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"People aren't buying it because of the gym"

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Vigilante

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My wife and I stopped by an open house yesterday in a somewhat exclusive part of Tampa. After talking the guard at the gate into letting us in, we then drove around the neighborhood and stumbled upon an open house of a mini-mansion.

We're in the market now to buy a place in Tampa and working on unloading our house in Minnesota. Dealing with really wanting to decide if we want a mortgage, want a dream home, or want a house with a 20 year roof on it.


So we walked into this house, not expecting that the house was well beyond the level of F*ck YOU. It was incredible. It was the type of home you would never want to leave. It was the type of home most people will never see the inside of.

As we ambled through the several thousand square feet, looking at all of the coolest design shit you would ever want to see and praying that my daughter didn't decide to randomly break some Ming vase, we came upon the gym.

"This is the reason nobody is buying this house" the listing agent said. "The owner has over a million dollars into just this part of the house, and he's not even trying to get his money back for that. He built it for his grandkids, but they're grown now and he and his wife don't need this."

The double doors open into a fully commercial gymnasium. Half court, spring floor, amazing. The type of amenity that you would picture Shaq or Michael Jordan having in their home, complete with the commercial A/C system and literally one of the nicest gyms you could ever play in.

My youngest immediately goes over to the basketball rack and grabs a ball. That's why they are there.

And the owner? Doesn't care how much he spent on that. Between the gym, with the adjacent workout room and bar/billiards area, he's into just that small wing for over a million that is NOT INCLUDED in his asking price. His asking price doesn't value that wing, because they think nobody wants it. And he's right so far. The people that have looked at it are not buying it because of that.

Money. Seems like everyone has it but you. But me. Yet... look in your town. There are dozens - and dozens of million dollar real estate listings. So someone has the money.

While you settle. While a day turns into a week turns into a month turns into a year. While you settle.

My wife and I are doing pretty well. However, when I left this incredible house, I intended to double down. Not in pursuit of the cash, or in pursuit of the house (we're NOT buying it... yet). In pursuit of the mountain top.

See, other people have climbed this mountain before you and I did. Many of them left maps and instructions. Many people, like this guy... planted their own F*cking flag at the summit. The flag might wave on their boat, or at their McMansion. For some of them, you will never see the flag they planted because it is not wrapped around a physical piece of property. For some of them, their mountain was freedom. Their flag might be in their bank account, or on their endless vacation, or just outside of the office they left and never looked over their shoulder at.

And you settle. And I settle.

Walking into that house was the best thing that has happened to me in a while. It stirred the kick in the a$$ that my contentment needed.

Tell yourself life is stacked against you. Tell yourself you're stuck with your mortgage, your credit card debt, and your life. Tell yourself you'll never find the fast lane. And you'll be right.

A F*cking million dollar gym, in his house, for his grandkids. Because he can. He has F*ck YOU money.

When I went to search for the listing for this house to post you some pictures, I stumbled across several houses with similar amenities. Apparently this eccentric grandfather isn't the only one with F*ck YOU money in this town.

Or your town.

Go back to your video game now. As for me, I am buying some mountain climbing gear.
 
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MJ DeMarco

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And yet, there are some people out there (like me) that WOULD buy it because of the gym!
 

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Loved the video clip, not one that I've seen.

"America was built off F*ck You". - classic.


You've helped me realize the self-dialogue I've been having, while looking at the listings for the historic mansion houses, 500k-1mil listings on the desirable city center street in town. I've had thoughts of, "that'd be nice one day", "maybe I should be a little more realistic".

What I should be thinking is, "What's the plan to buy this house?", "What do I need to do this quarter to get me closer to that".


Whether or not that's the place I end up wanting to buy, I shouldn't let the price tag be the determining factor in my decision.
 

InspireHD

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Awesome story.

Several weeks ago I had the opportunity to escort a funeral procession to a national cemetery. The person who I went with had a family member in the area so after the procession, we stopped over at that person's home for lunch. I couldn't believe how big it was. Three car attached garage with a nearly brand new Audi R8. Every bedroom had a personal bathroom and a walk-in closet. The master bedroom had it's own lounge area and then a master bathroom that had a shower stall alone that was as big as a standard sized full bathroom. They had a workout room with a sauna, wine cellar, cigar cellar, full bar, a fireplace on every floor, including one that was on the opposite side of the living room fireplace so you could sit outside by a fire. Their "basement" storage was a separate room and was about as big as a house and the electric work and utilities looked like it could power a small town. They even had a suite for guests, which was attached to the house, but completely separate.

