Hey Michael, I live 110 miles west in Naples. I've noticed most of your videos have cars parked in the grass in front of expensive homes. If someone did that here, it would probably be towed within 30 minutes.
I own my Ft Myers florida house outright for 10 years now and I have never got insurance. I made sure my house was built of only concrete and metal and on a non-flooding area. The house has survived 2 major hurricanes in the last 5 years with no problems.
Elderly people like myself can loose their homes, because of the ridiculous prices insurance companies charge. If anyone makes a claim the insurance companies drop them like a hot potato, so people are paying ridiculous insurance premiums for insurance they cannot use. That to me is robbery, and there are no controls stopping this theft. Anyone who does not have a mortgage is foolish to pay those ridiculous insurance premiums, since no claims can be made.
Insurance companies are not charitable organizations. They are moving out of Florida because the laws in the state make it trivially simple to conduct insurance fraud, especially when it comes to roof claims.
As you said in the end, "there is no computer program that will ever do what I can do by examing the foundation and soiffts in person". As a real estate appraisal company of 25 years, there truly is nothing to compare. The locked dungeon in the basement bedroom, to the house of 29 cats and a hoarder, black mold so bad the home had to be demolished, people buying homes with very little economic life left, buying the first house they see and not looking at anyting else, 2008 world with people losing homes and jobs and the real life hardship that resulted. I think the people in the real estate industry that hang in there will be needed later. There are so many nuances to each property that there is no way to do it better than in person. Thank you for doing what you are doing. You are spot on with your analysis and advice.
The city permit office is approving the construction plans. But who is making sure that the constructor is following the plans. When the concrete has been poured there is no way to find out if the rebars are adequate. It may takes years to find out as in the case of the Surfside condominium collapse.
@@lambertois11 An experienced appraiser should be making sure the construction is perfect. There is no way to redo a foundation if it was constructed poorly. There is a reason these safegaurds have worked for so many years. We need boots on the ground to make sure things are done correctly. Unfortunately, we are now not needed. I think this will be temporary. We are needed. Hang in there.
The small home I built is only 560 square feet and very efficient and well insulated, great room one bedroom and one bathroom. Paid for, no mortgage, assessors at county is 238,000.
I was in Florida in 2010. .. I moved back to Ohio in 2011. My cost of living dropped 75 percent the pay is better for the same job . Yes we have snow .. but the cost of living is 75 percent less.
Take the monthly premiums they would've charged and instead invest it into a brokerage account, money market, high yield savings acct, whatever will give you the best returns. Don't pull any money out of it, just keep save save saving. That way even if you get hit with a massive repair bill you'll have that slush fund always available.
@@FamousWolfe That is exactly what I'm doing as of this year. I figure I had a high deductible anyway, and since nothing happened to my house in 34 years, no hurricane/fire/catastrophic ground collapse/flood, etc. No claims ever made in 34 years, so how likely is this house to actually USE insurance in the next 15 years or so? Probably not very likely.
Over here in California We paid about 4k for insurance 1 home plus 3 rental properties I notice single story home cheaper to insure So if I want to buy more rental I prefer single story easy to fix Less on insurance
It's just as bad in Houston, I just renewed last week. Rate went up 45% and that's after going from 3% t 5% deductible. There's a reason Warren Buffett likes insurance companies-you have to have it.
I know someone in Port Richey FL . They have a good size pool home from the 1970’s. The homeowners insurance company was about to drop them because the homes roof was over 10 or 12 years old . Their policy cost twenty some hundred a year. They ended up getting a equity loan and replaced the roof , a/c and had the pool repaired . But it’s not something you really want to get into when you’re in your seventies and on a fixed income . Yes it did increase the value of the home . But now the home owners insurance is creeping upward anyway it seems.
I know a couple that bought a two year old home nearby site unseen . And they were from out of state . As it turned out they found their dream home. The only problem was they both worked and one of them could not find work in their field . So after traveling and living out of a suitcase for five years they finally threw in the towel , sold the home and moved again . They were very nice people . And I feel sorry for what happened to them .
Most people dont follow channels with information such as this one..a lot of people dont follow economic news. They may move but will move out soon enough. Same thing happened w/people moving to Cali in the early 1990s
It's happening in Georgia too. Our condo insurance just went up 37.5% in Atlanta. We had a major freeze in December that was so bad that it resulted in more claims for water damage than what you would see after a Category 5 hurricane. Several insurance carriers let the marketplace leaving only a few to provide insurance for multi-family homes. The result was huge premium increases and reduced coverage.
My roof is over 30 years old, I know because I installed it when I built my home. It is designed to last 100 years. Thankfully I do not have homeowner's insurance. The roof is concrete with a vinyl liner, topped with soil and planted with a garden. My home looks like an empty lot from the air.
Michael, you are so right about what you said about virtual reality and social media. It's ruining society. My daughter got depressed when the schools closed and went to virtual online school because of covid. She has not recovered and continues to battle depression and anxiety. I will tell you, it is so hard to find a therapist to see in person for mental issues. Most therapist will only see you through Zoom now, and it isn't as beneficial as talking to them face to face.
There are plenty of F2F Mental Health Counselors, but many are private pay and won't accept insurance. I also think F2F psychotherapy is more beneficial for clients.
Covid did not closed schools, government did by ordering lockdowns and school closures. The real reason why your daughter is not recovering is because she has no future with lockdowns and school closures destroyer her future, purpose, and agency.
The May 2022 FL legislation re home insurance stated if a roof is 15 yrs old or less the insurer couldn't refuse to insure it based solely on age. If it is over 15 yrs with a life expectancy of at least 5 more yrs of useful life as determined by a licensed inspector, the insurer can't refuse to insure it based solely on age.
Man I wish I found your channel prior to moving to Florida! You are always right on! Luckily, I have great instincts and rented first!!! Can’t express that enough when moving to a different state!! RENT first!!! And stop wasting money looking for your pot of gold at the end of the rainbow! My 2 cents is Florida is a great state to move As long as you can get housing on the cheap!!! Because every other costs will absolutely make you miserable!
Thank you for your kind words. People really need to understand that for the honest person money isn’t is very hard to obtain. Even if you get a windfall of cash through an inheritance or something just remember the all the forgone vacations and hard work that went into that obtaining that money. It’s not to be squandered on some crappy new homes with water park slides built 5 ft from your neighbor in the swamp and call that paradise. I’ll look into that what’s app.
Thank you so much, for your factual and blunt information! I was considering purchasing a vacation home in Naples, Florida. There are so many other countries where you can buy beachfront homes, that are affordable!
Thank you Michael for sharing your thoughts and very informative content. The insurance concept is so fraudulent however I went through a Tornado 🌪️ in Nashville a couple years ago and StateFarm Paid me for a NEW HOME 🏡. I was 🍀 lucky 🍀. Blessings, Carlos ✝️🙏❤️😊❗️
My roof is 28 yrs old now. Cement tile 50 yr rated. My insurance Co is requiring me to get roof certified that it has at least 5 yrs life left or else they won't renew me in September.
Just commenting to keep current. Let me know how this works out. I too have a tile roof with many years left but it is over 20 now. No gripes yet that I can see... But if I can just pay $100 and get a cert I would like to know.
