REAL ESTATE BROKER - NUMBERS GUY - DATA ENTHUSIAST
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Ben Grieco
Broker Associate - Numbers Guy - Data Enthusiast
Coldwell Banker Sunstar
14972 Tamiami Trail, North Port, FL 34287
SL3330499
DISCLAIMER: This video content, and channel, is intended only for entertainment purposes only. Ben Grieco is not a Lender, CPA, Attorney, or Financial Advisor. None of the opinions presented are financial, legal, tax, or investment advice. All content written, spoken, or implied is believed to be accurate but not guaranteed. It is your sole responsibility to verify any and all information for accuracy and correctness. The use of the Internet or phone for communications with myself or members of my team does not establish a formal business nor agency relationship. Consult professionals before investing.
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It's just the beginning..
I heard something today I've never heard before, that florida has a problem with sinkholes. Any knowledge on that subject?
Certain parts for sure
The issue is that either the renter or the owner must in some way pay insurance and property taxes if they want a "permanent roof" with utilities like electricity, gas and water. Because of this, many people-at least in California, where I currently reside-are living in tents. No taxes, rent, mortgages, or insurance. The number of people who tell me they live in their car that I meet amazes me. Its crazy out here!
It’s getting wild by the day. The prices of homes are quite ridiculous and Mortgage prices has been skyrocketing on a roll(currently over 7%). Sometimes i wonder if to just invest my spare cash into the stock market and wait for a housing crash or just go ahead to buy a home anyways.
I get such worries too. I'm 60 and retiring early. Already worried of the future and where its headed, especially in terms of financies and how to get by. I'm also considering making my first investment in the stock market, but how can I do so given that the market has been in a mess for the majority of the year?
The market is not necessarily a rollercoaster if you know your way around the market, there are various opportunities in the present market to accrue good profit, If you are not too savvy with the market, just buy and hold on strong companies with good earnings, or consult with advisors on ETFs and actively managed funds. that’s what works for my spouse and I. We've made over 30% capital growth minus dividends.
I've been looking to get one, but have been kind of relaxed about it. Could you recommend your advisor? I'll be happy to use some help.
Finding financial advisors like Annette Marie Holt who can assist you shape your portfolio would be a very creative option. There will be difficult times ahead, and prudent personal money management will be essential to navigating them.
Duh its reclaimed swamp land sukkkit
Great info Ben! I do the same precautionary things prior to making offers - cost of insurance can be a deal breaker!
I'm in St Pete but in a trailer park . Rent going up again in Oct. I came from KY last july 4th. Rent Rent up $50.00 in Oct. 2023 now going up another ,,40.00 in Oct. Not in a flood zone
Once the fad is over that started at covid all these people migrated from there payday house sale from California and NYC that paid over 100k in Florida for a house are going to get screwed. All of Florida works at Hotels and Restaurants and make $16 an hour and prices will go back down to prices that $16 an hour can accommodate
Ben, you hit the nail on the head. If your moving to Florida. You MUST do your "due diligence," there is no way around it. My wife wanted a home in Punta Gorda on Belie Way, it's still there because it's in a coastal flood plain. Flood insurance cost was 5700 per year, I gracefully bowed out. Beautiful house but no way am I paying that amount. Keep up the great content!!
FEMA responding to legitimate requests for floor rezoning??? NO WAY from my personal experience. My Midwest house got put into a "revised FEMA flood map." I paid a surveyor who was able to definitively prove my house elevation was outside the new flood map. Five years later, still no movement from FEMA.
I was fortunate to be able to sell my house very quickly in Cape Coral. Got out in the nick of time early June put my house up in May currently living in Alabama. Love it so much more.
Insured homeowners move away from disaster areas all the time. The bank gets paid and the leftovers go to you. We pay billions for leftovers. The bank insists we need leftovers, and makes us pay dearly for them.
Collateral protection insurance paid by the borrower. It could save nearly every borrower. Way cheaper than full replacement.