The entire time I was there I was just looking around at how massive the house was and how high the ceilings were along with the architecture. It really set off the dreamer in me. I don't think I really need a house that huge, but it's incredible to think some day it may be possible to buy one.
 
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MJ DeMarco

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Awesome story.

Several weeks ago I had the opportunity to escort a funeral procession to a national cemetery. The person who I went with had a family member in the area so after the procession, we stopped over at that person's home for lunch. I couldn't believe how big it was. Three car attached garage with a nearly brand new Audi R8. Every bedroom had a personal bathroom and a walk-in closet. The master bedroom had it's own lounge area and then a master bathroom that had a shower stall alone that was as big as a standard sized full bathroom. They had a workout room with a sauna, wine cellar, cigar cellar, full bar, a fireplace on every floor, including one that was on the opposite side of the living room fireplace so you could sit outside by a fire. Their "basement" storage was a separate room and was about as big as a house and the electric work and utilities looked like it could power a small town. They even had a suite for guests, which was attached to the house, but completely separate.

The entire time I was there I was just looking around at how massive the house was and how high the ceilings were along with the architecture. It really set off the dreamer in me. I don't think I really need a house that huge, but it's incredible to think some day it may be possible to buy one.

Even better, now imagine that house the exact size you want it, and without a mortgage. That's "f*ck you".
 

Fox

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Great story.

I live a 80% frugal life and then 20% high end. If I want to go out for dinner I got to the best restaurant and eat whatever I want. Same with gym, clothes, transport, holidays, flights etc. But I still save a lot, my income is way higher then what I spend and I have zero loans. When I treat myself I like it to be on that top level as I find it inspirational and good for your mindset and motivation.

Its not "F*ck you" just yet but, more like "nahhhhh".

Thanks for sharing this.
 

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I reluctantly clicked the thread expecting complaints about someone's fitness ecomm not selling enough kettlebells or something.

Great post!
 
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Argue

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I reluctantly clicked the thread expecting complaints about someone's fitness ecomm not selling enough kettlebells or something.

Great post!
Lol same. I thought this thread was about someone selling a bowflex contraption on amazon but couldn't get sells. I was wrong. This thread is a reminder imo to stay hungry. Never judge a thread by its title haha.

Sensational post @Vigilante
 

ljean

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Sometimes I think about buying a monster house, until I look what the property taxes cost. No thanks.
 

Roli

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And yet, there are some people out there (like me) that WOULD buy it because of the gym!

Same here! In the UK where I live, apparently having a pool in your house is a real turn off to buyers... who'd of thunk it??
 
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Scot

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My wife and I stopped by an open house yesterday in a somewhat exclusive part of Tampa. After talking the guard at the gate into letting us in, we then drove around the neighborhood and stumbled upon an open house of a mini-mansion.

We're in the market now to buy a place in Tampa and working on unloading our house in Minnesota. Dealing with really wanting to decide if we want a mortgage, want a dream home, or want a house with a 20 year roof on it.


So we walked into this house, not expecting that the house was well beyond the level of F*ck YOU. It was incredible. It was the type of home you would never want to leave. It was the type of home most people will never see the inside of.

As we ambled through the several thousand square feet, looking at all of the coolest design shit you would ever want to see and praying that my daughter didn't decide to randomly break some Ming vase, we came upon the gym.

"This is the reason nobody is buying this house" the listing agent said. "The owner has over a million dollars into just this part of the house, and he's not even trying to get his money back for that. He built it for his grandkids, but they're grown now and he and his wife don't need this."

The double doors open into a fully commercial gymnasium. Half court, spring floor, amazing. The type of amenity that you would picture Shaq or Michael Jordan having in their home, complete with the commercial A/C system and literally one of the nicest gyms you could ever play in.

My youngest immediately goes over to the basketball rack and grabs a ball. That's why they are there.