My car insurance went from around $650 6-month premium to over 950. A buddy in the industry flat out told me that it was because Florida--having always been known as extremely litigious--got particularly screwed this year. It's going to get worse, before it gets better!
I'd had only one auto insurance company for 50 years(!) and have a good driving record. When I called the agent to tell her I wanted to drop one of the coverages, she told me it would make no difference in premium price--even though it clearly states the added cost right on the premium due notice. I immediately switched to another auto insurer, got the same coverage minus the one I wanted to drop, and that reduced my premium cost by $150. My old insurance agent lied to my face! Now I have 6 months' coverage for a little over $300 in N. FL, so I'm happy.
@@commonsense6967 I have USAA auto insurance and although I have been a member for over 30 plus years here in Florida they are becoming just like the others. So I switched to Amica and got a better policy coverage.
In the 50's you could get a nice spacious home and a nice spacious yard for $15K. Ask Alan Greenspan. Home ownership is the key to wealth-building, if you keep it maintained and can see future trends in housing. Even once segregated areas can become expensive real estate areas too. Lucky for those who kept and maintained the property their parents worked so hard for.
15k was a lot of money in 1950. The average car was $2200 and the median household $3300. It would be like saying to could get a nice spacious home in Tulsa for $350k today ... Oh wait ...
Many of the tiny home parks are in RV parks or are planted in pieces of land that are too small for developers and are in a unusual location land wise. I believe Tampa has one, and east of Orlando. They are popping up all over in multiple states. But they are always leased land, which can put the owners in the same dilemma as mobile home parks possibly.
But the difference is, they are completely mobile. If you need to move them you easily can. Just make sure to upkeep the "chassis" so it doesn't seize or rot away and then you are better totaling the home. Also, the point is to buy one and not pay rent. So save that dough for long enough, and then get out of it. Or just abandon it. That's what a lot of folks do.
Here's what I think: A virtual tour is good for a first pass on a home. If it passes the virtual tour, schedule an in-person tour; if it doesn't pass a virtual tour, it definitely won't pass an in-person tour.
@@commonsense6967 Well, maybe stop wasting millions on flying refugees from TX. Then there's the $95M Ron wants for his own FL State Guard which is not needed. Funds from those 2 political stunts could be directed to Hurricane Relief. That's just a start. Plenty more of Ron's wasted funds could be directed to it as well.
The last time when insurance companies were leaving the state, they passed a bill that said you couldn’t sell car insurance if you didn’t sell so many homeowners insurance policies. That’s how things changed.
Contractors are charging ridiculous prices. I’m in Englewood, Florida. A $12,000 pool cage last year costs $24,000 now. Everything is 2 to 3 times the price. I hope they all go out of business. I do construction.
Yeah, construction and services costs have nearly doubled in the last few years. My new roof a year ago was at least triple what the previous one cost, and the new hot water heater was too!
In our area zoning laws absolutely prohibit tiny home communities. There is a square footage minimum that precludes these homes as well as the requirement for permanent foundations. In one other town in the state the tiny home community that was allowed leases the underlying lots as would a mobile home park, kind of defeating the affordability aspect.
I added a tiny home with 400sq ft as a mother in-law suite to our home, of course removing siding and adding stucco to match property , other than that isn't worth the headache, even in country side the cost of septic and well installation plus all permits and impact fees is better to have a full size home in it , provided you find land where isn't a 750sq ft minimum requirement
Michael: I was fortunate to lock in 3% back in 2019 on a new build in Texas. At the time, we had no idea what would happen but it turns out that I bought at the exact right time. That 3% VA 30 year fixed is amazing.
Definitely be thankful that you did. We bought a condo at a good rate in 2020, but my wife wanted to upgrade to a house and we are very fortunate just to lock in a jumbo rate of 5.25% considering the average market rate is around 6.8% right now.
why? if you were an insurance company it's your right as a business to asses the model. They are not doing it from the goodness of their hearts. They have to make a profit and same time pay million-dollar claims. This is capitalism.
@@dd-uy5lx How much profit do their stockholders and executives need? I think that's the question. So much of this "inflation" is done "because they can." Why, after paying premiums for years, does the consumer end up holding the bag when the company decides to go bankrupt or just walk away? It's a racket. No matter how you look at it, it's the consumer who suffers. I don't think the CEO is suffering or sacrificing at all. It's more like what Capitalism eventually becomes: A house of cards struggling under the weight of its greedy practitioners.
I had to dump Farmers when my 2 car policy for 2 people went from $100 to $300 in a matter of months,, now we pay $98 for full coverage on 1 car & basic on the other + 2 roadside. and I am in Oklahoma with 2 squeaky clean driving records.
Michael . . I'll relate my story . I retired, and sold my foundation home of 400 SF (2016) and found a lot in the town I wanted to live in (2017) and purchased it . I wanted 336 SF Tiny House with a 144 SF porch . The town stated their minimum was 900 SF . OK then . I found a contractor, modified my plans to build two foundation "homes" connected with a screened porch . Move in was March 2019 . I live comfortably in the smaller side - and the "unforeseen benefit" was -- IF I choose to rent out the other side at market value, it would come close paying my mortgage . I do have more "house" than I wanted, but this small Oceanside town is a perfect fit for me in retirement . Good Luck with your choice ..
Tiny homes used to cost like half the price of a regular home just 4 years ago. Now they're what you'd pay for a house, completely absurd. Problem is that as much as they say they want to address housing affordability, the reality is that our government leaders have far too much of a vested interest in keeping the RE market the way it is. You think THEY want for their properties to lose value? Or their rich buddies who contribute generously to their campaigns funds? Lololol NOPE! People think we can fix this problem by voting, but literally everyone in Congress has a major conflict of interest and they can't or won't solve it for us because they would screw over their buddies which they won't do. Are you starting to understand just how fucked we all are yet?
Every State has Pros & Cons. Moved to Florida in February 1993. I spent 20mo in between out of state overall. But even in a Red state like Florida there is Cons. Florida has been Majority run at the state level for over 23 years by Republicans. Citizens was created in 2002 after the last big homeowners insurance crisis.
I haven’t had homeowners insurance for many years I live in a townhome we had a roof insurance claim go through and they replaced the roofs on our 4 buildings in late 2019. I don’t have a mortgage so I’m not required to have a homeowners policy
@@tonyn3227 It would be a nightmare. You have common walls with your neighbor and his unit has a fire that affects your unit but your neighbor has no insurance. Unless your neighbor will pay for damages out of pocket, you are screwed. If both units had insurance, each units insurance company would coordinate to get the units repaired or replaced. Homeowners insurance also includes liability which is necessary in the situation where you would be liable for damage to your neighbors unit. So these people here in the comments that are bragging about having no insurance are crazy.
@@tonyn3227 Lawsuit, probably, as for the neighbors. Guess he better watch his stove closely. Since dropping my homeowners', I watch my stove extra carefully, too.
Having bought our house in Virginia sight unseen while living in California , we bid so low we figured that into our offer & 4 months in it has worked out. Although your point about smell is well taken. We have a big paper mill in town & we do get a little smell about 2 days a week , but we were told about it & adjusted our offer . We took all of these things you have mentioned into consideration & made a low ball off & he took it. 😀
Additionally, inflation has made the costs of home repair MUCH MUCH more expensive as well, so I can understand the increase in insurance premiums. With all of the additional costs involved in Florida now, I'm planning on buying and relocating to a different state. It's just not worth it. As far as tiny homes go, unless you're on an agriculturally zoned piece of land, almost all land in the US is zoned where you can't build a home on it under 550 Sq ft in order to prop up banks and property values.
