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These NFL players took out mortgages, even though they didn’t have to

Discussion in 'Golf, Football, and all Ball sports' started by Scorpio, Oct 28, 2016.



  1. Scorpio

    Scorpio Скорпион Founding Member Board Elder Site Mgr Site Supporter ++

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    These NFL players took out mortgages, even though they didn’t have to

    By Daniel Goldstein
    Published: Oct 27, 2016 1:31 p.m. ET



    Aaron Rodgers has a $110 million contract, but took out a $1 million mortgage on a $2 million home


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    Getty Images
    Aaron Rodgers (12) of the Green Bay Packers.
    If you could afford to buy a home with cash, would you bother dealing with a mortgage?

    The average National Football League player salary in 2016 is $1.9 million, according to Spotrac.com though the minimum salary is $435,000 a year. So not all players in the league could afford to buy a home with cash. But as you’ll see below, even some of the highest paid players in the league have taken out mortgages.

    According to loanDepot, an online lender in Foothill Ranch, Calif. that used public information to gather data on the NFL players’ mortgages and home purchases, many top NFL players who could afford to buy their homes with cash took out mortgages instead.

    ”Wealthy people typically love cheap money and to keep their cash on hand, and financing homes, despite their ability to pay for it in cash, plays into this,” said Douglas Boneparth, a financial adviser and partner at Longwave Financial LLC in New York. “In the context of NFL stars, the same can hold true — plus the additional risk that their cash flow can be disrupted due to injury. Therefore, financing might make even more sense to them,” he said.

    In addition, most players probably don’t want to get locked into a house they might have to sell quickly at a loss, said Brandon Averill, partner at the Athlete Wealth Management Group in Los Angeles and a financial adviser to many professional athletes. “If they get cut or traded, they might have to sell quickly and if you tie up your money, and something happens, it’s hard to get your money back out.” Earlier this month, Seattle-based Redfin noted that celebrities often have to sell multimillion-dollar properties at a loss — typically $1 million under the asking price — especially in cases of divorce.

    Both Averill and Boneparth, however, recommend that for the rest us who watch football on Sunday instead of play it, paying cash for a home is most likely the smartest way to go — if you can afford to. Here’s a look at what some NFL stars pay for their homes and their mortgages, based on public records.

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    Getty Images/Zillow


    Antonio Brown’s Fort Lauderdale estate.
    Antonio Brown (wide receiver, Pittsburgh Steelers)

    Brown was selected in the 6th round of the 2010 NFL draft and signed a six-year, $43 million contract in 2012. He lives in an 8,797-square-foot, 6-bedroom and 6 ½-bathroom home in Gibsonia, Pa. The 28-year-old paid $1.91 million in 2014 for the spacious digs north of Pittsburgh, with a $1.528 million conventional, adjustable-rate home loan, public records obtained by loanDepot show. Earlier this year he also bought a $6.6 million off-season retreat in Fort Lauderdale, Fla. The 18,000-square-foot, 12-bedroom, 13 ½-bathroom, Mediterranean-style home comes equipped with a movie theater, gym and saltwater pool.

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    Getty Images/Zillow


    AP certainly has “All Day” to play in his Woodlands, Texas home.
    Adrian Peterson (running back, Minnesota Vikings)

    Peterson, 31, who’s slated to make $12 million this year, has homes in Minnesota and his native Texas. Before the 2016 season, he was aiming to sell his 10,582-square-foot, 6-bedroom, 8 full-bathroom abode in the Woodlands neighborhood of Houston, according to loanDepot. He bought the home in 2013 for $3.5 million with a $2.8 million conventional, 15-year home loan, public records obtained by loanDepot show. According to the listing, the custom-built home features 1,700 square feet of outdoor living space with two outdoor kitchens and a two-story library, walk-in wine cellar, media room and game room with full bar. Peterson listed the house in June for $8.5 million, though he slashed the price to $6.7 million the following month.

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    Getty Images/LoanDepot


    Rodgers took out a $1 million mortgage on his Rancho Santa Fe home.
    Aaron Rodgers (quarterback, Green Bay Packers)

    The two-time NFL Most Valuable Player, who signed a then-record five-year, $110 million contract in 2013, owns a home in a wealthy San Diego county enclave. It’s a 4-bedroom, 5-bathroom 5,771-square-foot, Spanish-style villa in Rancho Santa Fe, Calif. The 1-acre compound has a tennis court, outdoor entertaining space, guest quarters, putting green, batting cage and lavish swimming pool. Rodgers, who’s now 32, bought the home in 2009 for $2.05 million with a conventional, 30-year $1 million mortgage, public records obtained by loanDepot show. (He also owns a 4-bedroom, 2 ½-bathroom waterfront home in Suamico, Wis., just north of Green Bay that he bought in 2005 for $442,500.)

