I know of at least one “well off” person who lives in a “nice” area who borrowed against the equity in their home to buy investment property, thinking that the new property would double in value in a few years, just like their first house did. They didn’t mind that the rent they were receiving from the investment property wasn’t anywhere near enough to cover the cost, that would all be recouped when it was sold.
I’m sure there are other well off people who did this, and have been carrying these negative cash flow properties for some time. Who knows how long they carry it before walking away, and how this financial drain will impact the security of their “nice” home.