And the owner? Doesn't care how much he spent on that. Between the gym, with the adjacent workout room and bar/billiards area, he's into just that small wing for over a million that is NOT INCLUDED in his asking price. His asking price doesn't value that wing, because they think nobody wants it. And he's right so far. The people that have looked at it are not buying it because of that.

Money. Seems like everyone has it but you. But me. Yet... look in your town. There are dozens - and dozens of million dollar real estate listings. So someone has the money.

While you settle. While a day turns into a week turns into a month turns into a year. While you settle.

My wife and I are doing pretty well. However, when I left this incredible house, I intended to double down. Not in pursuit of the cash, or in pursuit of the house (we're NOT buying it... yet). In pursuit of the mountain top.

See, other people have climbed this mountain before you and I did. Many of them left maps and instructions. Many people, like this guy... planted their own F*cking flag at the summit. The flag might wave on their boat, or at their McMansion. For some of them, you will never see the flag they planted because it is not wrapped around a physical piece of property. For some of them, their mountain was freedom. Their flag might be in their bank account, or on their endless vacation, or just outside of the office they left and never looked over their shoulder at.

And you settle. And I settle.

Walking into that house was the best thing that has happened to me in a while. It stirred the kick in the a$$ that my contentment needed.

Tell yourself life is stacked against you. Tell yourself you're stuck with your mortgage, your credit card debt, and your life. Tell yourself you'll never find the fast lane. And you'll be right.

A F*cking million dollar gym, in his house, for his grandkids. Because he can. He has F*ck YOU money.

When I went to search for the listing for this house to post you some pictures, I stumbled across several houses with similar amenities. Apparently this eccentric grandfather isn't the only one with F*ck YOU money in this town.

Or your town.

Go back to your video game now. As for me, I am buying some mountain climbing gear.


That's why I love this city. You see a lot of F*ck You money and it's motivating.

I tend to forget that sometimes.

Next time I think I'm doing alright in my slowlane job with my new home, I'll drive down Bayshore and wake up.
 
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Kreativez

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This man probably knew that it was a bad investment, but still went ahead with it. I think it goes to show that sometimes you can't put a price tag on some things.

Your grandchildren's happiness > Money.
 

MJ DeMarco

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until I look what the property taxes cost.

Really depends on the area.

Here in AZ you can live in a mega-mansion with all the amenities (home gym, tennis courts, pool, spa) and your taxes amount to about $1,000/mo -- sometimes less. If you have no mortgage and pay cash for it, $12K/year isn't a big nut to be worrying about. I live in a fairly large house right now (no mortgage) and my maintenance + living costs are just barely $800/mo.

In other words, I could be working at McDonalds with no business/investment income and still afford to live here. It's really liberating.

On the other hand, I know Texas (no income tax) has huge property taxes -- a mega-mansion there would have a $50K/year tax bill.
 

Kreativez

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-- a mega-mansion there would have a $50K/year tax bill.

Which is ridiculous but if you can afford a mega-mansion, I'm sure $50K a year won't send you bankrupt.
 
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MJ DeMarco

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I'm sure $50K a year won't send you bankrupt.

True, however I'm speaking from a fully-retired perspective. Your business is sold, you have no job, you're just chilling and living off interest.

$50K/year requires $1M at 5% interest so I'd suggest having 8+ figures in NW if such a palace is desired.
 

Kreativez

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True, however I'm speaking from a fully-retired perspective. Your business is sold, you have no job, you're just chilling and living off interest.

$50K/year requires $1M at 5% interest so I'd suggest having 8+ figures in NW if such a palace is desired.

I mean, I guess it's pretty situational but the gentleman in this story would definitely be well and truly richer than $1M in the bank (excluding house) -- after all, he's selling his house without the valuation of a roughly $1M gym.

However... if you're speaking generally, then yeah; I would have to agree that you'd need to retire super wealthy to continue living the lavish life (in states with property tax).

Question:
Would a citizen of say TX still need to pay a property tax if they were retired? Seems rather unfair because they're no longer working and a little backwards.
 

G-Man

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True, however I'm speaking from a fully-retired perspective. Your business is sold, you have no job, you're just chilling and living off interest.

$50K/year requires $1M at 5% interest so I'd suggest having 8+ figures in NW if such a palace is desired.

