Home Insurance CRISIS - What YOU NEED TO KNOW! kzread.info/dash/bejne/p6elwZKDfJaZnpM.html

$76 million is insane. Even if you are that rich, why in the world would you spend that kind of money on something on a tiny lot that anyone can just walk up to? For $76 million I would think someone would want a massive amount of land away from everyone. And wow I just saw the $39 million for a plot of land? I'm starting to believe the theory that the Miami real estate market is a money laundering scheme.

@F4URGranted

Жыл бұрын

It's like a Miami address is a status symbol not a place to live

@jimbobarooney2861

Жыл бұрын

@@F4URGranted I couldn't stick that heat, maybe when I'm old and my blood circulation has failed it would be nice

@FloridaGirl-

Жыл бұрын

With that kinda cash. I’d be living in nowheresville on a huge piece of property. Blows my mind anyone would spend that kind of $$$. In a subdivision. On the ocean or not. That’s cra cra!!

@AJSHOPE

Жыл бұрын

@@FloridaGirl- especially in Florida. My step-mother is a realtor in Hawaii and there are some really nice properties right on the ocean, I don't know if any of them are $76 million though and there it would somewhat make sense since everything is expensive there to begin with and there's very little buildable land.

@alans6552

Жыл бұрын

You can walk up to any villa in Miami unless you live on Fischer island

Once Section 8 moves in it is ''game over'' for the neighborhood. That is why I stay a renter,....if an area turns to shit,.....I am out.

@travelingwithrick

Жыл бұрын

I was a landlord and a a wonderful section 8 tenants for 5 years. 0 problems. Before you post get some facts.

@Tonymanero1960

Жыл бұрын

@@travelingwithrick ....congratulations,....you are the only landlord who ever had a Section 8 tenant who didn't suck.

I feel like I'm just rich enough to qualify for nothing, but poor enough to struggle.

I feel like small, starter homes are never built anymore. My parents do pretty well for themselves, so they moved to Naples from Chicago right at the beginning of the pandemic, and they paid $650k for a new build that went up in value to about 900k by 2022. That was for a 2400 sqft home with massive ceilings and brand new everything. What happened to the new homes built in the 50s-80s that were basic, and built just to house us? I'm just scared watching this luxury of everything as a 23 year old who just started their professional career.

@alucard4860

Жыл бұрын

agreed

@ignaciomiranda7579

Жыл бұрын

you will own nothing and be happy, also you gonna eat ze bugs...

@katydid2877

Жыл бұрын

It’s true. I grew up in an 800 sq ft house that was built in the 40s. Builders claim that can’t make enough profit off houses smaller than 1500 sq ft.

@jimbobarooney2861

Жыл бұрын

Being scared isn't helpful, what goes up will come down, I'm in Europe and at the beginning of the pandemic our economic think tank predicted a 15-20 % drop in property prices, and we know now the opposite happened, the simply reality is prices will fall, when the crowd discover their broke and out of work prices will collapse

@littleredhen3354

Жыл бұрын

Those houses are still here but the Corporate investors who bought them up for $50K want $350k this year😂

Section 8 seems like a good idea, but it just helps the big corporations pay minimum wages. It may help a lot of people but it also helps Walmart, Lowes and other big chains by subsidising their wages. I don't have an answer because I don't think we should have homeless in a nation as rich as the USA, but I also don't like companies paying the CEO 12 millon a year why the workers get $12 per hour.

@ericmechelhoff9814

Жыл бұрын

That’s what happens when you mix government with the markets where the government is not acting as a regulator. You get exploitation by the winners and corruption in the government.

@stevenwebster3286

Жыл бұрын

That kind of insight is rare to see in the KZread comments.

I refuse to accept section 8. Had one of my rentals destroyed by section 8. Of course section 8 is refusing to reimburse for damages, so until that bill is paid, there will never be a section 8 in any of my rentals.

@poochewcaboo1860

Жыл бұрын

Amen to that! On top of that section 8 inspectors are jerks.

@christopherhendricks4369

Жыл бұрын

It's hit or miss. A regular tenant can also be a nightmare. I've seen both sides.

@jimshoe402

Жыл бұрын

@@christopherhendricks4369 Don't hit or miss Just Say No !!! My guys didn't water the yard $$$ and yards are 15% the value of ur $300K House !! ALOHA

@Falconlibrary

Жыл бұрын

I owned a rental property thirty years ago. Had to give it back to the bank because Section 8 tenants completely destroyed it, a house I had renovated and restored over a period of a year.

@christopherhendricks4369

Жыл бұрын

@@Falconlibrary I have heard some horror stories. That's so terrible

My 75 year old dad is having the ultimate retirement on a budget. After my mum died, he sold the house that they had from their 50 year marriage, bought a sailboat, and is sailing around the Mediterranean islands stopping for lunch each day at nice little cafés, and cooking fish and sausages on the beach. His English government equivalent of Social Security is deposited in a bank account, and he has far more than he needs.

