Math not your strong point then. He buys the nice house where you live, he rents it out and then lives very nicely somewhere cheaper.
Where you live isn't more expensive than where I live (8th for me vs 12th for you here
https://www.blogto.com/real-estate-...sing-market-ranked-12th-most-expensive-world/) and I could make $2 mill last.
Hell just buy 2x $1mill places, rent one out and live off that or live in a $1 mill place and then live of $1 mill invested well. It's very doable.
Number one, that article is way way way off. Don't know if it's because it's 8 months old, or if it's because blogTO is a shit source. Either way, I digress. Maybe you're too young to know this, or have 0 idea about property ownership, but you're totally forgetting about property taxes, heating costs, hydro (water + electricity), home repairs etc. The more expensive the property, the more expensive these never ending costs are as well. The cost of owning a home is not just the mortgage. not. even. close.
If he were to buy a place for $2 mill, rents it out and lives nicely somewhere cheaper, what money does he have left over to buy this hypothetical second place?
Or we could go with your second example, buying one place for 1 mil to rent out, and another property to live in. You now have all the expenses I mentioned above x2. Plus, now you have to be a property manager, find tenants, do background checks, check credit scores, check up on the property, pay for repairs, maintenance, etc, and ALL this isn't accounting for cost of living, paying for the lifestyle you're accustomed to, kids, food, clothing, entertainment, etc.
Maybe math's not your strong suit mate.
I agree with some other posters though. Not every place is as expensive as Toronto, and he's hopefully got some assets from years of prize fighting. Sure he'll be "fine". But this definitely isn't rest of your life kind of money on it's own.
