*with this post I reach my self imposed max for the day. Which is too bad because it’s a lovely day on the Street. Cheers and enjoy the party. Puff, puff, pass.
Lol. I followed you right into a yellow brick road. I was late for the big wave, but Im happy with a 3 ft wave I can ride for a bit. Cheers, it’s awesome to read about others making money.
Just came over to hit you up re: Florida housing market. Have you been tracking? I’m hearing there’s major problems down there. Sure, it’s inflated like everywhere else, but there’s a serious problem with HO insurance in the coastal areas. I’m hearing water front condos being abandoned, not only because insurance rate increases, but HOA’s went up as well. A large number of the residents are older/retired and are on “fixed incomes.” They can’t afford these rate increases. And it’s not just the elderly leaving or selling their properties…. Sad but do you see any opportunity in Fla? I’m thinking a newer, up to code beach house located in a neighborhood with a little elevation.
Hey Brad, I’m increasingly more involved in Florida real estate. I’m getting more and more familiar with the trends. I might have mentioned I started buying delinquent second mortgage notes last year. I’m foreclosing on about 8 Florida properties right now ( I also have Some in Az, Texas, PA, Mo, Ca). The Jacksonville and Tampa areas are definitely seeing a slowdown but I don’t see huge price drops yet. I sold foreclosures in Fla in 2010-2012, nice houses in the Miami area for under $300k, now they’re almost three times that. I should have a kept a few but that’s another story.
One of the clients I am foreclosing on showed me her homeowners insurance, $9800 a year premium. The insurance monthly payment is as much as her principal and interest. Horrifying to think that's what’s waiting for us here in Ca if our insurance commissioner gives in to the insurance companies. $10-15 k annual premiums would crush my cash flows.
By the way 99% of the people I foreclose on pay me so I don’t end up taking their house. It’s hard to foreclose these days. Stupid libtard rules 😂.
I am seeing cracks in Fla in certain areas.
Man, I had a beautiful beach house REO in 2011 that I really wanted for me. Destin , Fla. Never been there but the pics were amazing. I would have sold it to you if you let me stay in it one month out of a year.
Florida, like California is a huge state, give me some desired areas or cities I will keep an eye out. Fla gets hit hard in real estate downturns.
That may be what we end up with. Either a state run crap insurance like California Fair Plan or no insurance ( not likely). Lenders can’t loan without property insurance.Imagine if we didn’t have a secondary mortgage market and everything was cash purchases? Cheese and Rice, Wall Street and I would own everything.😂
Thanks for info. I’m going to wait and see if prices drop. Hearing the decline is coming very soon. Already seeing price cuts, but they have a long way to go considering what these insurance premiums are now. I figure we’re still another 12-18 months away….. yes, find me a nice n cheap beach house and you can stay for free. I won’t be a full time FL resident.
I’m glad you followed my lead with NVDA. Me and Nancy, of course. 🤣
When it split 10x @ $121 I bought again. When it dipped to $97, you guessed it.
No stock jock, but think we’re in for another 3 years of primetime.
Nice, good for you. Good thing I’m already poor.)
Just came over to hit you up re: Florida housing market. Have you been tracking? I’m hearing there’s major problems down there. Sure, it’s inflated like everywhere else, but there’s a serious problem with HO insurance in the coastal areas. I’m hearing water front condos being abandoned, not only because insurance rate increases, but HOA’s went up as well. A large number of the residents are older/retired and are on “fixed incomes.” They can’t afford these rate increases. And it’s not just the elderly leaving or selling their properties…. Sad but do you see any opportunity in Fla? I’m thinking a newer, up to code beach house located in a neighborhood with a little elevation.