@jimshoe402

Жыл бұрын

I had a Bare Boat License but Didn't want to Use it. Pops is a MACHO Man God Bless Him and his Travels Too..ALOHA for Me..😁😁😁😁😁

@siouxrose7766

Жыл бұрын

Cool father!

@CashKingMarcus

Жыл бұрын

@@siouxrose7766 You have no idea. He’s the real life Indiana Jones and so my childhood was like a movie. I have photos of me riding camels in the Sahara, in the jungle, eating sandwiches in the Alps, on sailing adventures, flying planes etc. We always did it on a zero budget, so there were a few times our car blew up and he would say “Get everything you can carry” and we would just leave wherever it stopped rolling 😂. I was raised on adventure so I’ve always done the same, and as soon as was old enough I got on a plane alone and came to the US to build an empire.

@siouxrose7766

Жыл бұрын

@@CashKingMarcus--You were lucky, Marcus. I gave my daughters some adventures but not of that level. In some schools of thought, the soul chooses its parents so you apparently did a good job in "that department."

@lindacurtis3513

3 ай бұрын

God Bless your Dad.

Did anyone else catch Michael walking past the UPS truck while talking about people not having enough savings to retire on? You can't even count on a pension anymore even after working for a company for 30 years.

@quixomega

Жыл бұрын

UPS is planning on outsourcing ALL their drivers. No employees, only contractors, skirts around employment laws.

I've been a landlord for over 15 years and EVERY section 8 voucher tenant has trashed my unit. I make sure I do not advertise a vacant unit and only get folks that can pay their rent themselves. I have one couple that were not HOC tenants before when I rented to them, and the left to go to another neighborhood, a nurse and a former security guard. Now they are on HOC since she is retired and he got shot loosing their ability to work. They are HOC tenants, BUT they are clean, responsible, and she is fastidious about cleaning etc.

@judymckee5992

Жыл бұрын

My neighbor had his kitchen burned down

Given the average salary for a single person in this country, no one should expect the average 401k to have a balance that will do much of anything for them later in life.

@duancoviero9759

Жыл бұрын

Exactly

@mikehuffman8208

Жыл бұрын

Indeed. Once upon a time, heading into retirement with a million or so was doable. That’s dead, now you need 2-3x or more.

@blakebullington1225

Жыл бұрын

@Eric S 401k is only called the account where your investments are heald, not an investment itself. You can buy into index funds, bonds, and actively managed funds.

All those fancy way-over-priced homes will ALL be among the first totally sacked when SHTF

@lordhumongus8669

Жыл бұрын

You got that right.😆🎩👍🔥🏠🔥

I was a landlord 35 years. Had two section 8 tenants. Some of the best tenants I ever had, the inspection is minor and keeps your apt up to code. HUD guarantees the rent. In my case it was an 80/20 split. If the tenants fall behind they lose the certification they waited years to get. Non section tenants can trash your building and all you get is a measly security deposit. Take em to court and they end up judgment proof. Waste of good money going after bad.

@tommorningstar6373

Жыл бұрын

I do evictions and can tell you there are many nice people (a lot of abandoned single mothers) who are just trying to survive. There are also a fairly sizable chunk of these tenants who are like poster children for raging madness, hoarding and riotous living. I should go back to insurance defense... at least in that all you really deal with is greed.

@overbuiltlimited

Жыл бұрын

I appreciate hearing about your experience as a landlord, but I don't know if I'd be very happy renting to sec 8. I used to own a home in Las Vegas. New neighborhood of about a hundred homes. Two of them were sec 8. Guess which two homes regularly had police cars parked in front? The marijuana smoke emanating from them could be smelled several homes away. I witnessed the people from these homes fighting in the streets on several occasions. I can only imagine the ammount of damage they were doing inside the homes. They really brought the neighborhood down. This was in Summerlin by the way, pretty much the "best" place to live in Vegas.

@jamesagnew6512

Жыл бұрын

Abused children don’t make good tenants.

@andreaberryman5354

Жыл бұрын

I actually heard the same. One man ONLY does Section 8.

@stevenphillips3466

Жыл бұрын

@@overbuiltlimited Drug test anyone that gets Welfare or Housing .... you fail Your children go to the father and the mother gets the boot .

This whole country has become a Joke!😂

@taroman7100

Жыл бұрын

Take the greatest country on earth and turn it into a third world Mecca!

@timboc105

Жыл бұрын

@@taroman7100 BINGO!

A friend of mine who has 60+ doors is starting to only rent many of her properties to people on section 8 because she knows with section 8 the rent always gets paid.

@jimshoe402

Жыл бұрын

CRIME !!! Been there Not Fun or $$$$$$

@stevenwebster3286

Жыл бұрын

The government should confiscate those properties and redistribute them to the taxpayers, since all of us taxpayers are paying for them.

