tag:blogger.com,1999:blog-2735156875003807041.post8379313698102742172..comments2023-07-24T03:09:17.396-07:00Comments on Money Honey SF: Prize: a $2,000,000 houseMoney Honey SFhttp://www.blogger.com/profile/07844408936074426085noreply@blogger.comBlogger10125tag:blogger.com,1999:blog-2735156875003807041.post-436505459067560632010-03-01T14:19:07.086-08:002010-03-01T14:19:07.086-08:00Wow. I guess the majority would take the cash and ...Wow. I guess the majority would take the cash and run.<br /><br />I still haven't heard from the source as to what this Tommy Toy person would do.Money Honey SFhttps://www.blogger.com/profile/07844408936074426085noreply@blogger.comtag:blogger.com,1999:blog-2735156875003807041.post-7377872740123496982010-02-28T11:39:48.319-08:002010-02-28T11:39:48.319-08:00I would take the cash and run! 1.6 mil for a twen...I would take the cash and run! 1.6 mil for a twenty something would be a lot more practical (and fun!) than an expensive house.me in millionshttps://www.blogger.com/profile/15926143368225918320noreply@blogger.comtag:blogger.com,1999:blog-2735156875003807041.post-57085834791755342682010-02-27T12:51:12.505-08:002010-02-27T12:51:12.505-08:00I would take the money and run! The house is gorge...I would take the money and run! The house is gorgeous, but with that large of a house, I can't imagine the upkeep. Just cleaning and dusting would be an enormous task. Unless this person can afford a full time housekeeper, the money sounds much more tempting!Little Househttp://www.littlehouseinthevalley.comnoreply@blogger.comtag:blogger.com,1999:blog-2735156875003807041.post-6829856774552221632010-02-26T15:07:29.307-08:002010-02-26T15:07:29.307-08:00Huh. Well, assuming this happened to me, and I was...Huh. Well, assuming this happened to me, and I was offered a similar house in my city - I would still take the cash. I don't want or need a house that big and expensive! Think of all the other things we could do with that - travel, buy a boat, invest...eemusingshttps://www.blogger.com/profile/08025534387718090906noreply@blogger.comtag:blogger.com,1999:blog-2735156875003807041.post-21010439089165148842010-02-24T17:05:20.675-08:002010-02-24T17:05:20.675-08:00Cash is king! I'd take my $1.6 million, put $1...Cash is king! I'd take my $1.6 million, put $1 million in investments, then take the rest $600K and do fun things - traveling, starting charitable projects, maybe putting a 50% down payment on a $500K condo. :) Who needs a $2 million house when you can have CASH?WellHeeledBloghttp://wellheeledblog.comnoreply@blogger.comtag:blogger.com,1999:blog-2735156875003807041.post-50828840973233843032010-02-24T13:56:32.635-08:002010-02-24T13:56:32.635-08:00If you look at that house, and know the San Franci...If you look at that house, and know the San Francisco area, you are well aware it is worth significantly more than $2 million in anything but a market torn to pieces. You could easily rent it out for $5000+ a month and just wait.Howardhttps://www.blogger.com/profile/07754760132904143019noreply@blogger.comtag:blogger.com,1999:blog-2735156875003807041.post-57866922889954635832010-02-24T09:05:23.656-08:002010-02-24T09:05:23.656-08:00I'd take the cash and make it work for me. Wh...I'd take the cash and make it work for me. Who is to say that the house is going to appreciate in value? I would take the cash, invest a portion of it in the market, max out my IRA, and maybe buy a smaller condo and rent that out!Investing Newbiehttp://investingnewbie.wordpress.comnoreply@blogger.comtag:blogger.com,1999:blog-2735156875003807041.post-29501828036708917762010-02-24T06:33:34.964-08:002010-02-24T06:33:34.964-08:00I'd want to take the house, however would prob...I'd want to take the house, however would probably be forced to take the cash.<br /><br />There is the question of taxes - I'm figuring that regardless of whether the house or cash were taken, taxes would need to be paid on it. For a $2+ million home, the tax bill due would be equivalent to a fair sized mortgage. Taking $1.6 million, probably 40% to 50% will be due in taxes - so at least you'd still have close to $1 million in hand.<br /><br />I don't think I'd be able to handle the $22,000 property taxes on top of a $600,000 mortgage. If it were just the property taxes, no question - in that area, take the house, it's worth more than the $2 million once the market rebounds. In the mean time, while waiting for the rebound, in that area, what can you get paying $1800 a month - a nice size 1 bedroom apartment in a good neighborhood?Howardhttps://www.blogger.com/profile/07754760132904143019noreply@blogger.comtag:blogger.com,1999:blog-2735156875003807041.post-80034284805903763322010-02-23T14:31:31.951-08:002010-02-23T14:31:31.951-08:00I'd go with the cash option too. After all, w...I'd go with the cash option too. After all, what kind of taxes would the 26 year old have to pay on the house? And who would he come up with that money?<br /><br />Your area is 2 to 3 times more expense than where I live... My Mortage payment was only $!500 (and that included the excrow)!<br /><br />I personally know someone who won a house (I blogged about it at <a href="http://www.moneyreasons.com/2010/02/my-close-friend-won-a-house/" rel="nofollow">my site! </a>Money Reasonshttp://www.moneyreasons.comnoreply@blogger.comtag:blogger.com,1999:blog-2735156875003807041.post-32726193223729688662010-02-23T12:40:25.048-08:002010-02-23T12:40:25.048-08:00Cash prize, for sure!
It seems a little excessiv...Cash prize, for sure! <br /><br />It seems a little excessive for my tastes. (the house, not the money - hehe)Mikehttps://www.blogger.com/profile/04193929369095785929noreply@blogger.com