For the rich, waterfront Miami mansions have become yacht parking lots

  • Afraid that their marinas will shut back down if COVID-19 cases continue to spike, the ultrawealthy are snapping up waterfront mansions just so they have a place to store their yachts.
  • One Miami-based broker told Business Insider that he had sold two homes in recent months to buyers more concerned with their yachts than the homes themselves.
  • Yacht sales spiked early in the pandemic as the ultrawealthy looked for outdoor, socially distanced entertainment.
  • As the pandemic wears on, community-based amenities common in luxury condos — like shared pools and gyms — have lost their appeal to high-end buyers.
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While many Americans were busy hunting down bikes during coronavirus lockdowns earlier this year, the ultrawealthy were shopping for yachts.

Now, they need a place to park them.

Marinas are both costly and subject to local shelter-in-place orders, meaning that in the case of another

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New Book Teaches Real Estate Investors to Get Rich Through Mentoring Others

Barry Wilmeth’s Making Others Rich First provides a fresh take on real estate investing for both new and seasoned investors. Wilmeth, who has been investing in real estate across the United States for many years, knows that real estate investing is not solely about making yourself rich. It’s also about helping others to become wealthy by providing them with quality housing or helping them to buy their first homes, and for those who want even more, it is about helping new investors pursue their own financial dreams for success. I love Wilmeth’s attitude in this book. While some people might view real estate investing as competitive, Wilmeth believes there is plenty for everyone, and we all get more when we help each other. As he states early in the book, “We have an existential sense that our happiness depends on the happiness of others and that there is more happiness … Read More