All Forum Posts by: James Bitakis

But if wages don't keep up, how can people afford to "just pay higher rents"?  I think the super duper insane home price increases will stall, because now rates are 5% and going up, but I don't see a fall like 2008 either; rather a plateau at these now higher prices or a smaller increase this year of 4-8%. IMO

I know I have named 3 different areas, but I am looking at the Winter Haven, Haines City, Poinciana, Auburndale, FL. areas to buy a SFH to rent out for a few years, then move into it myself. What do 2200-3000 sq foot homes rent for in these areas? Also, are they nice areas to live in? I am clueless on these areas, although my friend who lives in Clermont, FL. says "Poinciana is the armpit of Florida". What say other Floridians?

I am thinking about buying in the Plainfield, IL. area, a SFH around 2200-2900 sq ft. Basically I am going to rent it out for a few years, then move into it. I see rents for homes in Plainfield, IL. that were built from the late 1990's to 2010 renting for around 2600-2900/month. Are investors finding it hard to find qualified tenants for these large SFH's at these rent prices? I am looking at 4 bedroom homes to buy.

Well Lexey, since I posted that question about home prices, they have gone up a little bit more or stayed about the same, however interest rates have gone up about 1%! in 2 months.  Making a 300k mortgage a few hundred dollars more.  If rates go to 6 or 7% how are people going to afford their mortgage?  I think many may hold off at that point, until they save some more $$ hoping rates will come back down.  Just my opinion.  

@Bob E. Are there specific rules on Airbnb and STR in the Phoenix area? I notice property taxes are lower than almost any other large city. But prices have really skyrocketed in the last year, like 25-30% in 1 year! Do you think that will slow down when rates go up? Can the pay in Phoenix support the 20% + real estate gains each year?

@Matt Pursley I don't think Orlando outside of Disney is "lame", at all. There is soooooo much to do in the Orlando area, YES outside of overhyped Disney. You have Universal, Seaworld, Ziplining, Jet ski riding, horseback riding, 4 wheel riding, and a boatload of other stuff. My question is this: Will Orlando ever turn into a hostile area for STR, like Vegas has?

@Rene G. No way. That is a private medical decision between your tenant and their doctor. Dumb dumb dumb. Talk about micromanaging.

@Jaron Walling do you see the hot buying (bidding up prices, etc.) slowing down, as rates rise later this year?

So, I have noticed that real estate prices have really skyrocketed in Orlando, Phoenix, etc. just over the last year. I mean they have gone up 20-25% for SFH. Do you think this kind of rise is sustainable? Do you think prices will crash (like 2008)? Do you think prices will just stay about the same for now? We all know the Fed is gonna start a series of interest rate hikes so will that affect the prices and demand? I just can't see people's income able to keep up with higher mortgage prices. The low low rates as of the last couple of years along with recent high demand after people felt we were getting over Covid has swelled prices, and the low rates kept the total payment in check, even as prices rose. But now, with higher interest rates coming can the prices keep going up, or will they just stall but not crash? Thoughts?

Will sfh home prices in Central Florida ever cool off? What if interest rates rise a lot?