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What does $17.1 million get you in LA?

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JD08 said:
I'll tell you what $17.1 million would get me. Two chicks at the same time, that's what. I always wanted to do that, man. And I think if I had $17.1 million, I could hook that up, too. Cause chicks dig dudes with money.

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U don’t need $17.1 million to get two chicks at the same time.
 
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Cryptical Envelopment said:
Huh?

Ever heard of a mortgage? :)

If he has a NW of $50M, and a $100M contract too, he is probably getting 90% financed at some ridiculous USC Credit Union rate, if he even has a mortgage at all. He is probably using an asset backed loan as low as 1% in reality, so that house is a cash machine, and he gets to live in it.

But for the sake of conversation, let's assume he has a mortgage. And I'll use a conservative or normie 2.5%. So he probably put $1.7M down, or only ~3.4% of his net worth, not 34%. That would give him a monthly mortgage payment of ~$60k a month while making $830k a month in gross income (I used a $10M salary as I'm too lazy to look, I think it might actually be higher. EDIT: the skreets say $11M++). Which is only 7% of his gross income. And that money is being invested, not spent.

If the house appreciates 5% a year, that's an annual gain of $850k a year in value, when his payments are only $720k a year.

Real Estate is the great wealth builder. It actually allows people to borrow more than than their net worth, not less, as the loan is collateralized by the asset. And at today's rates? You can RAKE.
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Yeah I just use that ratio as a baseline. I look at it differently depending on what your net worth is. The higher your net worth, generally, the lower the percentage of your total real estate price compared your net worth. A gross example would be that billionaires don’t generally live in billion dollar houses.

It is all just idle speculation anyway. It’s a nice house.
 
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OriginalCanesCanesCanes said:
I wonder what his net worth is? I’m going to guess around $50 million. Does that sound about right?

So assuming that’s the case, he bought a house that’s 34% of his net worth. That’s tying up a lot of investable money in real estate, I’ve never understood that.
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his net worth wasn't nearly as much as you the number you laid out

www.celebritynetworth.com

Lincoln Riley Net Worth

What is Lincoln Riley's net worth?
www.celebritynetworth.com www.celebritynetworth.com
 
paksat said:
his net worth wasn't nearly as much as you the number you laid out

www.celebritynetworth.com

Lincoln Riley Net Worth

What is Lincoln Riley's net worth?
www.celebritynetworth.com www.celebritynetworth.com
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www.celebritynetworth.com is highly inaccurate. It's completely bot driven. Never bother to read it. It's always way too low. It's a clickbait site. He is worth WAY more than $20M.

Here is what Riley made in just five years as HC at OU:
  • 2017: $3.1 million
  • 2018: $4.8 million
  • 2019: $6 million
  • 2020: $6.15 million
  • 2021: $8.05 million
That's just over $28M.

I think USC gave him approximately $4M in buyouts for his Norman properties, at $1M over asking, and a $6M credit for his LA home.

So let's say that takes us to just over ~$38M.

He was also a millionaire before he became OU's head coach, based on the numbers I see out there. He was very well paid as OU's OC, and was making six-figures at ECU even. And I am sure he has had some significant endorsement income over the years, with other potential outside income we don't know about.

Now consider that the S&P has doubled over the last six years or so, they clearly have an interest in real estate which they were able to sell way over market, and that nearly all of their lifestyle was covered by OU, and he was just banking and investing most of his income IMO.

I think that $50M is probably a really good guess, actually. It will probably be $65M this time next year.
 
Fact is that Riley most likely didn't put a single penny down on that home. USC was to provide $6 million towards his new home ... that had been reported when his contract was reported initially. People with his net worth, income, and CONTACTS certainly don't go through conventional mortgage bankers for their home financing. There are many financial advisory firms that will provide asset based loans at very low rates with none of the paperwork or fees that conventional mortgages involve.

I built a cottage on our property last year ... small man cave about 750 SFT with full bath, kitchenette, main room with pool table, dart board etc., and a bed room that serves as a room for my reloading bench and "stuff". Rather than pay $100K cash for the build my investment banking firm loaned me the money against my portfolio at a rate of around 3% with a simple signature. My $100 K is still invested and earning (12-16%) and they pull about $1000 a month out of the portfolio balance and allocate everything in excess of the interest coverage to paying down principal. We don't feel a single payment. So I would imagine that in Riley's situation he doesn't have ANY actual cash out of pocket into the property, owns it, and will benefit from appreciation.
 
Cryptical Envelopment said:
www.celebritynetworth.com is highly inaccurate. It's completely bot driven. Never bother to read it. It's always way too low. It's a clickbait site. He is worth WAY more than $20M.

Here is what Riley made in just five years as HC at OU:
  • 2017: $3.1 million
  • 2018: $4.8 million
  • 2019: $6 million
  • 2020: $6.15 million
  • 2021: $8.05 million
That's just over $28M.

I think USC gave him approximately $4M in buyouts for his Norman properties, at $1M over asking, and a $6M credit for his LA home.

So let's say that takes us to just over ~$38M.

He was also a millionaire before he became OU's head coach, based on the numbers I see out there. He was very well paid as OU's OC, and was making six-figures at ECU even. And I am sure he has had some significant endorsement income over the years, with other potential outside income we don't know about.

Now consider that the S&P has doubled over the last six years or so, they clearly have an interest in real estate which they were able to sell way over market, and that nearly all of their lifestyle was covered by OU, and he was just banking and investing most of his income IMO.

I think that $50M is probably a really good guess, actually. It will probably be $65M this time next year.
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I thought I was actually being conservative with 50 million.
 
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Rickd said:
Fact is that Riley most likely didn't put a single penny down on that home. USC was to provide $6 million towards his new home ... that had been reported when his contract was reported initially. People with his net worth, income, and CONTACTS certainly don't go through conventional mortgage bankers for their home financing. There are many financial advisory firms that will provide asset based loans at very low rates with none of the paperwork or fees that conventional mortgages involve.

I built a cottage on our property last year ... small man cave about 750 SFT with full bath, kitchenette, main room with pool table, dart board etc., and a bed room that serves as a room for my reloading bench and "stuff". Rather than pay $100K cash for the build my investment banking firm loaned me the money against my portfolio at a rate of around 3% with a simple signature. My $100 K is still invested and earning (12-16%) and they pull about $1000 a month out of the portfolio balance and allocate everything in excess of the interest coverage to paying down principal. We don't feel a single payment. So I would imagine that in Riley's situation he doesn't have ANY actual cash out of pocket into the property, owns it, and will benefit from appreciation.
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I did same thing to buy my wife’s car.
 
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I'd wager Riley has absolutely no skin in that house other than what USC gave him, and that a private investor (booster, for sure) holds an "interest only" note with an option to buy based on a predetermined price schedule in the future.
 
flcanesfan said:
typical million dollar home in LA

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