All Forum Posts by: Jeff T.

I would double check they insurance rates. Insurance went up something like 40% statewide last year. Unless the house was built since 2017, your rates are likely higher than that.  

Also, property taxes will probably increase if the current taxes are based on an owner occupied tax exemption or if the assessed amount is low. You can find out the millage (%) in your area at the county tax assessor website to get an idea.

Not saying anything about the deal, just make sure you don't have any surprise numbers.

Also, my understanding is that newer homes (2017 and newer I think?) have rates significantly lower due to the latest building codes in Florida

John Schaub (he wrote Building Wealth One House at Time) self-insures his Tampa properties (for property damage, he has liability ins.).  Of course you need to have it paid off, but this is a possible option, depending on your situation.

It didn't seem like a good idea until insurance tripled and you can buy a new roof every 2 years for what insurance costs.

The first thing I would do is to see what additional cashflow I could get out of the existing properties. I was not making money on my rentals and realized my rents were under market, I was paying too much when the properties turned over, and I switched my property insurance. After doing this and switching property managers, my cashflow increased a lot.

Rents have gone up in FL considerably in the last few years. Anyhow. maybe looking at current rents and expenses can generate extra cashflow.., without any extra cost.

Maybe take a look at what Bruce Norris is doing in the Cape Coral area building new homes to sell or rent and see if that works for your goals. The Norris Group. He started in 1980 and  has over 15  years of his podcast/radio show to see what he's about. 

Be careful where you put that money, because we are likely at a peak for real estate (definitely in CA) and other investments.

Great to see a meetup in Culver City. I can't make it today, but I would like to catch one in the future. I am looking to buy in Culver City in the next few years if it makes sense. I bought here a long time ago and have properties other places and wish I had something local also.