27. Buying Too Many Houses
Gifting houses to people who can’t afford them isn’t a good financial decision, said Randall Janis, founder and CEO of Clear Income Strategies Group.
One former Super Bowl pro bought houses for his mother and father, and his kids and friends. Plus, he had several houses himself. Once he got out the league, there were all these properties in the possession of people who couldn’t maintain them, which left him with a serious financial dilemma.
“Just because you buy a house in full doesn’t mean you get to keep it. There’s property tax, upkeep and so forth, and somebody’s got to pay for it,” said Janis.
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