Byrdie714

How many homes does McCain own?

He doesn't know how many!

Makes me wonder.....do you really want an individual running this country if they don't know how many homes they own?

Oy!

A housing issue: McCain not sure how many they own - Yahoo! News

Deafness

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rockdrummer

I wouldn't put so much emphasis on this.. Perhaps he has investors or a seperate firm managing his real estate affairs.

Byrdie714

But it goes to show that he isn't even aware of his financial holdings.

Royale

He must be senile.

Although it is no excuse for him not to know how many houses he has owned, it is many more important issues such as economy, home foreclosure record, war, terrorism and etc.

In addition, many Americans are tied up in home foreclosures while he does not know how many houses he owns. It is a bad timing on his part since he is a Republican Presidential candidate, IMHO.

Royale

I bet his wife Cindy knows much more about his financial holdings than him, but it is still no excuse for him though.

Royale

Probably true. Look at the Americans who are caught up in home foreclosures while he does not know how many houses he has owned. I find it cynical IMHO.

Phillips

Wow !!!

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Barbaro

Geez, why the heck am I not surprised? McCain is an old fart and a loose cannon.

It is just like Cindy McCain came across a girl in an orphanage in Bangladesh. Mother Teresa implored her to take a girl with severe cleft palate. She did take a girl without first telling McCain. She probably doesn't tell him either about his financial affairs and assets as well. I recall Cindy and McCain have prenuptial agreement, so her assets remain separate. After Cindys' father passed away, she is the chairman of the beer firm. Sales have doubled. hmmm... Finance is not McCain's strong suit.

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PuyoPiyo

Wow!

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Jiro

WELL-SAID, DM!!! It's silly to capitulate on such "common sense" cheapshots thing like "OMG HE DOESN'T KNOW HOW MANY HOUSES HE OWNS!"

If you're a millionaire and have people running your portfolio for you, you'll see how much things you don't know. who cares if you gotta know how many houses you own as long as they're making money for you. If he owns these homes for his private personal uses and still doesn't know how many homes he owns.... then he is indeed a senile or a rich retard.

jazzy

Gee, no wonder he is not that bright. I do not know why American people would want to vote for him as our next president if he does not know how many homes he owns.

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Deaf Mortgage

I am sure in the beginning McCain must have spent many years building his financial freedom. Once you reach to a point where you can afford someone to take over and manage your estate, that when you know you do not need to worry how much money in bank, or how many houses you own, or how many car you own.

I would do the same thing if I had the opportunity. It will take me 20-30 years to arrive where McCain is. Its all about cash flow concept and McCain is truly making good example out of it.


Let me throw in about Tax and owning an investment property. Keep it simple and sweet for all of us to understand.

If you earn $50,000 a year. You will have to pay income tax out of $50,000. Let say if your income remain the same every year.

You buy a home worth 150k. Then later you buy a 2nd home as investment rental property worth 200k. IRS will consider rental property as depreciation value of 27 1/2 years of value you bought at. So investment property worth 200,000 divide by 27.5 = $7,272.27. Means you take off from your income tax from $50,000 annual salary. You only need to pay income tax of $42,727.28.

So if you brought another property worth 200,000, then take off $7,272.27 off from 42,727.28. Means after owning three houses, he will pay only 35,455.01

So to really break even and pay no taxes if you own about 10-12 houses. Then your income tax is 0.00.

That what happen with McCain's investment property. Once he arrive income tax of 0.00 a year. He is comfortable to hire manager to take care of his property and still have income for life.

I know this is complicated but you build up your wealth to point where you dont have to worry about it anymore. I dont blame McCain for not knowing exact number. Especially owning Condo building. That is about 100-200 units per building. It build up fast and a lot income comes through the estate and out.

If you own a condo building and sold entire units, your cashflow easily be $100,000 a year from one Condo's associate fee and after paying manager and etc... That a smart investment for him to start off with.

And he is 70 years old, he had 50 years of building his wealth. If 30 years old with 5 million a year, that is fast. But 70 years old, make sense to have that much of income annually.

I think McCain know what he doing, he know right people to assist him through the process. He is trying to tell you that he has excellent network of financial advisers to guide him through the economy crisis. I know its tough to trust someone who stated that he does not know how much exactly. It like asking someone who does not know exact balance in their bank at this moment. Down to the cents, no rounding off. That show McCain is honest about his financial situation.

Jolie77

You're right - it wouldn't matter if he was rich and had other people to do the works for him to make investments, buying properties, houses, so and on because he can afford it but here's what I find so ironic - He has people who does all the works for him but yet, he can't keep a tab on it? I mean, if I was filthy rich or whatever, I'd want to KNOW where my money is going and to make sure its worth every penny. It's kind of embarrassing when he doesn't know the answers to his own financial matters.

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Jiro

yea well.... he's been tremendously busy with this Presidential race, you know. sometimes you'd forget how much a milk carton costs now when you're fighting to win a seat at White House... a once-in-the-lifetime chance

shel90

I wish I had all the assets he has...lucky bastard!

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Jolie77

That's understandable. Sure, we forget things from time to time but when it comes down to something big like him running the presidential race, that is when things does not look good for him when he is not able to validate his own answers to this.

This is what Obama has to say about this - Obama raps McCain for ignorance of his own houses - Yahoo! News

Edit: Oops! I didn't realize there was the same link that the OP posted in this thread.

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Jiro

Yup I read that at cnn. When I read Obama's reply and his ad... I was like OOOOOOOOOOOOO haha

Reba

Just to keep things in perspective, that same linked story stated:

The Obamas aren't exactly poor themselves.

Jiro

hahahaha good catch, Reba. this is especially gonna BradBad since he hates "rich people"

Reba

You might be interested in this:

Sunlight Foundation's Fortune 535

Liebling:-)))

I´m not surprised...

I imagine he would think he owned the White House and yell at the media reporters to get out of his property during a press conference if he is President of USA...

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Liebling:-)))

I personally don't care how many homes McCain has, but I do care that he doesn't know.

Of course we know long that Obama is rich thru sell his books last year. What´s your point?

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Jiro

Liebling:-)))

Yes we know that Obama made profit himself for sell his books to make him rich last year but he is WILLING to PAY MORE TAXES HIMSELF to improve the country when he is president of USA.

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Liebling:-)))

awwww.... It´s only imaginable.... I wasn´t realize that you don´t understand the humor..


What I said that "I´m not surprised" is not humor but serious because it´s not just houses, he don´t know but more... (I´m sure that you remember the list, I made for him in other thread what he don´t know....)

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Liebling:-)))

And?

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Liebling:-)))

Well many famous people know how many houses everywhere in the world they own and also banks as well...

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