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    Getty Images/Zillow


    RGIII is trying to unload his Virginia home now that he’s a resident of Cleveland.
    Robert Griffin III (quarterback, Cleveland Browns)

    The 26 year-old Griffin, known to fans as RG3, is currently selling the Washington, D.C.-area home he bought for $2.5 million in 2013. The former Washington Redskins QB (who signed a two-year $15 million deal in March 2016 with the Cleveland Browns) took out a $1.997 million conventional, 30-year adjustable-rate mortgage to buy the 8,561-square-foot home. The four-bedroom Virginia estate has six bathrooms, a wine cellar with wet bar, pool, home theater and an elevator. Griffin had an adjustable-rate mortgage of 2.12% at the time of purchase. The home is currently listed for sale at $2.749 million.

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    Getty Images/Redfin


    Wilson’s digs in Bellevue, Wash.
    Russell Wilson (quarterback, Seattle Seahawks):

    Before the ink on his five-year $89 million contract with the Seahawks even had time to dry, the 27-year-old Wilson had plunked down $6.7 million on this Bellevue, Wash., home in 2015. Records show he used a $4.355 million, 30-year adjustable-rate mortgage to buy the 10,740-square-foot estate, which was built in 2007. With 6 bedrooms, 7 bathrooms and a 1,350-square-foot garage, the home sits on two-thirds of an acre and features views of Lake Washington and nearby Mercer Island.

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    Getty Images/Redfin


    Derek Carr’s home on Gritstone Street.
    Derek Carr (quarterback, Oakland Raiders)

    Carr is leading the Oakland Raiders to their best start in more than a decade, so the gritty blue-collar fan base of the Oakland Raiders might not mind that the 25 year-old Fresno State alum lives more like the wine-and-cheese Google millionaire crowd in the Bay Area. He bought a new home in Danville, Calif., over the summer. This 4,825-square-foot, 5-bedroom, 5-1/2 bathroom home is in a new development in Contra Costa County adjacent to the renowned Blackhawk Country Club. The sales price was $1.65 million and the Carrs took out a $1.32 million conventional, 30-year mortgage. Carr, a second-round pick in 2014, signed a four-year, $5.37 million contract in May 2014.

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    Getty Images/Zillow


    Marshawn Lynch’s abode on the water in Richmond, Calif. has a view of the San Francisco Bay
    Marshawn Lynch (running back, retired)

    Marshawn Lynch continues living up to his nickname, Beast Mode, even though he retired from the league last year. The 30-year-old Oakland native, who last played for the Seattle Seahawks in 2015, bought a $3.6 million pad in Richmond, Calif. in the East Bay in 2012. The 5-bedroom, 6-bathroom waterfront home sits on a 134 foot wide stretch and includes a 58-foot-long boat dock, wine cellar, home theater and elevator. To buy the home, Lynch used a $1 million, 30-year adjustable-rate home loan at 5% interest, according to loanDepot. Lynch earned nearly $50 million during his nine seasons in the NFL.

    http://www.marketwatch.com/story/th...ges-even-though-they-didnt-have-to-2016-10-27
     
  2. ErrosionOfAccord

    ErrosionOfAccord #1 Global Warmer Gold Chaser Site Supporter ++

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  3. bemac

    bemac Midas Member Midas Member

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    I can totally understand if they're getting a low fixed rate.
     
  4. Uglytruth

    Uglytruth Gold Member Gold Chaser

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    Financially uneducated jocks getting fleeced by their "advisors". Seems like a million different ways for leaches to suckel on the tit of a rich man.
     
  5. the_shootist

    the_shootist I self identify as a black '69 Camaro Midas Member Site Supporter ++

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    Most jocks are dumb and burn through their money into bankruptcy. There are many stories about these airheads getting taken for all their millions by some scum agent or bad 'investments' and we're supposed to feel bad for them. Meh! I couldn't care less what they do with or how they handle their money.
     
    gringott likes this.
  6. gringott

    gringott Killed then Resurrected Midas Member Site Supporter

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    Sounds just like the lottery winner stories.

    At the minimum, they should put a portion of their income into a pension scheme of some kind.
     

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