@internetpointsbank

Жыл бұрын

Gov cheese flows well if you know where to look. Gotta get dat money.

I’d be surprised in a year from now if we even have a company called Opendoor. It’s about to be closed door… damn Michael that line had me dying.😂

@noreenn6976

Жыл бұрын

😆

Unless I was in desperate mode, I would never rent my property to S-8 individuals. I have seen the destruction or damage caused by those type of tenets in some nearby communities.

I learned in the late 90's that rich people don't finance homes I've always done large commercial construction, and when we were slow, I would would help the residential side, and we would work on multimillion $ homes and I remember asking what kind of payment was on one of the homes . The general contractor laughed and said that rich people wouldn't be stupid enough to pay interest on a multimillion dollar loan

@mrhood3977

Жыл бұрын

If you buy a home for $500k with a 5% 30-year loan, it comes out to just over $1.2 million. Rich people are much smarter with money than the average person, and that is why they are well-off and are able to keep their money where the average person struggles and most of us want to live beyond our means so we go into debt. A self-made, well-off person will always live within their means, but someone who is given a lot of money tends to lose it because of living outside of their means. Banks feed off of the careless spending of the majority, and that is why the rich get rich

@F4URGranted

Жыл бұрын

How is commercial construction right now with the commercial real estate downturn?

@mrhood3977

Жыл бұрын

​@Joshua Toliver I just left CA and surprisingly they are still building but the developers are in a panic mode because they are over building in areas and people are backing out. It's just like 2008 all over again and CA is loosening the loan requirements. Don't buy in CA for a couple years until it corrects itself Stay safe and smart my friend because I've had so many friends in CA that lost everything in 2008-2010 because they thought they could refinance and those times are gone for a while

@ld9044

Жыл бұрын

Smart people live below their means.

@mrhood3977

Жыл бұрын

​@@F4URGranted I'm sorry I just reread your comment and I commented on residential below but as I was saying I just left CA but I still talk to coworkers and they are slow but it's slow where I moved to also

Fun fact, that McDonald’s promotion was rigged, the guy who was suppose distribute the winning ticket kept them and gave the ticket to mobsters for a cut of the prize money and this went on for years until the mobster passed away and his wife snitch to the fbi because he went to a rival mob family to continue the scam and she did not like that. When he finally got caught mcDonald’s did not press charges on him because he had dirt on McDonald’s, apparently McDonald’s was promoting the monopoly promotion in Canada but never actually send any winning tickets to Canada and they did not want the negative press

@Falconlibrary

Жыл бұрын

What kind of a world is this where you can't even trust the Mafia?

The big problem with any plan for the future is the way things can turn in your disadvantage and you did not see it coming. For instance, a good way to make retirement affordable is lowering your monthly cost. So, many in Spain invested in solar power, a pretty good move now the cost of energy is doubled or even tripled in the last 2 years. But then the Government decided they wanted a piece of that pie, so they made a law and now your "free" solar power is turned into a means of income and will be taxed. So owners of solar systems where forced to install a meter so the Government can tax them. This is just one of many examples in which the Government takes your changes of retirement from you, forcing you into earning an income.

I had to move to Affordable housing due to the high rent. Well I am blessed that I am in 55+ community. but when and if even at my age I can afford a place I am moving. its all electric, fob to do everything. this place tracks your every move. we have cameras everywhere there is no privacy. camers even in the community room. but the best part is there is no smoking in or outside on their property, but we do have many from addiction homes that live here. I could go on about all the problems but so far its just a roof over my head and waiting to leave for a better life. never saw this coming at me.

@VgVi13

Жыл бұрын

Same here. Hate being monitored constantly but like you, I am grateful for now.

What on earth is the city of Miami doing with all of this property tax money they take in?

@jacquelineiversen5661

Жыл бұрын

Right??? They should not have 1 problem EVER! would be very interested to know what they take in for 1 year. It's probably mind blowing 🤯.

@commonsense6967

Жыл бұрын

Miami is a Democrat-run corrupt city. Kind of like the one I'm in, but much worse.

@littleredhen3354

Жыл бұрын

Giving themselves raises like all politicians do.

@petersheenan4482

Жыл бұрын

@@littleredhen3354 They are selfish pigs of the worst sort.

@lordhumongus8669

Жыл бұрын

Sending it to fund Wars in other Countries.

Small mom and pop landlords do NOT have to rent to Section 8 tenants. I looked into this years ago, and it's a huge added hassle to rent to Section 8 tenants, so I've never done it. For example, the house I was offering for rent was built in 1954, and therefore accprding to Section 8 rules, I eas going to have to strip off all paint and re-paint with acrylic paint, even though whatever lead paint that had originally been used had long since been painted over with acrylic already! This would be an absurdly high cost to me, even 20 years ago. And as far as I know, my renters since then, all adults, aren't interested in taste-testing the paint chips, lol.