That’s true. I had a well-known plumbing company come over couple weeks ago and out of curiosity. I asked them how much more they would charge me to snake a shower drain. Just a simple shower drain. They wanted $375. I told him I can do it myself goodbye.
I ordered new bathroom cabinets and they offered to install them for 3000 dollars. I told them it wasn’t rocket science and completed the job in 4 hours. What a ripoff.
@@william-fla-321 Very ridiculous..Honestly, I learned from my Dad how to do a lot of things myself for this very reason. I've stopped letting people rip me off.
I bought a cheap place and own it out right and refuse to pay insurance on something that I own. If a 100 Year hurricane wipes us out so be it. Insurance is such a racket.
Yeap, we have to have insurance due to mortgage but insurance is such a scam, they don’t pay for crap unless a unforeseen catastrophe happens ( which is extremely rare) yet you pay them thousands a year we’re better off putting all that money in a account.
another good solid video,my buddy got screwed with his new house and he looked at it with 2 other verified home inspectors.look 2 times in person and know what you need to ask questions about!
SPOT ON ABOUT TINY HOMES! We bought a small home for 18K,, and the lot next door for $500,, in the winter they were everywhere around me,, neighbors say flippers have found our town (8000+/-) + everything you need within 30minutes if its not offered 'in town'.- I moved from Houston,, we have more than enough places to eat CHEAP. small towns have an 'honest vibe' to them and the property taxes are low.
The big difference with tiny homes is they are mobile, and usually, the people in the tiny home don't own the land they sit on. In that respect, not a lot different than a mobile home, except maybe smaller, somewhat easier to move, and cooler looking. Also, most are a cash buy
Poor Denny. OK, let me explain it for the 12-year-olds… If I was paying 2000 a year for insurance back in 1999, it’s probably far more expensive nowadays.
Hello Michael :)- I have been referring my customers to anyone who is interesting in buying any kind of real estate!!!! Keep up the great work!!! Kudos to you and your channel!!! :)- I am actually looking into the the tiny home concept and I appreciate you addressing this issue :)-
The difference with a tiny home is that they are mobile and road approved. And there are enough of the parks (or family backyards) that tiny house occupants can move if the landlord is too greedy. it''s much harder and more costly to move a 1000 Foot mobile home. Some are quite a bit larger.
Ten FL insurance companies went into receivership since 2021. United Property Insurance was the latest in Feb. Didn't have an adequate level of reinsurance to meet the claims from Hurricane Ian. Why not? Where's the regulators? Just like with the banks. Asleep on the job.
My hat's off to you Michael! On-line realty, virtual?! Quite a few people (which you're already aware of), appreciate for being very thorough with your infos.
I'm in the country an hr away from the beach. No flood zone, no hurricanes. Everyone here has a shed and a camper in the backyard, another shed. and another one...code enforcement doesn't really come because than half the county would be homeless and they only got 2 guys working for them. Best insurance comp is Farmers. Property taxes are 0 for disabled veterans.
I watch your videos every day. I lived in Florida for 30 years and thankfully my home is paid off The people moving to Florida better think twice about moving here I'm hoping people move out of Florida. Too many people now I want my paradise back 😅 Everything Michael says is absolutely true. It's even worse 22 years ago we paid $185k for our 4000 ft custom pool home. It's probably worth close to $750k today. Unless your a millionaire, you couldn't afford it The insurance would be $5k a year alone. My insurance company went bankrupt last year . I haven't had insurance since then. It's all based on fear
Property Appreciation in Florida is off the charts with everyone seemingly wanting to move there . While in many parts of the Country Real Estate prices are at least stabilizing somewhat . In Florida Tampa/St.Pete Real Estate prices have risen an average of 10% . With Miami Residential Real Estate rising an average of 13% . As the property replacement costs for Insurance companies continuing to rise . The very expensive development along Florida's vulnerable Coastlines also continues unabated . Meaning costs will only continue to rise for most if not all of Florida's Residents .
Seeing anything in person is much better than seeing it online. Social media has brought out the worse in people, it should really be use as an educational tool for example, the videos you put out are commentary but also makes a person want to visit those areas.
Be careful with tiny homes. If they are tiny homes on wheels (THOWs), parking is an issue, though a lot of times you can find people with land who will lease a place to park. If they are stick built, lots of places have minimum square footage requirements that will prevent you from building it there, so check that thoroughly first.
@@MR..181 Nope. Try old Boomer Karens not wanting their neighborhood ruined by small houses being built by them. Minimum square footage rules have existed at least since the 80's to prevent the building of smaller less expensive houses in neighborhoods to keep poor people out of the neighborhood.
@@paulconner4614 I would say it has more to do with insurance companies providing homeowner insurance priced based at least in part on how big the house is.
We’ll they’ll figure something out Other wise lots of people can’t pay their mortgages and then they all default and a lot of bankers and really rich people will loose a ton of doe We all know the government won’t let that happen to often.
Remember a decade ago they were threatening $50k flood insurance in FL, after NJ got hit. Well, never happened. Florida is ultimately self insured. At its core. Technically we don't need any private insurance.
Let us not forget Property Tax? I quite enjoy my small place. It's easy to maintain, super Energy Efficient. My Utility Bills run between $25 to $50 per month. I'm saving money to hand build a Log Cabin near Lake Superior. Winter is Brutal but Fishing and Hunting is awesome. 💪
My advice build far from water. We had a cottage on lake huron for 16 years, sold in 2020 during covid. Our insurance broker would not insure for overland flood only fire and theft. When we sold I called and asked him why, his response was all insurance companies expect the great lakes to rise and many owners will be wiped out due to climate change..Good luck, you are definatly correct about winters.
24:00 Another amazing video, making excellent points. Thank you, Michael! I could not agree with you, more. AI cannot replace reality. This will continue to desensitize human behavior and erode real-life, quality standards.
In 40 years of home ownership, I never had a homeowners claim. I maintain my houses myself and any little things that occurred, I repaired myself cheaper than any deductible. I would only use it for a big loss.
There are so many things that can be wrong with a home. After being involved in multiple purchases. I've yet to catch everything, even the home inspectors miss significant items. I can't imagine doing things remote. One lesson I learned from looking at online pictures. If something looks like a minor blemish, it's not a minor blemish in real life. For example a slight discoloration you see on the ceiling may not be picture artifacts, but major water damage. Once I feel in love with a home and we went and look at it, and it smelled like a sewer.
Home inspectors kill many deals over stupid things that a good carpenter, plumber or electrician can fix in under a day. It the typical home inspector makes the problem seem like a catastrophe to the dumb buyer, thus killing the deal. It’s comical, we’ve bought and sold more than 20 homes over the past 20 years and we always avoid home inspectors…..they are a waist of money.
I have seen over 20 properties in the course of 3 months and I can assure you that what I saw in a photo vs in person was night and day. Virtual is a horrible idea unless you like junk or have disposable money to fix things. So many issues with that idea.
