I can't, for the life of me, understand the argument against you here. This isn't fuckin rocket science.
It's honestly hilarious. You talk about wasting money, then demand people pay for private education and ultra expensive private schools. Then also use that as a reason to why people go broke.
Give me a second as I get through drop off and then a few morning meetings and I'll show you how I can take $40 million and set up multiple generations and families going forward. It's f****** easy
You could also just invest the 40million, continue to work and keep your spending the same and never touch that money for 50 years
Does this work for you? https://www.zillow.com/homedetails/2110-Harbourside-Dr-UNIT-547-Longboat-Key-FL-34228/47466338_zpid/ Again, please send me the name of someone who can provide costal insurance for less than $6k on a condo. I would love for you to be right, it’s going to save me some money
As much as would love making sure my family is set-up for the future...I would want to enjoy some of it. Invest 30 million and enjoy the rest.
Yeah in what world would you set up generational wealth so your kids and grandkids and great grand kids can all be millionaires and you not touch any of it
Again, personal insurance on a condo is cheap bc the structure is covered by the HOA master insurance policy. It's part of the HOA dues. The link you provided has $2k per month HOA... bc it covers the insurance and access to the amenities and property upkeep. The insurance a condo owner pays for only covers contents of the unit, not the structure itself. If the building is washed away by a hurricane, the HOA master policy covers it. I'd expect a condo owner to know how this works.
I know how an HOA works but still waiting on you to provide someone who can provide $6k insurance on the Florida coast right now. Ill call them today
You clearly don't. If you own a condo/townhome, the insurance is part of your HOA. You don't need structural insurance. You've already covered by the HOA. Idk how else to explain that to you.
And that’s not the only insurance you need when you own a condo. Not sure how else to explain this to you.
This is true, in my community The structure as well as roof is covered by the HOA. However our fees did jus go from 183 to 360 a month......pissed me off.
It hasn't gone over my head at all. I live in Florida. I'm in mortgages, I see insurance daily. I've done dozens of condos/townhomes in south Florida. The HOA premiums are stupid bc of the insurance, see the 2k above. Again, lol if you're paying $6k for contents insurance on a condo. You should shop that.
I mean really it’s true in every condo project. At least the ones who want to be eligible for agency financing.
It depends on the master policy and the HOA. Some do not cover the walls and fixtures inside the condo, but only the exterior structure and the demising wall between units. Not sure how the insurance expert wouldn’t know that
No, the lending guidelines are clear on what has to be covered by the master policy. Some HOA's are run by cheap owners that go with super cheap policies and therefore all owners can't get an agency loan bc the master policy is terrible but I assume someone with $40m isn't going to live in something like that.
WAIT! I've found it's a Florida law that the HOA policy CANNOT cover flooring/carpet or wall/ceiling coverings and fixtures/appliances inside an unit. (Assuming Nerd Wallet know what they are talking about). What are you talking about?
I'd probably pay off my mortgage and student loans. Set some aside for kids college. Take some trips on my bucket list but I'd still have like 35 mil after all that
Yeah I just paid ~$5,500 for insurance with hurricane coverage for a $350,000 home. In the Bahamas but I can't imagine home insurance is much different on the Florida coast.
Also, it's generally a good idea to have your own policy that ups your loss limit, unless you want your HOA in charge of that and passing through additional management fees, etc on the premiums. Especially if you are generationally wealthy. You don't stay that way by paying stupid fees.
That's homeowners, different than a condo. If your home is destroyed by a hurricane, your homeowners covers it being rebuilt. If you condo is destroyed by a hurricane, your HOA master policy covers it being rebuilt. Your HOA dues cover the bulk of the insurance on a condo. Everyone pools their money together to cover the shared structure.
If you donate all 40m of it, think of all the tax breaks you would get with that charitable donation.
So we're ignoring that you didn't even know Florida law prohibits the HOAs master insurance policy to cover certain things inside the condos? I'm shocked