I suggest you offset your real estate and get into stocks, A recession as bad it can be, provides good buying opportunities in the markets if you’re careful and it can also create volatility giving great short time buy and sell opportunities too. This is not financial advise but get buying, cash isn’t king at all in this time!

@richardhudson1243

Жыл бұрын

For 2023, it’s hard to nail down specific predictions for the housing market is because it’s not yet clear how quickly or how much the Federal Reserve can bring down inflation and borrowing costs without tanking buyer demand for everything from homes to cars.

@tatianastarcic

Жыл бұрын

You are right! I diversified my portfolio across various market with the aid of an investment coach, I have been able to generate a little bit above a million dollars in net profit within 2 years across high dividend yield stocks, ETF and bonds.

@maiadazz

Жыл бұрын

@@tatianastarcic Not bad at all. I know a lot of folks that made fortunes from the Dotcom crash as well as the 08’ crash and I’ve been looking into similar opportunities in this present market. Could this coach that guides you help?

@tatianastarcic

Жыл бұрын

@@maiadazz Having a counselor is essential for portfolio diversification. My advisor is Laurel Dell Sroufe, who is easily searchable and has extensive knowledge of the financial markets.

I'm on the fence about section 8. My mother in law in California who was on section 8 got a notice from her landlord that seemed the day after the pandemic moratorium to keep landlords from giving rent increases or notices to vacate was given a 60 day notice to move. Apparently the landlord wanted to move someone in that could pay the crazy rent amounts. We weren't 100% sure if it was all legal but we felt she didn't need to live in uncertainty even if she was able to keep her home. Her only options were to either become homeless because there was no available housing where she was or move in with us out of state. She didn't want to leave her hometown but she opted to move in with us. Luckily we own our home and the move was easy. She had her section 8 voucher transferred here and the rental market is very tight here too. She did however find a place that came available and applied but unfortunately her voucher was $125/month short of the market rate for the unit. Housing Authority said it takes a very long time for the state to catch up with what market rate is. She unfortunately didn't get the unit and she has been with over a year and on multiple waiting lists and still waiting.

I planned my retirement decades ago. You have to have 3 key things to get there. 1. You must save and invest in your retirement. 2. You cannot have debt, pay it all off. 3. Your health is paramount. Take serious care of your health and avoid diseases from poor lifestyle habits. Living simply below your means is the key. We owe 0.

@makoado6010

Жыл бұрын

man proposes, God disposes

@FreeAmericanUSA

Жыл бұрын

@@makoado6010 And if you live in Miami be ready to slap the cash down.

@redreadyj8916

Жыл бұрын

A rich white man with generational wealth and a head start in life want to talk to others about having cash to put down lol buddy you had a different start

Every day we have a new problem. It's the new normal. At first we thought it was a crisis, now we know it's a new normal and we have to adapt. 2023 will be a year of severe economic pain all over the nation.. what steps can we take to generate more income during quantitative adjustment?I can't afford my hard-earned $80,000 savings to turn to dust

@JoseLuis-zn5tb

Жыл бұрын

Me too. I thought about investing in the financial market, I heard that people make millions if you know the tricks of the trade, but I lack good knowledge and a strategy to outperform the market and generate good yields. I have $160,000 but it's hard to bite the bullet and do it. Money is hard to come by

@mariabrandon-6064

Жыл бұрын

Do make sure to avoid too-good-to-be-true scam schemes. Seek advice from a fiduciary counsellor they provide personalized advice to individuals based on their risk appetite, placing them among the best of the best. There are bad ones, but some with good track records can be very good

Wow! The prices on those homes were INSANE!!

76 million for that tiny dump is a joke. One 1926 style hurricane and it's gone. Miami is a total nut house. When i was a child my parents used to look at homes for sale, and you would be amazed how many fine old homes were available in the 1970's cheap. I have seen some large historic homes in other states that need work but are selling cheap. Sometimes you can find an office building or abandoned church or school available. Seriously i am considering leaving Florida and instead of building a new home just buy an old church or school. Would be cheaper to put my tropical garden in a greenhouse instead of living here and paying those insane property taxes.

Section 8 has contributed to the absurd cost of housing. If left to the free market, those rents would be lowered commensurately to a tenant's true earnings. I never accepted it as a landlord.

@nowyouknowrealestate5703

Жыл бұрын

Rule: Anything the government subsidizes gets more expensive.

@wednesdayschild3627

Жыл бұрын

​@@nowyouknowrealestate5703 the government subsidies large suburban homes and luxury subdivions. The road, fire police and postal service are much more for suburban mcmansions. They do not pay their own way. Stop building sprawl, and you wont need section 8.

