Jarring Apparent Wealth Discrepancy

Mike lives in, and presumably owns, a million+ dollar beachfront property in the Tampa area. That, combined with his take-home from the first night that you see him strip, led me to believe that he was doing incredibly well, financially. Later in the film, he has to come up with a measly $10k to cover his buddy, which drains his entire life savings. You could argue that he's *beep* but no bank would cover that much of a mortgage even pre-2008, and if he did purchase that place pre-'08, then it would have cost double what it does now.

I know they probably used that house because they liked the look of the location, but it threw me off. Were others under the impression that he didn't own that property?

Minor detail, first world problems.