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“Losing Ground” Time to wake up!
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<blockquote data-quote="CattleMan1920" data-source="post: 1565425" data-attributes="member: 37967"><p>You are right, you can make some stupid cash down there, but when you figure that everything you consume from groceries to utilities is WAY ABOVE the national average in cost, not to mention car insurance, home insurance and taxes, and ultimately the cost of your actual housing. South Florida becomes not so appealing. You are working to live not the other way around.</p><p></p><p>South Florida is fantastic if you have a big income stream that is passive and all you do is chill out. </p><p></p><p>When a starter home is $250k or more, it's hard to work your way out of that, unless you own the company.</p><p></p><p>As for rentals there, when you factor in your capitalization rate on real estate, if you bought a long time ago it makes sense, if you are buying right now, you are probably cashing someone out in the musical chairs game. Buying in a place where you may not be able to get insurance in 10-15 years or where the property might suffer flooding on a regular basis is not appealing to me, I would far prefer multifamily further inland, which will be in high demand after a Cat 5 levels the place. But I will say this in your defense, you can charge people out the azz for rent, and they will pay it. I once looked at a property for investment, a duplex that was literally a former crack house, it was in Ft. Lauderdale, I walked in and it had needles and crack pipes along with old mattresses and condoms on the floor. I passed on it, which was a mistake, I could have bought it for $150k at the time. It's now refurbished, worth about $380k, and both sides rent for over $2k a month. Still kicking myself on that one.</p><p></p><p>My barn stalls were more appealing to sleep in than that dump. But anything can be renovated, right?</p></blockquote><p></p>
[QUOTE="CattleMan1920, post: 1565425, member: 37967"] You are right, you can make some stupid cash down there, but when you figure that everything you consume from groceries to utilities is WAY ABOVE the national average in cost, not to mention car insurance, home insurance and taxes, and ultimately the cost of your actual housing. South Florida becomes not so appealing. You are working to live not the other way around. South Florida is fantastic if you have a big income stream that is passive and all you do is chill out. When a starter home is $250k or more, it's hard to work your way out of that, unless you own the company. As for rentals there, when you factor in your capitalization rate on real estate, if you bought a long time ago it makes sense, if you are buying right now, you are probably cashing someone out in the musical chairs game. Buying in a place where you may not be able to get insurance in 10-15 years or where the property might suffer flooding on a regular basis is not appealing to me, I would far prefer multifamily further inland, which will be in high demand after a Cat 5 levels the place. But I will say this in your defense, you can charge people out the azz for rent, and they will pay it. I once looked at a property for investment, a duplex that was literally a former crack house, it was in Ft. Lauderdale, I walked in and it had needles and crack pipes along with old mattresses and condoms on the floor. I passed on it, which was a mistake, I could have bought it for $150k at the time. It's now refurbished, worth about $380k, and both sides rent for over $2k a month. Still kicking myself on that one. My barn stalls were more appealing to sleep in than that dump. But anything can be renovated, right? [/QUOTE]
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“Losing Ground” Time to wake up!
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