@FloridaGirl-

Жыл бұрын

I agree! Look at baby formula.

I have been retired since 53 , now 67. Retirement is not a big deal. I travelled many years before I retired and travelled somewhat after but now I am happy just working around my properties, piddling, and going to the gym. I do not spend money on expensive hobbies I did cycle New Zealand at 64 years old and do go to the Galapagos for free diving when I go to my vacation property in Ecuador. I am single, retired military so my health care cost are only Medicare. Moved to South Carolina in 2021 where it is extremely cheap. I make more money now with my pensions and investment than I ever did when I worked from 9 to 5. Planning is key.

There are many towns and cities, nice ones, with affordable homes - just not in the popular/ hot cities.

Did you hear that the higher your credit score is the higher your interest rate will be, and the lower you credit score, the lower your interest rate😳

@ld9044

Жыл бұрын

I heard about the new law beginning May 1st. People with credit scores of 640 or higher will have $40 at least added to their mortgage payment to pay for someone else to get assistance buying a house. If that person put 20% or more down, payment could be higher. Thanks JB😢

@amylee9

Жыл бұрын

I read that today and was alarmed. This will punish the people that have worked hard and did the right things for keep their scores up.

@kim.in.nature.

Жыл бұрын

I just saw the actual chart on the rates on Real Estate Mindset channel. It's not that bad. See if you can find the chart online.

@FamousWolfe

Жыл бұрын

@@amylee9 "This will punish the people that have worked hard and did the right things for keep their scores up." No, this will only punish anyone dumb enough to actually buy a house right now. The Fed and Biden Admin are practically screaming "do not buy right now!" and yet investors and ordinary folk just aren't listening. I think the Government knows we're gonna see a 2008-style crash (or worse) but they can't just outright say it because then everyone really will start freaking out (remember the movie Titanic?), so instead they're trying to subtly (and not so subtly) hint to people that you really shouldn't be buying a house right now, that's why they're putting up such shitty lending terms. Or maybe Biden really is that inept, who knows?

@davedadaniels8388

Жыл бұрын

Kim in Nature…it is that bad, and it’s wrong! Penalizing people who have worked hard to keep a good credit rating? Wrong! CR used to be everything! American dream DOA!

Solution is not allowing investors to purchase houses and treat houses like a necessity and not an investment.

@wednesdayschild3627

Жыл бұрын

What about all the snots who are too good to live near people who have a low income? Go look at old neighborhoods. Poor people lived in auxiliary units or on the next street.

@gordonkistler916

Жыл бұрын

you are only guaranteed death and taxes and nothing else in this life! but you seem to think government should build houses and let people live in them, you sound like a little child that wants a mommy and daddy to take care of you so you don't have to take any responsibility for yourself or actions!

@zeroplague

Жыл бұрын

That's a terrible idea. Houses will disappear and be super expensive later on.

@michaelBordenaro now people with good credit will now also be penalized subsidizing those with poor credit scores

@MichaelBordenaro

Жыл бұрын

Yep I heard that I have a video coming on that this weekend

Those section 8 inspections rarely pass the first time in my experience. Time delays work against the landlord.

Opendoor was crowing about how smart they are when Zillow bailed out of the iBuyer market. They've NEVER made money - their "profit" last year was the spread between sale & purchase price BEFORE their bloated administrative & sales costs. Their numbers are a mirage.

Stay the hell away from section 8!

Institutions outbidding families for homes and then turning around and renting those homes back to families for more than they would have paid monthly with a 30 year fixed at a 3% rate is disgusting.

It’s all getting to crazy . Hope we don’t turn out like Argentina . The greed at the top just got to out of hand.

There are legal ways around accepting section 8. One is to require near term lease start. This means put the unit on the market in the third week of the month and require move in on the 1st of the next month. Section 8 vouchers require a drawn out paperwork process with overworked social workers and underpaid home inspectors required to sign off on a property before they approve the home for the voucher program. This sometimes takes 6-8 weeks after the recipient has applied for the home. A market rate tenant can usually move in right away, hence putting the voucher tenant at a disadvantage for any reasonably priced house in good condition. Of course, no landlord wants their property to sit vacant and will begin advertising a vacancy as soon as they have notice from the current tenants, but market rate tenants won’t rent sight unseen due to the number of scammers. It’s just a game of whack-a-mole between government regulations and landlords these days. The best use of public housing funds is for the government to build housing. Public housing used to be a thing in the 1930’s through the 1950’s. It worked extremely well. The homes weren’t fancy, but they were solidly built by the army corps of engineers and military recruits during peace time. The houses supplied training for apprentices in the trades and created wealth for a generation or more. Throwing money into the private market is only going to benefit those who are already wealthy.