Yup. I was thinking about going back to Florida and retiring there but I’m not so sure now. Housing prices are overwhelmingly ridiculous, schools are bad, insurance rates are outrageous.
Insurance companies are in business to make money not insure homes. If you don’t like high rates talk to your lawyer friends and dishonest claims made by dirt bags. Tiny homes? Why not a tent like in LA. Looks like you will have to sell your Rolex and Lexus.
Funny you mention the VR RE experience. Several years ago my son built a VR platform to do the same thing. The company he worked for couldn’t sell really sell it to enough real estate companies so it went nowhere. Metaverse ruined VR I think for most people. 10,000 programmers and tens of billions of dollars every year and they produced junk.
I am from Orlando, living in Atlanta. Just told my sister and brother in law from CA NOT to move to FL. Home prices will eat up a lot of their money they will get for their house.
When they started forcing people to get new roofs at 10 years that is the main issue and our legislators need to go back and fix. My insurance agent says it's not the natural disasters-- its the roofs and the lawsuits. And its not fixed yet
I think the legislature did outlaw assignments of benefits from homeowners to businesses a few months ago, as certain roofers and dishonest homeowners created the rip-off of insurance companies, apparently.
Great video, Michael! I have a friend/coworker, who wants to buy a tiny home on Oahu, so I sent her this video. (I told her she should look at the Pensacola area.)
Yea, was thinking about moving to Florida, used to be the real estate wasn't real expensive, probably due to the weather risk, now it's expensive and you can't get reasonable insurance either, it's a shame. Not sure how Florida makes sense anymore.
Michael when you decide to sell your home give the person the mortgage. Thirty years of paying you is just as profitable as paying some banks. If the person does not pay, you still own the house if you have your contract written correctly. Your new homeowners have to pay utilities as well as taxes, their responsibility is to pay you for the house. Give them a fixed rate. If your sale price is 400,000 if someone pays you 1,200 per month over a 30 year period which is 360 months you will receive 432,0000 over a thirty year period, think about that, if you sell to a working couple that is $600.00 per month for each person. Something to think about. It can also be your life insurance policy.
Coming soon, tiny homes property tiny taxes and fees, ESG compliance etc… and the land ownership issue, buy land and park your tiny home that’s part of the math
We are paying for the mistakes of the last decade. Florida insurance has always been very high compared to neighbors because of the high rate of insurance claims
We’re paying for lawyers filing shingle roof repairs, sink holes, hurricanes, the condo collapse in Miami, and it’s going higher every renewal. Same thing with car insurance in this no fault state.
The Housing Market's DIRTY LITTLE Secret th-cam.com/video/xHamACSy81g/w-d-xo.html
dude come on, it's April fools day. You gotta prank our ass
Hey Michael, I live 110 miles west in Naples. I've noticed most of your videos have cars parked in the grass in front of expensive homes. If someone did that here, it would probably be towed within 30 minutes.
"..or some hidden room that people use to be locked into" LMAO!!
The more densely populated, the more expensive. Its a big planet, move and make your own "home" or keep paying.
I own my Ft Myers florida house outright for 10 years now and I have never got insurance. I made sure my house was built of only concrete and metal and on a non-flooding area. The house has survived 2 major hurricanes in the last 5 years with no problems.
that’s the only why I’d do it as well. prices are to high to buy cash right now though.
A few of my neighbors have coverage where they dropped the hurricane portion of the policy and now pay about 1/3rd.
@@jkmarshall3553 You can do that if the house is financed?
@@rochellet1333 no
Smart.
Elderly people like myself can loose their homes, because of the ridiculous prices insurance companies charge. If anyone makes a claim the insurance companies drop them like a hot potato, so people are paying ridiculous insurance premiums for insurance they cannot use. That to me is robbery, and there are no controls stopping this theft. Anyone who does not have a mortgage is foolish to pay those ridiculous insurance premiums, since no claims can be made.
At least your generation had a chance to lose a home. Young people today literally have nothing to lose. Like literally.
Exactly and makes one anti hoa troubling peoples values like that was the purpose..
@@MR..181 What?
Insurance companies are not charitable organizations. They are moving out of Florida because the laws in the state make it trivially simple to conduct insurance fraud, especially when it comes to roof claims.
The current Governor is the one to blame for this whole mess.
As you said in the end, "there is no computer program that will ever do what I can do by examing the foundation and soiffts in person". As a real estate appraisal company of 25 years, there truly is nothing to compare. The locked dungeon in the basement bedroom, to the house of 29 cats and a hoarder, black mold so bad the home had to be demolished,
people buying homes with very little economic life left, buying the first house they see and not looking at anyting else, 2008 world with people losing homes and jobs and the real life hardship that resulted.
I think the people in the real estate industry that hang in there will be needed later.
There are so many nuances to each property that there is no way to do it better than in person.
Thank you for doing what you are doing. You are spot on with your analysis and advice.
The city permit office is approving the construction plans. But who is making sure that the constructor is following the plans.
When the concrete has been poured there is no way to find out if the rebars are adequate.
It may takes years to find out as in the case of the Surfside condominium collapse.
@@lambertois11 An experienced appraiser should be making sure the construction is perfect. There is no way to
redo a foundation if it was constructed poorly. There is a reason these safegaurds have worked for so many years. We need boots on the ground to make sure things are done correctly. Unfortunately, we are now
not needed. I think this will be temporary. We are needed. Hang in there.
The small home I built is only 560 square feet and very efficient and well insulated, great room one bedroom and one bathroom. Paid for, no mortgage, assessors at county is 238,000.
I purchase my condo in Naples in 2009, we have done very well. With that being said I would never buy a place in Fl. with today's prices.
Retirees are already moving out of Florida due to this very reason along with the high cost of living. I probably will as well.
Missouri or bust !…….🇺🇸👊🏼
@@jamesfyffe2610 -- Long as it's not St. Louis.
Move to Texas, I pay $73 a month. If you need last chance insurance you have bigger problems 😂
I'm 9000$ away from paid for home. I ain't going nowhere.with no mortgage I'll be able to afford all the rest of over priced crap.
@@jamesbass9797 So much country if you can retire in it. Cheap n beautiful
I was in Florida in 2010. .. I moved back to Ohio in 2011. My cost of living dropped 75 percent the pay is better for the same job . Yes we have snow .. but the cost of living is 75 percent less.
House is finally paid off here in South FL. Cancelled the insurance. Have a rainy day fund set up for fixes as needed.
Take the monthly premiums they would've charged and instead invest it into a brokerage account, money market, high yield savings acct, whatever will give you the best returns. Don't pull any money out of it, just keep save save saving. That way even if you get hit with a massive repair bill you'll have that slush fund always available.
Your thought process is the right way to go
@@FamousWolfe That is exactly what I'm doing as of this year. I figure I had a high deductible anyway, and since nothing happened to my house in 34 years, no hurricane/fire/catastrophic ground collapse/flood, etc. No claims ever made in 34 years, so how likely is this house to actually USE insurance in the next 15 years or so? Probably not very likely.
Over here in California
We paid about 4k for insurance
1 home plus 3 rental properties
I notice single story home cheaper to insure
So if I want to buy more rental
I prefer single story easy to fix
Less on insurance
It's just as bad in Houston, I just renewed last week. Rate went up 45% and that's after going from 3% t 5% deductible. There's a reason Warren Buffett likes insurance companies-you have to have it.
