[Lothario]

good luck on the house e-mech, I know a guy in my town he just put his 5 bedroom house on airbnb and he is killing it.

e-mech give a little detail on the house. Location (on Water or distance to beach, Sq Footage, Rooms, Baths etc

and what's the deal with flood insurance, How much is it ? Do you really have to carry that , how are you circumventing it ?

[worldwidetraveler]

(10-11-2013 09:03 AM)el mechanico Wrote:  

I'm going to put it on airbnb. You can contact me through there.

There's a foreclosed house down the road for 12k. 12 fucking thousand.

There's going to be more with this flood insurance so I might buy some more of them.

What is happening with flood insurance? That is one of the major things that would make me feel uneasy about buying in Florida... insurance.

I read hurricane insurance is quite high because there is only one provider.

[el mechanico]

Flood insurance is going up X1000 so everyone is fucked in a flood zone. My primary house is on stilts so elevation is 13 ft so mine will be about 400 a year. The new house is block in a nice area and I'm paying cash for it so fuck insurance

50k
1000sq
Built in 1987
New roof
New air
one old guy owner

They're going to forceplace flood on everyone some are 10k or 20k a year so get ready for the forclosures in a couple years if they don't sort it out it'll turn into rentals all investor owned.

Now, you can find houses that don't need flood insurance so it's not really something to worry about.

[worldwidetraveler]

(10-11-2013 09:25 AM)el mechanico Wrote:  

Now, you can find houses that don't need flood insurance so it's not really something to worry about.

How are they going to cashflow with 10 to 20k for flood insurance? The rents high enough to absorb that? I assume this is the insurance companies forcing this. Any word from the state? This would be a disaster if the state allows this.

[el mechanico]

(10-12-2013 10:53 AM)worldwidetraveler Wrote:  

(10-11-2013 09:25 AM)el mechanico Wrote:  

Now, you can find houses that don't need flood insurance so it's not really something to worry about.

How are they going to cashflow with 10 to 20k for flood insurance? The rents high enough to absorb that? I assume this is the insurance companies forcing this. Any word from the state? This would be a disaster if the state allows this.

Well you go look at a house and get a quote for flood if it's 10k don't buy it.

What's so hard to understand? Just buy a house that doesn't need flood insurance @ 13 ft above sea level.

The Governor is working on a plan to save our insurance rates now.

The trick is to buy these flood zone homes cheap with cash now and rent them out for 800 or so.

[worldwidetraveler]

(10-12-2013 11:03 AM)el mechanico Wrote:  

(10-12-2013 10:53 AM)worldwidetraveler Wrote:  

(10-11-2013 09:25 AM)el mechanico Wrote:  

Now, you can find houses that don't need flood insurance so it's not really something to worry about.

How are they going to cashflow with 10 to 20k for flood insurance? The rents high enough to absorb that? I assume this is the insurance companies forcing this. Any word from the state? This would be a disaster if the state allows this.

Well you go look at a house and get a quote for flood if it's 10k don't buy it.

What's so hard to understand? Just buy a house that doesn't need flood insurance @ 13 ft above sea level.

The Governor is working on a plan to save our insurance rates now.

The trick is to buy these flood zone homes cheap with cash now and rent them out for 800 or so.

I assumed the foreclosures you talked about were in the areas that required high priced flood insurance. Hence them going into foreclosure because the owners couldn't afford them.

That is why I asked how you would get them to cashflow with those types of premiums.

Houses elevated with low insurance quotes would be driven up price wise and I doubt you would be able to scoop them up cheap.

I thought it was pretty easy to understand.

Sounds like betting and not investing if you are buying in hopes the gov will take care of the problem. Flood insurance at 10k a year would be over 800 a month and give you negative cashflow.

[el mechanico]

(10-12-2013 11:13 AM)worldwidetraveler Wrote:  

(10-12-2013 11:03 AM)el mechanico Wrote:  

(10-12-2013 10:53 AM)worldwidetraveler Wrote:  

(10-11-2013 09:25 AM)el mechanico Wrote:  

Now, you can find houses that don't need flood insurance so it's not really something to worry about.

