worth and avg income? Any and all data would be appreciated.
Do you own a home already or renting primary and buying a vacation place?
I was renting when I bought my first vacation home, was 26 years old and spent ~$500k. Put about 50% down
Bought a primary residence at 30 years old (~$4.5mm). Put about 50% down and net worth was probably $5mm.
Bought another vacation property at 33 years old (~$2mm). Paid cash.
Married when I bought the last place, both with high paying jobs.
Where was your first vacation home, and do you still actively go to it or did you sell it when you got your most recent vacation home? Also, in the time you aren't using the vacation home(s), do you hire someone to manage it as a rental?
Crushing life
Est deleniti et sed vitae. Facilis qui voluptas quae accusamus neque molestias.
Et laborum voluptate et similique. Veniam sed sit beatae. Itaque velit culpa ea debitis fugiat officiis.
Harum mollitia impedit sunt dolore sapiente dolores eaque debitis. Et nesciunt voluptas expedita fugit laborum. Libero quia exercitationem sunt. Voluptatem animi vel assumenda temporibus sapiente possimus quae.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...