To your point, FEMA can also rezone an X to an AE. And does. Some people fight LOMR and win, others dont and you still have to buy flood while fighting it IF you have a mortgage
Great information once again! Thank you Ben!
Thanks Mark!
Due diligence, experienced the flood of 2003 & Ian 2022. High and dry at our street, driveway and house. The county flood maps can be hog wash. Builder elevated the entire subdivision with fill dirt approx 8'.The edges of the subdivision is where the county runs amuck.
Buy newer construction not in flood zone using FEMA maps 2.0. The county has links to the maps from each property. If it doesn't touch the main structure you are not in a flood zone. Yes your street will flood. StateFarm insures homes built after 2002. But your best rates are new construction. $2200 or less for typical homes. Auto is higher than some states. But you have no income taxes.
How about Island Park Road cannot Sell and ABuyer bought 7 Duplex homes and 8 months later cannot sell for 100 k ,They filed Bankruptcy..must be the 8 Foot Surge in Poorly built Dumps, 4 feet of Water inside in 10 minutes...
Another great video Ben!
Thank you!
Best Real Estate Channel!
The government announced the changes to the flood insurance program a few years ago, and everyone kept it quiet. Remember discussing it with my former agent in 21, said he knew nothing about it. Hence former agent
Ty
Honest Ben 👍🏻👍🏻👍🏻👍🏻👋👋👋
🤙🤙
Thanks Ben for the great video❤. I’m so over being ripped off and working my butt off to make others rich. I’m up north on vacation and I’ve completely forgot about the chaos happening in Florida. Life is so much simpler settling in other places. Florida is sooo overpriced and overvalued. Seriously considering leaving Florida for good.
Enjoy your trip!
talk about all the 5-7 year arms that were so popular in 2019-2020 that are resetting NOW. 2% caps per year even though thats suppose to make it NOT so shocking of a payment well 2 years of 2% increases people will be in foreclosure like crazy on top of the increase of insurance premiums and HOA. The crash will happen
I think a lot of people had the opportunity to refinance out of them in the previous couple of of years with the extremely low rates and equity growth.
Most builders in florida are scumbags,they are only a chuck in a truck with a license #
My house is payed off, so if insurance gets to expensive I will just go without and take my chances.
Isn't all flood insurance through FEMA. The agents just take a small percentage for selling it? How can quotes vary that much?
There are also private options. Variety in things like elevation height and coverage.
You’re the best Ben. I think you give the hard honest truth.
most likely the house market will crash
Thanks for the update. Insurance seems to always be the source of problems throughout the economy but homeowners insurance in Florida is the worst. We moved out of Naples back to the upper South right after Hurricane Ian. My biggest problem wasn’t affordablity; it was lack of an adequate coverage amount / insured value. We bought a new construction in 2019 & could only get coverage for about 65% of its value. Despite calling my carrier constantly I couldn’t get adequate coverage. We sold out for nearly double our original purchase price & at that point the coverage was only at 40% of the property value. It’s insane. Insurance carriers are running real estate, health care & anything else they touch.
Wow that green house is absolutely gorgeous. In fact that whole area you are walking through.
Punta Gorda Historic District.
We retired to a high-rise condo in Northeast Florida. While we personally have a pretty good situation, if I were to do it again I would not move to Florida. Auto and homeowners insurance markets are crazy, traffic and crowds, property taxes are very high, it gets very hot for an extended period of time, the politics is very divisive, and overall it is expensive living.
Mind blowing? Florida has always been that way. The only thing good about Florida is the weather.
If you like excessive heat and humidity
This may very well be the new normal. There are plenty of people in the states and other countries throughout the world. Who love the climate, beaches , culture, and have the... Ca$h.
Lived in Florida my whole life. (40) Cancelled my insurance 15 years ago... best decision. If I lose a roof I'll replace it and still save $$
#BenGrieco your interpretation of how contracts work in business transactions is 100% correct!!That’s why its good to go though law firms & put everything in writing and go over it with a fine tooth comb ,and get a full understanding and don’t leave nothing out that’s going to look after your best interests!!!