As a fellow Texan, I have to ask: Why are you in Houston? Between the felons walking free, your horrible leaders and the humidity, what is good there?
That's where he Made his $$$$ Cash Cow...;
I know someone in Port Richey FL . They have a good size pool home from the 1970’s.
The homeowners insurance company was about to drop them because the homes roof was over 10 or 12 years old . Their policy cost twenty some hundred a year.
They ended up getting a equity loan and replaced the roof , a/c and had the pool repaired . But it’s not something you really want to get into when you’re in your seventies and on a fixed income .
Yes it did increase the value of the home . But now the home owners insurance is creeping upward anyway it seems.
So drop the insurance...
I'm with you Michael give me real life interaction over social media and virtual anyday.
I know a couple that bought a two year old home nearby site unseen . And they were from out of state .
As it turned out they found their dream home.
The only problem was they both worked and one of them could not find work in their field . So after traveling and living out of a suitcase for five years they finally threw in the towel , sold the home and moved again . They were very nice people . And I feel sorry for what happened to them .
The risk is not knowing what you are doing!
Most people dont follow channels with information such as this one..a lot of people dont follow economic news. They may move but will move out soon enough. Same thing happened w/people moving to Cali in the early 1990s
It's happening in Georgia too. Our condo insurance just went up 37.5% in Atlanta. We had a major freeze in December that was so bad that it resulted in more claims for water damage than what you would see after a Category 5 hurricane. Several insurance carriers let the marketplace leaving only a few to provide insurance for multi-family homes. The result was huge premium increases and reduced coverage.
My roof is over 30 years old, I know because I installed it when I built my home. It is designed to last 100 years. Thankfully I do not have homeowner's insurance. The roof is concrete with a vinyl liner, topped with soil and planted with a garden. My home looks like an empty lot from the air.
Like in the Cheech and Chong movie Nice Dreams!
lol
Plant a bean stalk and live in a cloud
SO YOU HAVE NO MORTGAGE
What level high elf are you bro, or did you go with the wizard
Michael, you are so right about what you said about virtual reality and social media. It's ruining society. My daughter got depressed when the schools closed and went to virtual online school because of covid. She has not recovered and continues to battle depression and anxiety. I will tell you, it is so hard to find a therapist to see in person for mental issues.
Most therapist will only see you through Zoom now, and it isn't as beneficial as talking to them face to face.
There are plenty of F2F Mental Health Counselors, but many are private pay and won't accept insurance. I also think F2F psychotherapy is more beneficial for clients.
Are you serious? All my doctors have been back to normal for almost 2 years already. Where do you live?
Covid did not closed schools, government did by ordering lockdowns and school closures. The real reason why your daughter is not recovering is because she has no future with lockdowns and school closures destroyer her future, purpose, and agency.
The May 2022 FL legislation re home insurance stated if a roof is 15 yrs old or less the insurer couldn't refuse to insure it based solely on age. If it is over 15 yrs with a life expectancy of at least 5 more yrs of useful life as determined by a licensed inspector, the insurer can't refuse to insure it based solely on age.
Man I wish I found your channel prior to moving to Florida! You are always right on! Luckily, I have great instincts and rented first!!! Can’t express that enough when moving to a different state!! RENT first!!! And stop wasting money looking for your pot of gold at the end of the rainbow! My 2 cents is Florida is a great state to move As long as you can get housing on the cheap!!! Because every other costs will absolutely make you miserable!
Thank you for your kind words. People really need to understand that for the honest person money isn’t is very hard to obtain. Even if you get a windfall of cash through an inheritance or something just remember the all the forgone vacations and hard work that went into that obtaining that money. It’s not to be squandered on some crappy new homes with water park slides built 5 ft from your neighbor in the swamp and call that paradise. I’ll look into that what’s app.
Please keep your videos just the way they are. They are great. Thank you for all the work you put in to them.
Agree
Thank you so much, for your factual and blunt information! I was considering purchasing a vacation home in Naples, Florida. There are so many other countries where you can buy beachfront homes, that are affordable!
North of Tampa is way more affordable and less likely to be hit by hurricanes just not as nice
Naples is more expensive than Miami.
Thank you Michael for sharing your thoughts and very informative content.
The insurance concept is so fraudulent however I went through a Tornado 🌪️ in Nashville a couple years ago and StateFarm Paid me for a NEW HOME 🏡. I was 🍀 lucky 🍀.
Blessings, Carlos ✝️🙏❤️😊❗️
My roof is 28 yrs old now. Cement tile 50 yr rated. My insurance Co is requiring me to get roof certified that it has at least 5 yrs life left or else they won't renew me in September.
That sucks. What are you going to do?
@dlady4 luckily farmers ins has an inspection co that I can use and they charging me $100 so going to get it done.
Just commenting to keep current. Let me know how this works out. I too have a tile roof with many years left but it is over 20 now. No gripes yet that I can see... But if I can just pay $100 and get a cert I would like to know.
you got your moneys worth , replace it already haha
I paid off the mortgage on my modest home in central Florida only for the mortgage payment to be replaced with insurance increases.
My car insurance went from around $650 6-month premium to over 950. A buddy in the industry flat out told me that it was because Florida--having always been known as extremely litigious--got particularly screwed this year. It's going to get worse, before it gets better!
I'd had only one auto insurance company for 50 years(!) and have a good driving record. When I called the agent to tell her I wanted to drop one of the coverages, she told me it would make no difference in premium price--even though it clearly states the added cost right on the premium due notice. I immediately switched to another auto insurer, got the same coverage minus the one I wanted to drop, and that reduced my premium cost by $150. My old insurance agent lied to my face! Now I have 6 months' coverage for a little over $300 in N. FL, so I'm happy.
@@commonsense6967 I have USAA auto insurance and although I have been a member for over 30 plus years here in Florida they are becoming just like the others. So I switched to Amica and got a better policy coverage.
Usaa are used to be the best, but now they are far more expensive than so many companies.
Gentrification
@@l.ls.8890 My son left USAA to Travelers.
I agree with you about virtual house buying. I would never buy anything without seeing it in person.
In the 50's you could get a nice spacious home and a nice spacious yard for $15K. Ask Alan Greenspan. Home ownership is the key to wealth-building, if you keep it maintained and can see future trends in housing. Even once segregated areas can become expensive real estate areas too. Lucky for those who kept and maintained the property their parents worked so hard for.
15k was a lot of money in 1950. The average car was $2200 and the median household $3300.
It would be like saying to could get a nice spacious home in Tulsa for $350k today ... Oh wait ...
Many of the tiny home parks are in RV parks or are planted in pieces of land that are too small for developers and are in a unusual location land wise. I believe Tampa has one, and east of Orlando. They are popping up all over in multiple states. But they are always leased land, which can put the owners in the same dilemma as mobile home parks possibly.
Yes, the one in Orlando is leased land and the units are close together.
But the difference is, they are completely mobile. If you need to move them you easily can. Just make sure to upkeep the "chassis" so it doesn't seize or rot away and then you are better totaling the home.
Also, the point is to buy one and not pay rent. So save that dough for long enough, and then get out of it. Or just abandon it. That's what a lot of folks do.
