Inman asked some of our readers what they would do with the $700 million in winnings from tomorrow night’s Powerball lottery drawing.
Broker Dolly Lenz
After selecting a few wonderful charities to contribute to and share my good fortune with …
Paying it forward …
I would put 100 percent in real estate. Carefully chosen and diversified, of course … not just three mansions! LOL
Of the Forbes/Fortune list, 157 reportedly made their billions in real estate, and many more own significant portfolios so I would be in great company … I always like to put my money where my mouth is …
Real estate consultant Rob Hahn (Notorious R.O.B.)
I would immediately donate $2 million to each sitting U.S. Senator’s campaign, and $1 million to all challengers, in exchange for their pledge to owe me a favor. That’s $234 million.
I would then wait until after the primaries, and donate $20 million to the GOP candidate and to the Dem candidate, in exchange for a promise to be named as HUD Secretary. That’s $40 million.
National Association of Realtors CEO Dale Stinton
I can only assume “Notorious R.O.B.” lives in the tax free Cayman Islands — in the real world, the $700 million would be cut almost in half immediately (post taxes) thanks to our good friends in Washington. I’m certain he can devise a plan for the more modest remaining $350 million, but why not shoot for the stars.
Agent Ben Kinney
Since I don’t want to accept the fact that half would go to the IRS, here would be my answer 🙂
“Warren Buffett says that the richest people in the world make their money in two ways:
- Buying businesses
- Loaning money
So I would use half of it to buy the New Kids on the Block companies and a few other Inman advertisers.
The rest, I would loan out to you guys to buy real estate at a really high rate.”
Broker Dottie Herman
No doubt in my mind: real estate. There is never a bad time to buy real estate. You just employ different strategies depending on the market you’re in, and you must have staying power to hold it.
Broker-owner Craig Schaid
I would probably do some residential and mixed-use for some diversification, but my primary goal would be to secure some Class A NNN Commercial Property that has long-term stable lease potential.
Broker-owner Charles Moore
I would invest half of my winnings in all the San Francisco Bay counties within a 20-mile radius of San Francisco. Asset class: residential real estate — always a safe bet overtime.
Zillow’s social media guru Jay Thompson
Does a hammock on the beach count?
Realtor Gene Urban
I’d buy one where I currently live, use a portion to rent space on Jay’s island and use most to underwrite some social projects.
Clareity Consulting executive Troy M. Rech
Realtor Mary Winnett Giroux
First, I would I would pay off all my kids’ and niece’s student loans. Then I would pay off all of my siblings’ mortgages. Then, I would set up a charitable trust so that I could help the causes I care about.
Publisher and real estate consultant Steve Murray
Income-producing residential and small commercial properties is where I would put a fair amount.
Water rights here in Colorado are also a great investment even though opportunities are scarce.
The rest in my mattress!
Realtor Kevin Tomlinson
Spend on leagues of attorneys.
Broker-owner Steve Weiss
My dream of living in NYC would become reality.
Broker-owner Mark McLaughlin
Post tax man — $700 million is $350 million.
My first move would be donating $100 million to education programs for America’s talented but underprivileged youth — as a chance in life is sometimes as meaningful as life itself.
I’d invest $100 million in people — the real estate brokerage business — we have a Vision 2020 that begins to come alive in 2016.
I’d invest $25 million to $50 million in housing units, as the demands between now and 2025 illustrate we are severely under-supplied in the USA.
$100 million would be dry powder waiting for the next 2009, which is when we bought Pacific Union.
Real estate coach Bernice Ross
Lucky in love, unlucky at cards (or any type of gambling). If I were to win, I would split the winnings into three classes.
- Build a series of safe houses across the country for women and children who have been abused.
- Fund an initiative to make Brad’s “latte vision” happen by acquiring/funding those companies that will finally create a seamless, simple transaction.
- Fund a real estate robotics research lab/company and implement the “agent of the future” that helps agents and machines work together to create an optimal consumer experience.
Broker-owner Cindy Knight
Those questions will be answered by my financial team.
Broker Vikram Deol
Residential rentals and apartment complexes to create cash flow and residual income. This would ensure my family always has $$.
Real estate tech expert Saul Klein
I would do some trust deed investing and apartment investing around the country
Broker owner Dennis McGuinn
Put it all on red.
Marketing consultant Mitchell Miller
I would invest a lot in land. We are not making a lot of that lately.
Footnote: If satirist Will Rogers was still alive, he might have said it this way: “Buy land. They ain’t making any more of the stuff.”
Real estate tech CEO Andrew Flachner
Since wealth-building would no longer be my No. 1 priority, I’d build a team to develop a mixed use project. It would be fulfilling on many levels. Location TBD.