When Home builders & sellers are willing to do anything but lower the prices like rate buy downs,paying insurance rates that goes to show us how bad the market co conspirators are trying to keep these inflated prices up so the dominoes don’t don’t fall.#Smoke&Mirrors#FinesseGame101#ConGame
In rural CA its also a problem
Thanks Ben, not always the best news we want to hear as 'out of state' property owners but information we can trust. I still love Florida
I am one of those who sold to get away from the nonsense.
Good info. My solution yesrs ago to the home maintenance issue was to become a renter. I'm now 78 and if I had a big home here with lots of equity, I'm selling snd renting. At my age you never know how much time is left or if you may end up in s nursing home in a few years. No sense in buying IMO
All the coldest markets have been hit by Hurricanes recently
This is too risky for retirement. The reason people could move to FL in the past in retirement is because they did not need jobs, and the housing was cheap. Even IF a retired person can buy the home in cash, it’s still more expensive to pay taxes and insurance than most seniors bring in. It’s not wise to watch your saving dwindle every month.
It’s crazy how ill informed adults are today about finances. Their poor decisions are killing the youths ability to function in this “new” economy.
Don’t buy real estate in Florida right now unless you have millions of dollars. I love FL but this is crazy! Buy in GA or AL. The insurance is ridiculous, as is property taxes. Just don’t do it! Eventually it will have to correct itself!
I like your vids but disagree with your statement that all of Florida is a flood zone. We live in Panhandle of Florida and 28" of rain in 24 hours. Because we live on 2 acres with a 6% grade, run off was good and no problem with flooding. When it comes to buying, choose a realtor with integrity and DI YOUR HOMEWORK.
What percent of sellers would you say end up relocating within the state vs deciding to leave FL all together? Would you say the trend is close to historical avg or moving one way or the other?
I honestly don't know what will become of Florida. I sold my place in January and have no interest whatsoever in ever owning a home in the state of Florida. I'm a renter and am free to go at will if things continue to get worse here in Florida (moved from Miami halfway up the east coast of FL). For now, I'm renting at an acceptable rate and as long as that remains, I'll stay. I went to a family wedding in NJ a month ago and decided to drive and check out other Atlantic coast beach towns in the event that Florida is not even worth renting any longer. I found some nice options. It was important for me to do "what-if" planning because I don't feel like I can "trust" Florida the way I always did. I always thought I'd be a lifer but I'm no longer sure of that. I'm not even sure I want to remain in the US, truthfully.
You’re applying the proper train of thought.
We are going to sell and rent. Florida is just getting tough.
Nothing will happen maybe a little reprice.
@@MrDCMiami same here! Best wishes
So what other countries can Americans even afford to go to...esp if you only speak Engish? Are retired? Etc
I've lived in the same house in Florida for 20 years. It's small and quaint, and very affordable house. I'll probably be here for another 20 years. Live on a budget, spend less then you make, pay off your debt, establish an emergency fund, play the long game and you will always be fine.
Awesome!
What does that have to do with insurance costs soaring?
@@dondgc2298 Live a frugal life and when life throws you a curve ball you'll be ready for it. Fraud and greed is what has ruined the Florida insurance industry. I've lived through several hurricanes in my current house. I've never once made a claim. Every storm that comes through everyone thinks it's a payday not to mention the roofing companies that were going around filing false insurance claims to get people an over priced free roof.
Most people don’t have the same situation as you though. I’m sure your property’s value today is much higher than 20yrs ago which gives you opportunities unavailable to them.
@@saintsandsin3885 you really have no clue. But you seem happy to accuse everyone but yourself of being unscrupulous ripoff artists. Sad way to live your life and to think of your fellow man.
Always appreciate your sound analysis, thanks for taking us along on the walk.
My pleasure!
Another good one Ben. It’s definitely getting interesting out there.