@@LynxStarAuto They seem to not have a good resale value. Some use them as AirBnBs.
Space rent is becoming outrageous
Everything is a greed domino effect
Here's what I think: A virtual tour is good for a first pass on a home. If it passes the virtual tour, schedule an in-person tour; if it doesn't pass a virtual tour, it definitely won't pass an in-person tour.
Don't touch people walking by ... I'm not an attorney.
FL state legislature isn't doing a damn thing to get this under control.
What can they do? Insurance companies have to survive, or they leave the state, as hundreds have already done.
@@commonsense6967 Well, maybe stop wasting millions on flying refugees from TX. Then there's the $95M Ron wants for his own FL State Guard which is not needed. Funds from those 2 political stunts could be directed to Hurricane Relief. That's just a start. Plenty more of Ron's wasted funds could be directed to it as well.
The last time when insurance companies were leaving the state, they passed a bill that said you couldn’t sell car insurance if you didn’t sell so many homeowners insurance policies. That’s how things changed.
Let’s all go uninsured on the road
@@matthewsmith2362 like the old days? i got no issue with that. it was like that for 70 years in till Clinton time.
Contractors are charging ridiculous prices. I’m in Englewood, Florida. A $12,000 pool cage last year costs $24,000 now. Everything is 2 to 3 times the price. I hope they all go out of business. I do construction.
Yeah, construction and services costs have nearly doubled in the last few years. My new roof a year ago was at least triple what the previous one cost, and the new hot water heater was too!
Yes I end up doing everything myself for 1/3rd the cost. After you get the estimates you become real ambitious about doing it yourself.😂
In our area zoning laws absolutely prohibit tiny home communities. There is a square footage minimum that precludes these homes as well as the requirement for permanent foundations. In one other town in the state the tiny home community that was allowed leases the underlying lots as would a mobile home park, kind of defeating the affordability aspect.
I added a tiny home with 400sq ft as a mother in-law suite to our home, of course removing siding and adding stucco to match property , other than that isn't worth the headache, even in country side the cost of septic and well installation plus all permits and impact fees is better to have a full size home in it , provided you find land where isn't a 750sq ft minimum requirement
Watching this video from the comfort of my van down by the river 👍
Michael: I was fortunate to lock in 3% back in 2019 on a new build in Texas. At the time, we had no idea what would happen but it turns out that I bought at the exact right time. That 3% VA 30 year fixed is amazing.
Definitely be thankful that you did. We bought a condo at a good rate in 2020, but my wife wanted to upgrade to a house and we are very fortunate just to lock in a jumbo rate of 5.25% considering the average market rate is around 6.8% right now.
I bought my house in January 21 at 2.25%. The title person kept on saying how were you able to get that rate? I was like I just got lucky!
@@elvisjd710 This year?
Michael isn't going to read your comment...
Paying interest in any amount is nothing more than a wealth stealing tool!
Completely agree. All these financial crimes are like getting away with murder. There's no real accountability and it really shows.
why? if you were an insurance company it's your right as a business to asses the model. They are not doing it from the goodness of their hearts. They have to make a profit and same time pay million-dollar claims. This is capitalism.
The guy is doing 14 years in the pen and the math don't work. 67 policies 8.3 million dollars, just don't make sense.
all because a few scum bags that look to take advantage of the system that make the rest of us pay.
Inflation is the root cause. People don't know how to make ends meet so they resort to scams and illegal activities. This goes for businesses too.
@@dd-uy5lx How much profit do their stockholders and executives need? I think that's the question. So much of this "inflation" is done "because they can." Why, after paying premiums for years, does the consumer end up holding the bag when the company decides to go bankrupt or just walk away? It's a racket. No matter how you look at it, it's the consumer who suffers. I don't think the CEO is suffering or sacrificing at all. It's more like what Capitalism eventually becomes: A house of cards struggling under the weight of its greedy practitioners.
Yep, my FLA homeowner's insurance policy jumped 50% this year vs last year. Ridiculous!
I lived in a studio apt in San Diego and it was driving me nuts. You need even for 1 person a living room and a bedroom if you are working from home.
@@SailingSexy Glad it works for you - I would live in a studio if that's all I could have to have freedom.
@@rockpadstudios Me Too 😁. I live in my Master Bd Laptop,40" TV 6x6 window Done..Need a view Ponds ect near by..
I had to dump Farmers when my 2 car policy for 2 people went from $100 to $300 in a matter of months,, now we pay $98 for full coverage on 1 car & basic on the other + 2 roadside. and I am in Oklahoma with 2 squeaky clean driving records.
Michael . . I'll relate my story . I retired, and sold my foundation home of 400 SF (2016) and found a lot in the town I wanted to live in (2017) and purchased it . I wanted 336 SF Tiny House with a 144 SF porch . The town stated their minimum was 900 SF . OK then . I found a contractor, modified my plans to build two foundation "homes" connected with a screened porch . Move in was March 2019 . I live comfortably in the smaller side - and the "unforeseen benefit" was -- IF I choose to rent out the other side at market value, it would come close paying my mortgage . I do have more "house" than I wanted, but this small Oceanside town is a perfect fit for me in retirement . Good Luck with your choice ..
"TINY HOMES" for the same price of regular home-a VERY FEW SHORT years ago.
Tiny homes used to cost like half the price of a regular home just 4 years ago. Now they're what you'd pay for a house, completely absurd. Problem is that as much as they say they want to address housing affordability, the reality is that our government leaders have far too much of a vested interest in keeping the RE market the way it is. You think THEY want for their properties to lose value? Or their rich buddies who contribute generously to their campaigns funds? Lololol NOPE! People think we can fix this problem by voting, but literally everyone in Congress has a major conflict of interest and they can't or won't solve it for us because they would screw over their buddies which they won't do. Are you starting to understand just how fucked we all are yet?
Nowhere to run, nowhere to hide. The People might need to make a stand some day.
You should have done more research before moving to Florida!
Every State has Pros & Cons.
Moved to Florida in February 1993. I spent 20mo in between out of state overall.
But even in a Red state like Florida there is Cons. Florida has been Majority run at the state level for over 23 years by Republicans. Citizens was created in 2002 after the last big homeowners insurance crisis.
@@jasoncrandall73
Citizens Insurance was created because wage of Insurance Companies left Florida because of the high risk of hurricanes!
@@lambertois11
Of course. 1st Homeowners insurance crisis.
I haven’t had homeowners insurance for many years I live in a townhome we had a roof insurance claim go through and they replaced the roofs on our 4 buildings in late 2019. I don’t have a mortgage so I’m not required to have a homeowners policy
What if something catches fire in your townhome and it ruined and catches the neighboring homes, how would that be handled
@@tonyn3227 It would be a nightmare. You have common walls with your neighbor and his unit has a fire that affects your unit but your neighbor has no insurance. Unless your neighbor will pay for damages out of pocket, you are screwed. If both units had insurance, each units insurance company would coordinate to get the units repaired or replaced. Homeowners insurance also includes liability which is necessary in the situation where you would be liable for damage to your neighbors unit. So these people here in the comments that are bragging about having no insurance are crazy.
@@tonyn3227 Lawsuit, probably, as for the neighbors. Guess he better watch his stove closely. Since dropping my homeowners', I watch my stove extra carefully, too.
