27 Year Old Millionaire in SD – Exposed as Fraud

[Myriad]

Anyone see this article?
http://finance.yahoo.com/news/27-year-old-millionaire-anton-ivanov-financessful-184823184.html

where do you find a $600k condo in SD that can rent for $3k/month and net $1k?

[Coronita]

If one bought a 3/3 condo in Carmel Valley in say 2001, it would have cost maybe around $330k. And it would be worth $600k today…..

$3k is probably reaching for rent, probably closer to $2800/month for a 3/3.

As far as netting $1k a month, well it depends on how much operating cost he has and whether he owns outright..

But his entire story is suspect, considering now he admits 70-80% of that $1million net worth was from an inheritance….Not saying there aren’t under 30 millionaires..Plenty of them in the bay area…
But he isn’t one of them…

[spdrun]

He paid $400k in 2009. Assuming it rented for $3,000/mo then, that’s a 9% gross cap or probably 6.5% net before mortgage. Not out of line (IMHO).

Kudos to him for using his inheritance well vs throwing it down the toilet.

[Author]

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