30 year old startup ceo buys $12M SF home
https://therealdeal.com/sanfrancisco/2021/12/06/tech-ceo-buys-coffee-magnates-former-presidio-heights-mansion-for-12-25m/ Trying to figure out how the heck is this possible?! Company has raised $200M in funding and is series B stage. Has 3 founders. Did the ceo already cash out $20M? Even more impressive, the dude came to the US only a few years ago. Born and studied in india. TC: 240K
Have you heard about home loans with <20% down?
You canât do that for homes greater than $4M in value as far as I know. You need min 20% and 18â24 months of payments on hand
Mortgage, perhaps? SDEs buying $3M houses are not surprising anybody anymore. Why should CEO surprise us with $12M house?
At series B, itâs extremely rare to cash out a large amouNt. Most of this CEO stock is paper money. Thatâs what makes it so surprising
We do not know any details there. How much money did he save from his previous endeavors? Did he use any family money? Maybe, his wife's savings? Sold his previous house? Made some money in stocks investment? Et cetera.
Family money, I know 20 year Olds with 10mil houses....
Yes this seems like the most likely explanation
Nope, not family money for sure.
Thereâs a reason envy is one if the seven deadly sins
I donât envy his property tax bill, but at least since he his on a hill, homeless wonât reach.
Homeless donât reach any homes in SF. Thatâs why theyâre homeless by definition
This is very much possible, banks would line up to loan him based on company valuation!
Living in a house in my âhood is also a rare and whimsical opportunity. But probably not in the sane way. đ¤Łđ
Founders can start cashing out early. Plus he coulda made $ investing
Probably the same way Elizabeth Holmes did -the company buys real estate for him as a âreasonable accommodationâ(pun intended)I know someone who got a private jet allowance on company dime
Good for him Edit: or her
Then good for them !