@@shelley8270 super risky
Interesting video, but it's not true that all Florida homeowners are now being required by insurance companies to replace their roofs every 10 years.
Liability coverage is 480 a year if your house is paid off. In the old days it was a mobile home.
Having bought our house in Virginia sight unseen while living in California , we bid so low we figured that into our offer & 4 months in it has worked out. Although your point about smell is well taken. We have a big paper mill in town & we do get a little smell about 2 days a week , but we were told about it & adjusted our offer . We took all of these things you have mentioned into consideration & made a low ball off & he took it. 😀
Citizens went from 1200, to 1900 this year for me, my roof is 19 years old.
Additionally, inflation has made the costs of home repair MUCH MUCH more expensive as well, so I can understand the increase in insurance premiums. With all of the additional costs involved in Florida now, I'm planning on buying and relocating to a different state. It's just not worth it. As far as tiny homes go, unless you're on an agriculturally zoned piece of land, almost all land in the US is zoned where you can't build a home on it under 550 Sq ft in order to prop up banks and property values.
That’s true. I had a well-known plumbing company come over couple weeks ago and out of curiosity. I asked them how much more they would charge me to snake a shower drain. Just a simple shower drain. They wanted $375. I told him I can do it myself goodbye.
I ordered new bathroom cabinets and they offered to install them for 3000 dollars. I told them it wasn’t rocket science and completed the job in 4 hours. What a ripoff.
@@latsnojokelee6434 unbelievable. That's highway robbery
@@william-fla-321 Very ridiculous..Honestly, I learned from my Dad how to do a lot of things myself for this very reason. I've stopped letting people rip me off.
@@standinginthegap7118 Not unbelievable when you factor in the plumbers license, General Liability and Commercial Vehicle insurance.
I bought a cheap place and own it out right and refuse to pay insurance on something that I own. If a 100 Year hurricane wipes us out so be it. Insurance is such a racket.
Yeap, we have to have insurance due to mortgage but insurance is such a scam, they don’t pay for crap unless a unforeseen catastrophe happens ( which is extremely rare) yet you pay them thousands a year we’re better off putting all that money in a account.
another good solid video,my buddy got screwed with his new house and he looked at it with 2 other verified home inspectors.look 2 times in person and know what you need to ask questions about!
SPOT ON ABOUT TINY HOMES! We bought a small home for 18K,, and the lot next door for $500,, in the winter they were everywhere around me,, neighbors say flippers have found our town (8000+/-) + everything you need within 30minutes if its not offered 'in town'.- I moved from Houston,, we have more than enough places to eat CHEAP. small towns have an 'honest vibe' to them and the property taxes are low.
The big difference with tiny homes is they are mobile, and usually, the people in the tiny home don't own the land they sit on. In that respect, not a lot different than a mobile home, except maybe smaller, somewhat easier to move, and cooler looking. Also, most are a cash buy
I had Citizens Wayback in 1999 when I lived in Florida. At the time I was paying $2000 a year for coverage and I wasn’t even near the water.
U were on citizens Bec no one would insure your home
Yup- because most insurance companies won’t ensure any homes. Unless you have a mansion and can get Lloyds of London, welcome to Citizens land.
1999 , hahahaaa , so how old are you now, 127, hahaaaa
Poor Denny. OK, let me explain it for the 12-year-olds… If I was paying 2000 a year for insurance back in 1999, it’s probably far more expensive nowadays.
My neighbor had Citizen and was paying 5000 dollars a year in 2000. You were lucky.
Hello Michael :)- I have been referring my customers to anyone who is interesting in buying any kind of real estate!!!! Keep up the great work!!! Kudos to you and your channel!!! :)- I am actually looking into the the tiny home concept and I appreciate you addressing this issue :)-
Your content is under-appreciated.
The difference with a tiny home is that they are mobile and road approved. And there are enough of the parks (or family backyards) that tiny house occupants can move if the landlord is too greedy. it''s much harder and more costly to move a 1000 Foot mobile home. Some are quite a bit larger.
Had a new roof put on yesterday due to wind and flood insurance doubling.
I bank with USAA and live in Oklahoma, my Homeowners Insurance went up 50% for 2023.
Tornado alley.
My home insurance went up a hundred here in Florida. Like 5%.
Ten FL insurance companies went into receivership since 2021. United Property Insurance was the latest in Feb. Didn't have an adequate level of reinsurance to meet the claims from Hurricane Ian. Why not? Where's the regulators? Just like with the banks. Asleep on the job.
My hat's off to you Michael! On-line realty, virtual?! Quite a few people (which you're already aware of), appreciate for being very thorough with your infos.
I'm in the country an hr away from the beach. No flood zone, no hurricanes. Everyone here has a shed and a camper in the backyard, another shed. and another one...code enforcement doesn't really come because than half the county would be homeless and they only got 2 guys working for them. Best insurance comp is Farmers. Property taxes are 0 for disabled veterans.
I watch your videos every day. I lived in Florida for 30 years and thankfully my home is paid off
The people moving to Florida better think twice about moving here I'm hoping people move out of Florida. Too many people now
I want my paradise back 😅
Everything Michael says is absolutely true. It's even worse
22 years ago we paid $185k for our 4000 ft custom pool home. It's probably worth close to $750k today. Unless your a millionaire, you couldn't afford it The insurance would be $5k a year alone. My insurance company went bankrupt last year . I haven't had insurance since then. It's all based on fear
Fear and cost causing distress ..unload
You can insure yourself when you're mortgage free.
Billionaire Ranch owners are selling.
Shits outta control
Property Appreciation in Florida is off the charts with everyone seemingly wanting to move there . While in many parts of the Country Real Estate prices are at least stabilizing somewhat . In Florida Tampa/St.Pete Real Estate prices have risen an average of 10% . With Miami Residential Real Estate rising an average of 13% . As the property replacement costs for Insurance companies continuing to rise . The very expensive development along Florida's vulnerable Coastlines also continues unabated . Meaning costs will only continue to rise for most if not all of Florida's Residents .
You need to check out the neighborhood at different times of day, check out the neighbors
Seeing anything in person is much better than seeing it online. Social media has brought out the worse in people, it should really be use as an educational tool for example, the videos you put out are commentary but also makes a person want to visit those areas.
Be careful with tiny homes.
If they are tiny homes on wheels (THOWs), parking is an issue, though a lot of times you can find people with land who will lease a place to park.
If they are stick built, lots of places have minimum square footage requirements that will prevent you from building it there, so check that thoroughly first.
Property ownership 50 plus years with greta thurnburg writing rules?
@@MR..181 Nope. Try old Boomer Karens not wanting their neighborhood ruined by small houses being built by them. Minimum square footage rules have existed at least since the 80's to prevent the building of smaller less expensive houses in neighborhoods to keep poor people out of the neighborhood.
@@paulconner4614 I would say it has more to do with insurance companies providing homeowner insurance priced based at least in part on how big the house is.
The reinsurance companies stop writing in Florida it is game over for Florida. We're about 2 direct hit hurricanes away from that happening.
We’ll they’ll figure something out
Other wise lots of people can’t pay their mortgages and then they all default and a lot of bankers and really rich people will loose a ton of doe
We all know the government won’t let that happen to often.
