Renting to the super rich - who does it?

Question

I ran across this little blip on zillow:

Most expensive rentals in LA

So I looked closer to home:

Most expensive rentals in Philadelphia

I know that there are huge mansions in NJ that I guess get rented to? CEO's or movie stars?

I know you'd have to have deep pockets to head down this road but I was curious if anyone here does this. Is it even profitable?

Regardless, it's fun to look at.

Account Closed · Answer

Kato, never again.  OJ

Ceril S. · Answer

There are old estates that pop up here and there - multimillion dollar places that have several "guest cottages" on the property. How much fun would it be to house hack there!

Ceril S. · Answer

That's where you hope you got in on that at 1M at foreclosure! Hmm 1M at foreclosure - what kind of rehab costs get you 50k a month in rent?

Ceril S. · Answer

Looks like that one was sold as a foreclosure for just north a 1M - for sale at 7.9M

Ryan Dossey · Answer

I bet they spent a few M.

Ryan Dossey · Answer

Man even if I had that kind of money I wouldn't spend it on that. There is a lot that can be done with 8M.

Ryan Dossey · Answer

http://www.zillow.com/homedetails/4533-Estrondo-Dr...

I love that one. BEAUTIFUL.

Ryan Dossey · Answer

It is definitely fun to look at. There is no disputing that fact. As to if it is profitable.... I doubt it. I think most people that own that type of a home are renting it out as they aren't living there and can't get their $$$ back out. How often do you see articles where actors are selling their homes at a loss..

Who owns them my guess would be: Ceo's, athletes, and actors. They have a relocation and have to do something. I can't even fathom blowing 100k a month on rent.

Renting to the super rich - who does it?

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