I was around beverly hills a few weeks ago and I was wondering these ultra rich people still have mortgages or do they just out right buy their house cash?
2006-11-12 04:52:30 · 5 answers · asked by dsert_fox 1 in Business & Finance ➔ Renting & Real Estate
It's called private banking. The rich and famous have access to financial services the rest of the world doesn't.
I would guess that some of those homes have loans. Considering only the first $1 million in mortgages qualifies for the tax deduction, it doesn't make sense to finance a whole lot more, unless you get good rates. But many might have 50-60% of the value of those homes financed. Put up 20 million against a 50 million dollar home and you can probably find someone to give you the other 30 million
2006-11-12 08:28:01 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Sometimes houses there are probably bought for cash. But like any mortgage, you have to show ability to pay it and a history of paying your bills so the lender is reasonably assured that you'll pay - people who have and make millions a year can probably qualify.
2006-11-12 13:31:30 · answer #2 · answered by Judy 7 · 0⤊ 0⤋
Get discovered by Hollywood, earn lots of dosh, get a mortgage.
Or win the lottery and buy it outright
2006-11-12 12:59:56 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Cash.
2006-11-12 13:01:30 · answer #4 · answered by monkey 5 · 1⤊ 0⤋
my opinion only but i suspect they have mortgages.
2006-11-12 12:57:47 · answer #5 · answered by Anonymous · 0⤊ 0⤋