Remember a decade ago they were threatening $50k flood insurance in FL, after NJ got hit.
Well, never happened.
Florida is ultimately self insured. At its core.
Technically we don't need any private insurance.
Big Don ur Parent's Home OK I flew home in that mess from Nashville. 1 hr late added more Fuel to the plane but Safe..ALOHA😁😁😁
Where do the Bankster's keep their money?
Besides Gold/Silver.
Insurance Companies.
Think about it.
Let us not forget Property Tax?
I quite enjoy my small place. It's easy to maintain, super Energy Efficient. My Utility Bills run between $25 to $50 per month.
I'm saving money to hand build a Log Cabin near Lake Superior. Winter is Brutal but Fishing and Hunting is awesome. 💪
My advice build far from water. We had a cottage on lake huron for 16 years, sold in 2020 during covid. Our insurance broker would not insure for overland flood only fire and theft. When we sold I called and asked him why, his response was all insurance companies expect the great lakes to rise and many owners will be wiped out due to climate change..Good luck, you are definatly correct about winters.
@@lenguindon5019 Good point. A few hundred feet above the Lake should do.
24:00 Another amazing video, making excellent points. Thank you, Michael!
I could not agree with you, more. AI cannot replace reality. This will continue to desensitize human behavior and erode real-life, quality standards.
Thanks J! I totally agree!
MINE WENT UP FROM 3900 TO 4300 ... I LIVE IN HOMESTEAD ON 2.2 ACRE FARM
Mine in N. FL went from $1,200 in 2022 to about $3300 in 2023, if I hadn't dropped my insurance, that is!
@@commonsense6967 That's Absurd, getting squeezed from every side of the table.
In 40 years of home ownership, I never had a homeowners claim. I maintain my houses myself and any little things that occurred, I repaired myself cheaper than any deductible. I would only use it for a big loss.
New Jersey as well as NY
There are so many things that can be wrong with a home. After being involved in multiple purchases. I've yet to catch everything, even the home inspectors miss significant items. I can't imagine doing things remote. One lesson I learned from looking at online pictures. If something looks like a minor blemish, it's not a minor blemish in real life. For example a slight discoloration you see on the ceiling may not be picture artifacts, but major water damage. Once I feel in love with a home and we went and look at it, and it smelled like a sewer.
Home inspectors kill many deals over stupid things that a good carpenter, plumber or electrician can fix in under a day. It the typical home inspector makes the problem seem like a catastrophe to the dumb buyer, thus killing the deal. It’s comical, we’ve bought and sold more than 20 homes over the past 20 years and we always avoid home inspectors…..they are a waist of money.
Gentrification is a cyclical problem it's funny to hear you guys complaining about it now. The locals told you years ago
We're renting a comfortable home and investing the rest. Works for us.
@@steveherron9978 that’s good, everyone has their own path to take and thankfully the freedom to take it.
No ethical realtors available? I have always relied on realtors to disclose these threats.
Never was SALESPEOPLE like Used car !!!
Our car insurance went up and we are retired and only drive around 8,000 miles a year???
Yes,where do we put those tiny houses?
I have seen over 20 properties in the course of 3 months and I can assure you that what I saw in a photo vs in person was night and day. Virtual is a horrible idea unless you like junk or have disposable money to fix things. So many issues with that idea.
Virtual will not replace touchy Feely. It will cut down on the number of homes you physically have to show though. A good thing.
No income tax but death by a thousand cuts otherwise.
That's Tx. a 1500 sq ft is at 6000K prop taxes!
Yup. I was thinking about going back to Florida and retiring there but I’m not so sure now. Housing prices are overwhelmingly ridiculous, schools are bad, insurance rates are outrageous.
@@latsnojokelee6434- You should try maybe, South Carolina. I only live in Florida because I'm from Florida.
Thanks for another Great Video Michael. I always seem to agree with you on just about everything.
Virtual reality is great to tour and understand IF you like it enough to book a real life visit ! No time waste
Insurance companies are in business to make money not insure homes. If you don’t like high rates talk to your lawyer friends and dishonest claims made by dirt bags. Tiny homes? Why not a tent like in LA. Looks like you will have to sell your Rolex and Lexus.
I am in Georgia. Mine went from 874 to 1074. Apparently it’s justified because the inflation and costs have went up.
Funny you mention the VR RE experience. Several years ago my son built a VR platform to do the same thing. The company he worked for couldn’t sell really sell it to enough real estate companies so it went nowhere. Metaverse ruined VR I think for most people. 10,000 programmers and tens of billions of dollars every year and they produced junk.
A I or virtual reality is for a game, never replace real person, sadly even medical consultations are done. ....ended up with the wrong diagnosis
Thank you for keeping us informed on the Florida homeowners market. It's great to hear this from a local!
I am from Orlando, living in Atlanta. Just told my sister and brother in law from CA NOT to move to FL. Home prices will eat up a lot of their money they will get for their house.
Thank you
When they started forcing people to get new roofs at 10 years that is the main issue and our legislators need to go back and fix. My insurance agent says it's not the natural disasters-- its the roofs and the lawsuits. And its not fixed yet
I think the legislature did outlaw assignments of benefits from homeowners to businesses a few months ago, as certain roofers and dishonest homeowners created the rip-off of insurance companies, apparently.
Why are we paying so much to insure the land?
Great video, Michael! I have a friend/coworker, who wants to buy a tiny home on Oahu, so I sent her this video. (I told her she should look at the Pensacola area.)
I have lived all over N FL, and always liked living in Pensacola. Nice beaches there, too.
Yea, was thinking about moving to Florida, used to be the real estate wasn't real expensive, probably due to the weather risk, now it's expensive and you can't get reasonable insurance either, it's a shame. Not sure how Florida makes sense anymore.
I have Citizens Ins and I was not required to purchase flood insurance.
That's a relatively new change though. It's probably coming for you.
@@TheSkete -- Very well could be.
Michael when you decide to sell your home give the person the mortgage. Thirty years of paying you is just as profitable as paying some banks. If the person does not pay, you still own the house if you have your contract written correctly. Your new homeowners have to pay utilities as well as taxes, their responsibility is to pay you for the house. Give them a fixed rate. If your sale price is 400,000 if someone pays you 1,200 per month over a 30 year period which is 360 months you will receive 432,0000 over a thirty year period, think about that, if you sell to a working couple that is $600.00 per month for each person. Something to think about. It can also be your life insurance policy.
Now days I just come in and hit that like button off the rip. Always some good content.
Roof has to be less than 10 years old to get insurance? As in shingles?
Coming soon, tiny homes property tiny taxes and fees, ESG compliance etc… and the land ownership issue, buy land and park your tiny home that’s part of the math
Those insurance prices are nuts in Florida 😳
You're paying for the last hurricane.
We are paying for the mistakes of the last decade. Florida insurance has always been very high compared to neighbors because of the high rate of insurance claims
You're paying for gentrification but won't acknowledge or admit it 😂
@Justin Talks Film is that what they are paying for?
We’re paying for lawyers filing shingle roof repairs, sink holes, hurricanes, the condo collapse in Miami, and it’s going higher every renewal. Same thing with car insurance in this no fault state.
All homeowners need to file for bankruptcy and not pay anything else
I don't understand. Why?
All homeowners?
What would I file for? What debts?