How are they going to cashflow with 10 to 20k for flood insurance? The rents high enough to absorb that? I assume this is the insurance companies forcing this. Any word from the state? This would be a disaster if the state allows this.

Well you go look at a house and get a quote for flood if it's 10k don't buy it.

What's so hard to understand? Just buy a house that doesn't need flood insurance @ 13 ft above sea level.

The Governor is working on a plan to save our insurance rates now.

The trick is to buy these flood zone homes cheap with cash now and rent them out for 800 or so.

I assumed the foreclosures you talked about were in the areas that required high priced flood insurance. Hence them going into foreclosure because the owners couldn't afford them.

That is why I asked how you would get them to cashflow with those types of premiums.

Houses elevated with low insurance quotes would be driven up price wise and I doubt you would be able to scoop them up cheap.

I thought it was pretty easy to understand.

Sounds like betting and not investing if you are buying in hopes the gov will take care of the problem. Flood insurance at 10k a year would be over 800 a month and give you negative cashflow.

You don't need flood if you don't use the bank. How would you buy one of these homes?

I'm having a problem finding femas new flood maps of pinellas and pasco counties online.

[worldwidetraveler]

(10-12-2013 11:44 AM)el mechanico Wrote:  

You don't need flood if you don't use the bank. How would you buy one of these homes?

I'm having a problem finding femas new flood maps of pinellas and pasco counties online.

Is it the banks requiring flood insurance?

Foreclosure take a long time in Florida. Then you don't even know when the banks will list the properties. Most people would rather live in the house rent free for a year or more if they use bankruptcy courts.

If you can't use banks, you could look into private lenders. People with cash are always looking for a good return. Even people with good credit that can get a equity line of credit would help.

[el mechanico]

Yes the banks require flood do you think people are going out of their way to buy 20k a year flood? The bank will force place it that's when the real problems happen

[worldwidetraveler]

(10-12-2013 12:00 PM)el mechanico Wrote:  

Yes the banks require flood do you think people are going out of their way to buy 20k a year flood?

Relax... trying to understand your posts is like reading morse code at times.

[el mechanico]

(10-12-2013 12:13 PM)worldwidetraveler Wrote:  

(10-12-2013 12:00 PM)el mechanico Wrote:  

Yes the banks require flood do you think people are going out of their way to buy 20k a year flood?

Relax... trying to understand your posts is like reading morse code at times.

I know I'm retarded my brain doesn't type what I think.

[worldwidetraveler]

(10-12-2013 12:33 PM)el mechanico Wrote:  

I know I'm retarded my brain doesn't type what I think.

It's the mac. I understood you perfectly on the windows machine.

The reason I was asking is if all banks are doing this it may be a freddie mac, fannie mae change. Most banks don't keep their loans but sell them. They make money servicing them and origination fees.

I wonder what the gov plans on doing if that is the case.

[elhúngaro]

(05-21-2013 09:34 AM)WestCoast Wrote:  

^^ can you break down Fort Lauderdale?

I haven't lived there, but I regularly visit.
Similar to Miami, only less pretentious, cheaper prices. Good nightlife around Las Olas and Riverwalk.

[Jaida Velez]

I would vote for Tampa, Florida as the best city. I used to visit this city multiple times, and I love this ity. In terms of living there, it is quite affordable, compared to the other big cities. Plus, beach is close, and it is fun to live there in summer, plus, great nighlife and shopping. Everything you might dream of if you are young, energetic and want to have fun! I do not want to say that the other cities are worse, just sharing my personal experience.

[Tmart901]

Just got an offer to work at hurlburt field afb. Anyone know where I should spend most of my free time at? Ft Walton? Wynnehaven? Ocean city?

[Kratomite]

(04-04-2017 04:32 AM)Tmart901 Wrote:  

Just got an offer to work at hurlburt field afb. Anyone know where I should spend most of my free time at? Ft Walton? Wynnehaven? Ocean city?

The beach, that's pretty much the only thing to do here. There is no significant nightlife. Destin has a few decent bars....that's about it.