Michael let be give you a comment that no one has probably said to you before. You are already retired. How? Your choosing to do what you want with your time. You are not obligated to make videos. You choose to make videos because you have found a passion and monitored it. You can take this KZread business you have created anywhere in the world. Trust me my friend, you’re retired. And retirement is so overrated. It’s about financial independence and choosing how you spend your time. You have no boss telling you what to do. You are retired.

How come all these rich people, whose houses you walk past, don't seem to park their cars in their garages, or..................don't even have any garages at all?!

That is so funny 😂 " counting the cars going by" 🤣 I agree! I'll work for ever because I love what I do, and I am lucky I get paid well to do what I do. I wouldn't want to retire to do nothing.

Open Door purchased my house for a large amount and even the realtor didn't understand why. No one else even bid on the house. I'm sure they will lose money on the house (in Tucson).

@MichaelBordenaro

Жыл бұрын

At least you got to benefit from it

We're retired on alot less than 1.5 mil. Paid off house and cars it's easy. Retired at 59 with no debt.

@MichaelBordenaro

Жыл бұрын

Congrats!

I love that you managed to end it optimistically with bright plans for the future ❤ sending good vibes

Soon as I saw that scary box at the intro of the video, I KNEW it was going to be obscene before you even said it LOL. No way I'd ever want that EVEN IF I HAD THE MONEY! That's absolutely bizzare for a 76 million dollar house. There are so much better properties with even better locations for significantly less. Totally bizzare.

Wow, I wouldn't pay 350k a month for that or buy it for 27 Million. Just don't see it! Happy Friday Michael, Thank You!

Of course I agree for govmt help for the disabled, veterans & working families! Rents in So. FL are out of touch with salaries here 😒

I always love hearing these stories and your commentary on these houses for rent. That crazy asking price for just that lot on the water is ridiculous!

@MichaelBordenaro

Жыл бұрын

You can't make this stuff up 😄

shut HUD down is my input.

Thank you so much Michael 🙂 You really are sounding the warning cry loud and clear. No one can ever say they had no idea. You are teaching us through your videos how to be prepared! You're awesome 🤗

@MichaelBordenaro

Жыл бұрын

You're welcome Laura that's what I'm trying to do!

Michael, I recently subscribed to your channel and really enjoy watching you take your walks in my hometown. I know it's hard for a lot of people to fathom, but Miami used to be, in the recent past, an affordable place to live. I grew up there from the early 70s all the way through college in the early 90s and, back then, $70K would get you a nice house. That's the single biggest reason why so many people of immigrant background, but who've been in the US since the 90s at least, are able to own their houses outright in one of the most expensive real estate markets in the world. Anyways, that kind of started to change with the advent of Miami Vice, which started showing the quality of life in South Florida to basically the entire world. Keep up the good work.

@MichaelBordenaro

Жыл бұрын

Thanks glad you're enjoying these Miami walks! I would even argue that when I moved here in 2008 it was affordable at least compared to now it was. You could move here almost broke and get a job and make it work because that's exactly what I did. Nowadays you need to have a lot of money saved just to make an attempt at moving here.

@ulical

Жыл бұрын

@@MichaelBordenaro Oh yeah, the period from, say 2008-2013, was kind of a blip on the Miami real estate market because of the housing crash. If you were able to get in on the ground floor during that time, then you've been able to pretty much double your investment. At this point, the only thing that I see as cooling off the Miami market are the aftereffects from future climate change (high cost of home insurance, constant hurricane threat, rising sea levels, etc..).

Absolutely Mike... My prop tax bill went from 1700 (prev owner) to now 4800.. Wish my realtor had warned me about that before I signed papers...

@FloridaGirl-

Жыл бұрын

That’s a biggy most home buyers don’t think about.

@stewmeat9261

Жыл бұрын

That's not the responsibility of your realtor.

@marks6072

Жыл бұрын

@@stewmeat9261 Technically correct but morally Wrong... The Realtor (buyers agent) has a fiduciary duty to function in my best interest.. Including but not limited to calling my attention to unforeseen issues he is fully aware of... Withholding known, pertinent information is a clear fiduciary violation.. Guess what realtor will not be listing my house

@MichaelBordenaro

Жыл бұрын

Oh yeah, I'm hammering that one home and all the videos lately because so many people don't know about this

The retired couple who took out a HELOC at 9% were probably avoiding a tax payment on the withdrawal from their retirement account.

Great advice especially for younger folks because maybe their parents dont explain this stuff properly. The florida backdrop is OMG beautiful thank you.

Section 8 is a nightmare to rent to most are drug dens and trash the properties and the cost and trouble t is not worth it ruin neighbourhoods.