Another scenario: Guy semi-retires from sale of 1 company, buys mansion in DFW and has his parents move from overseas to live with him. Subsequently comes out of retirement to start another business and puts all of his cash into the business. The business requires more capital to get to market nationwide and now has the following pickle - No cash to pay the 25k/year in property taxes, and can't borrow against the house to fund the business because TX is a homestead state.

TX is a great state for a lot of things. Owning property isn't necessarily one of them. Or, you better be sure you're for real retired and never want the money out of that property you paid cash for.
 
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Kreativez

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Another scenario: Guy semi-retires from sale of 1 company, buys mansion in DFW and has his parents move from overseas to live with him. Subsequently comes out of retirement to start another business and puts all of his cash into the business. The business requires more capital to get to market nationwide and now has the following pickle - No cash to pay the 25k/year in property taxes, and can't borrow against the house to fund the business because TX is a homestead state.

TX is a great state for a lot of things. Owning property isn't necessarily one of them. Or, you better be sure you're for real retired and never want the money out of that property you paid cash for.

Seems very specific, you sure you're not talking 'about a friend'...? ;)
 

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Question:
Would a citizen of say TX still need to pay a property tax if they were retired? Seems rather unfair because they're no longer working and a little backwards.

I see you're in Australia, and I don't know about the law there, but in the US, you never truly own your property. Some states provide the elderly with protection from their valuation and bill increasing, but you still have to pay the bill.
 

PaulRobert

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I have my mansion set as my background as a constant reminder what I am working towards everyday. The only way it can be bought is with F*ck You money. (Mid 7 figure price tag) and taxes about 50K a year. (Welcome to North NJ)

I even drive by it at least once or twice a month to keep the vision alive and fresh.

F*ck You Money = F*ck YOU FREEDOM.
 
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G-Man

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Seems very specific, you sure you're not talking 'about a friend'...? ;)

Talking about a good friend of mine. I wish I had million dollar house problems. :clench:
 

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I have my mansion set as my background as a constant reminder what I am working towards everyday. The only way it can be bought is with F*ck You money. (Mid 7 figure price tag) and taxes about 50K a year. (Welcome to North NJ)

I even drive by it at least once or twice a month to keep the vision alive and fresh.

F*ck You Money = F*ck YOU FREEDOM.

I love the realization... that there is absolutely nothing that can stop you (other than yourself) from owning that EXACT house some day.
 

Vigilante

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A few sidebars to the story.

1. While I agree with @biophase about the value, this isn't the type of house that normal people just whip out their checkbook and buy it for the investment. Also, interestingly, it has been on the market over 100 days, with a $50k price drop last week. The owner also decided a few weeks ago to redo the kitchen and some other cosmetics, due to the 100+ days on the market. So they just gave the kitchen about a $20k (?) facelift while they dropped the price.

2. If you have to ask about property taxes and association fees, etc... you likely won't buy the house.

3. I bet the maintenance fees on the house (from the pool to gardners, AC bill, etc...) are $50k/year. I wonder if some of the reason people don't want the gym is the bill that would be associated with cooling that behemoth during July and August in Tampa. Again, requires F*ck you money.

4. Florida property taxes are about 1.25%, and no state income taxes.
 
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Kreativez

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3. I bet the maintenance fees on the house (from the pool to gardners, AC bill, etc...) are $50k/year. I wonder if some of the reason people don't want the gym is the bill that would be associated with cooling that behemoth during July and August in Tampa. Again, requires F*ck you money.

Now I'm no smart cookie, but I'd assume that it's not even the cooling bill or the financial side of things that throw people off - they HAVE money to spend. I personally think it's the responsibility and maintenance needed - there's one thing wealthy people value over money and that is time.
 

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Now I'm no smart cookie, but I'd assume that it's not even the cooling bill or the financial side of things that throw people off - they HAVE money to spend. I personally think it's the responsibility and maintenance needed - there's one thing wealthy people value over money and that is time.

Like @Vigilante said, this house is for the kind of people that have F-you money. People that have that kind of money typically have other people that are paid to look after their things.

Example: A buddy of mine that made a mint building telecom in Mexico tells me while we're sitting at the bar that he's pissed off because his house is a mess. He had no idea that work was being done on his house. His assistant takes care of his home, cars, etc, and she mistakenly scheduled the workers for a time she thought he'd be out of the country.

That's F-you money.
 

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