In California, the property assessed value is re-set to 1% of the purchase price upon change of ownership. To that they add various district taxes and assessments. I usually figure the new property tax bill will be about 1.2% of the purchase price as a rough estimate. Then in future years, the tax bill (the part based on the value, not the assessments) is limited to a 2% increase per year even if the property value has increased more than 2%. However, if the property value goes down, the tax still remains at the prior year's level until the shortfall of prior years is recaptured by the county. It's a bit complicated, but you can be comforted knowing that the property tax won't shoot up in a future year just because the county needs more money. This scheme was established long ago by an initiative measure called Proposition 13. The trouble with it is that commercial buildings owned by corporations don't get sold very often, so their assessed value is seldom reset to market value the way that residential property is. There have been proposals to split the tax roll into residential and commercial and reset commercial values every so many years (3 years I think was the last proposal) but that never passes in the state legislature or by popular initiative. So commercial property doesn't "pay its fair share" of property taxes.

Over next 35 yrs I could spend 540000 in rent in apartment ...and all houses are over 500k in Texas..why would I buy a house

Hi Mike, just wanted to say thanks for your consistency, your videos have become part of my daily routine.

@MichaelBordenaro

Жыл бұрын

You're welcome Ryan it's really nice to hear that!

Great video. Love the discussion of specific properties.

Michael, thanks for your videos. I was seriously considering buying a condo in the Miami area, but now realize affording one will be difficult with all the changes happening now (property tax, insurance, HOA FEES), with the reserve requirement law starting January 2025, and with unforeseen changes coming up. Much appreciated.

@petersheenan4482

Жыл бұрын

You are being wise.

@tinabergman8882

Жыл бұрын

I am sorry what is going to happen in January of 2025? I may have not caught that yet. Trying to catch up on the latest news.

@jet4415

Жыл бұрын

@@tinabergman8882 New Florida laws go into affect regarding HOA reserve requirements and inspections after 30 years for condo buildings that are 3 miles from the beach and over 3 stories. It starts in 2025.

@Dohair879

Жыл бұрын

Florida is fine. Don’t bother from Palm Beach County and south. You will pay 2-3x more. There’s other places to live that are more affordable.

I consider myself pretty fortunate. I developed type 1 diabetes as a child so what that means is I don't have to worry about funding a long retirement. My wife is also disabled and we never had children. So even though I don't have a large retirement we will be fine. Based on my projections I should have about $1.5 million and no debt of any kind by the time I'm actually able to retire. Silver linings folks...silver linings.

You can retire on a lot less just have to be out of debt and live modestly no you can't by a 500 thousand dollar home and live in these high end areas

@robtheaveragewhiteamerican4403

Жыл бұрын

Disclaimer; he is not a financial planner.

@petersheenan4482

Жыл бұрын

Amen.

Thanx very smart info! Bro. Feels like we are all shrinking including food

Some company is probably to acquire Opendoor. Maybe a company like Amazon successfully restructures the company and Amazon gets exposure to real estate.

I was thinking the same, why would they want a loan.

The HUD section 8 vouchers only apply to those who meet the "proper criteria".

The biggest problem is availability more so then cost. Sounds like not doing much. They can give a million vouchers but if no one is accepting it then it means nothing. Then they aren't even paying the sec 8 rent to the owner. There's a scandal brewing in my friend's city bcse the owners weren't getting paid their s8 by the housing.

In my area (Portland Oregon) Open Door keeps offering to buy my property for at least $100,000 under value. Yeah Right.....

😂 the breakdown of numbers in the beginning is awesome. 😂

Well, one thing for sure you don’t have to worry about section 8 in your neighborhood also growing up in Philadelphia across some public housingI understand a lot of the issues pertaining to section 8, and you need a much better vetting processf For the potential tenants and a willingness on their end to help with the upkeep of the properties. Also, I’ve known homeowners who are more than willing to rent to section 8, because you gotta guarantee income, and as far as your comment about the hassles of home inspection that should not be a problem because all your fixtures outlets flooring walls ceilings should be in compliance. Regardless, if there’s section 8 or not!

My retirement plan is to live a healthy life style, fasting, walking and lifting weights. This is so I don’t have to retire and work until my last days.

@petersheenan4482

Жыл бұрын

Smart. I love retirement because I'm healthy and can do any kind of sport/activity. Fasting is a key component.

Crazy about the taxes . I just subscribed learning a lot.

@MichaelBordenaro

Жыл бұрын

Awesome!

Very good points 👉 thanks for the video

Lived in Milwaukee Wisconsin. 1/4 of that city is section 8. Might help some but most seem lost and enabled to make poor decisions. Its weird because there are houses for under $30,000 that are ready to live in yet you have to be a certain color to not get cut or killed. Jobs are plentiful as well.

Thanks Mich!!

The comedy on this video is top notch. There is ALWAYS room for dad jokes, and your tone and inflection on your voiceovers, priceless! Last but not least...."our friend the leaf blower"🤣🤣🤣🤣🤣🤣 Keep it up, you're really finding your stride!

@MichaelBordenaro

Жыл бұрын

Thanks Dia! I was feeling pretty playful in this one 😄

I've been thru probably 50 or more opendoor homes. They are a joke. They buy the worst looking homes on the market.

Good job Michael 👏 I enjoy your channel as a R.E. Estate Appraiser in CA

@MichaelBordenaro

Жыл бұрын

Thank you, Carolyn!

I had to back up the video .. 350k per month 😂😂😂😂😂 with a dead tree in the front and poor landscaping. No way!

It's hilarious that Trump accuses Ron DeSantis of making Florida unaffordable, yet he rents out a place in Palm Beach for over 100k a month. He's a 🤡.

@MeadowDay

Жыл бұрын

and your rude!

@basha0810

Жыл бұрын

​@@MeadowDay Because I insulted your supreme leader? 😂🤭

Great video. It seems to me like section 8 is an antiquated program. There’s got to be a better way. HELOC application with 3,000,000 in the bank? Really?

for many seniors tiny homes are the future 20,000 for the home and 400 monthly lot rent

Section 8 is charged more to rent because I was looking in Ft Lauderdale and the Section 8 landlord lowered it for me because I was working not using Section 8 .Is that legal ?

When I got my real estate license I remember sitting in the weekly staff meetings, listening to people, freak out about Zillow and the other online brokerages that were coming along . own a lot of real estate, but I buy it, maintain it, and rent it, because there is far less risk. I have always been suspicious of flipping homes, because there is so much risk. Most home flippers don’t make much money on a percentage basis on the house and if anything goes wrong that instantly turns into a loss. Very early on I could see the Zillow and the other ibuyers companies going down the wrong road because buying and selling houses is a tactile visual thing as much as it is about the numbers. Even the way the house sits on a lot can change its value considerably and an algorithm cannot see that.

@1000_Julys

Жыл бұрын

Hi, Marcus! Any chance you have rental properties available in NE Florida? I’m a stellar tenant looking for a SFH to rent! 😬

Michael, can you look at that house that’s for rent for $350K a month, see if it has bathrooms, running water and electricity, because, usually rents that cheap might be a place without utilities and includes outhouses.

@MichaelBordenaro

Жыл бұрын

I would be skeptical of that as well 🤔

As a realtor way back no section 8 what a way for the system to have cons taking advantage

Problem is everyone thinks they are entitled to a $450k house

section 8 works in certain markets, particularly in neighborhoods that are borderline. I never accept it in my homes located in nice areas because there is an abundance of very qualified tenants.

I rented to a couple that was on a housing allowance and I never did again. My biggest complaint was the ass hole inspector that came to inspect my place. I was not home when he came and my tenants did not watch him do the inspection, the clown did not know how to use casement windows. They were locked and he tried to open them without disengaging the lock and succeeded in breaking the closing mechanism and part of the wood frame.

@FloridaGirl-

Жыл бұрын

Did they pay to repair them? I’d be a lttle ticked bout that!!!

@Norm475

Жыл бұрын

@@FloridaGirl- No, they denied any involvement and said the tenant must have done it.

The prices for insurance and taxes shown in the listing are per YEAR, not month

Adorable housing in Colorado is trailer Parks..the projects..run down houses.. apartment's.. really cheap motels.. tent's..slum Lord places..or just being homeless.

It's easy to say own your own business. Harder to put into practice.

@MichaelBordenaro

Жыл бұрын

Which is why most people never do it. Anything worthwhile takes a ton of effort.

So I’m a big fan and I like a lot of stuff that you have to say and I’ve been in the mortgage Industry for a very long time, 20+ years but a quick question that I have is when you see all these properties for rent that are like 17K plus etc. do you feel like they are trying to offset the taxes and have a write-off and that’s why these places aren’t being rented or sold?

@MichaelBordenaro

Жыл бұрын

Thanks I appreciate you being a big fan! I have thought about that as well and my conclusion is this. The only way it can be helping them save money on taxes is because if it is an investment property in their portfolio and it's showing a loss every year, then the loss can be deducted against their personal income, so instead of paying taxes, they pay for the upkeep of this empty house. So that could be a strategy they're using to maintain this house rather than pay taxes. If that is the strategy, I can't say, I blame them I would rather put the money into my own property, then give it to the IRS.

@internetpointsbank

Жыл бұрын

You got it. I've inquired on plenty of abandoned properties and pieced together tax manipulation is the reason why they hold onto these deteriating properties.

Speculators and short term rentals have destroyed Mia market need bring back old laws that stop that

I retired in 2021. I don’t have a million dollars. OMG. Wait…. I don’t have any debt. Does that matter?

@simonbagel

Жыл бұрын

yes. It matters. You're way ahead of the average retiree.

@petersheenan4482

Жыл бұрын

Hope you can live in a frugal way (as I find I can.)

👍👍 awesome young sir Stay the course

Those numbers are insane! How can people afford that! 😮