Affordable Housing is Becoming a JOKE! 

Home Insurance CRISIS - What YOU NEED TO KNOW! ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-usq_0JL33n0.html

I feel like I'm just rich enough to qualify for nothing, but poor enough to struggle.

Once Section 8 moves in it is ''game over'' for the neighborhood. That is why I stay a renter,....if an area turns to shit,.....I am out.

$76 million is insane. Even if you are that rich, why in the world would you spend that kind of money on something on a tiny lot that anyone can just walk up to? For $76 million I would think someone would want a massive amount of land away from everyone. And wow I just saw the $39 million for a plot of land? I'm starting to believe the theory that the Miami real estate market is a money laundering scheme.

I feel like small, starter homes are never built anymore. My parents do pretty well for themselves, so they moved to Naples from Chicago right at the beginning of the pandemic, and they paid $650k for a new build that went up in value to about 900k by 2022. That was for a 2400 sqft home with massive ceilings and brand new everything. What happened to the new homes built in the 50s-80s that were basic, and built just to house us? I'm just scared watching this luxury of everything as a 23 year old who just started their professional career.

Section 8 seems like a good idea, but it just helps the big corporations pay minimum wages. It may help a lot of people but it also helps Walmart, Lowes and other big chains by subsidising their wages. I don't have an answer because I don't think we should have homeless in a nation as rich as the USA, but I also don't like companies paying the CEO 12 millon a year why the workers get $12 per hour.

Did anyone else catch Michael walking past the UPS truck while talking about people not having enough savings to retire on? You can't even count on a pension anymore even after working for a company for 30 years.

I refuse to accept section 8. Had one of my rentals destroyed by section 8. Of course section 8 is refusing to reimburse for damages, so until that bill is paid, there will never be a section 8 in any of my rentals.

I've been a landlord for over 15 years and EVERY section 8 voucher tenant has trashed my unit. I make sure I do not advertise a vacant unit and only get folks that can pay their rent themselves. I have one couple that were not HOC tenants before when I rented to them, and the left to go to another neighborhood, a nurse and a former security guard. Now they are on HOC since she is retired and he got shot loosing their ability to work. They are HOC tenants, BUT they are clean, responsible, and she is fastidious about cleaning etc.

My 75 year old dad is having the ultimate retirement on a budget. After my mum died, he sold the house that they had from their 50 year marriage, bought a sailboat, and is sailing around the Mediterranean islands stopping for lunch each day at nice little cafés, and cooking fish and sausages on the beach. His English government equivalent of Social Security is deposited in a bank account, and he has far more than he needs.

All those fancy way-over-priced homes will ALL be among the first totally sacked when SHTF

The big problem with any plan for the future is the way things can turn in your disadvantage and you did not see it coming. For instance, a good way to make retirement affordable is lowering your monthly cost. So, many in Spain invested in solar power, a pretty good move now the cost of energy is doubled or even tripled in the last 2 years. But then the Government decided they wanted a piece of that pie, so they made a law and now your "free" solar power is turned into a means of income and will be taxed. So owners of solar systems where forced to install a meter so the Government can tax them. This is just one of many examples in which the Government takes your changes of retirement from you, forcing you into earning an income.

What on earth is the city of Miami doing with all of this property tax money they take in?

This whole country has become a Joke!😂

I was a landlord 35 years. Had two section 8 tenants. Some of the best tenants I ever had, the inspection is minor and keeps your apt up to code. HUD guarantees the rent. In my case it was an 80/20 split. If the tenants fall behind they lose the certification they waited years to get. Non section tenants can trash your building and all you get is a measly security deposit. Take em to court and they end up judgment proof. Waste of good money going after bad.

Given the average salary for a single person in this country, no one should expect the average 401k to have a balance that will do much of anything for them later in life.

A friend of mine who has 60+ doors is starting to only rent many of her properties to people on section 8 because she knows with section 8 the rent always gets paid.

I'm on the fence about section 8. My mother in law in California who was on section 8 got a notice from her landlord that seemed the day after the pandemic moratorium to keep landlords from giving rent increases or notices to vacate was given a 60 day notice to move. Apparently the landlord wanted to move someone in that could pay the crazy rent amounts. We weren't 100% sure if it was all legal but we felt she didn't need to live in uncertainty even if she was able to keep her home. Her only options were to either become homeless because there was no available housing where she was or move in with us out of state. She didn't want to leave her hometown but she opted to move in with us. Luckily we own our home and the move was easy. She had her section 8 voucher transferred here and the rental market is very tight here too. She did however find a place that came available and applied but unfortunately her voucher was $125/month short of the market rate for the unit. Housing Authority said it takes a very long time for the state to catch up with what market rate is. She unfortunately didn't get the unit and she has been with over a year and on multiple waiting lists and still waiting.

I’d be surprised in a year from now if we even have a company called Opendoor. It’s about to be closed door… damn Michael that line had me dying.😂

Fun fact, that McDonald’s promotion was rigged, the guy who was suppose distribute the winning ticket kept them and gave the ticket to mobsters for a cut of the prize money and this went on for years until the mobster passed away and his wife snitch to the fbi because he went to a rival mob family to continue the scam and she did not like that. When he finally got caught mcDonald’s did not press charges on him because he had dirt on McDonald’s, apparently McDonald’s was promoting the monopoly promotion in Canada but never actually send any winning tickets to Canada and they did not want the negative press

I had to move to Affordable housing due to the high rent. Well I am blessed that I am in 55+ community. but when and if even at my age I can afford a place I am moving. its all electric, fob to do everything. this place tracks your every move. we have cameras everywhere there is no privacy. camers even in the community room. but the best part is there is no smoking in or outside on their property, but we do have many from addiction homes that live here. I could go on about all the problems but so far its just a roof over my head and waiting to leave for a better life. never saw this coming at me.

Unless I was in desperate mode, I would never rent my property to S-8 individuals. I have seen the destruction or damage caused by those type of tenets in some nearby communities.

76 million for that tiny dump is a joke. One 1926 style hurricane and it's gone. Miami is a total nut house. When i was a child my parents used to look at homes for sale, and you would be amazed how many fine old homes were available in the 1970's cheap. I have seen some large historic homes in other states that need work but are selling cheap. Sometimes you can find an office building or abandoned church or school available. Seriously i am considering leaving Florida and instead of building a new home just buy an old church or school. Would be cheaper to put my tropical garden in a greenhouse instead of living here and paying those insane property taxes.

There are many towns and cities, nice ones, with affordable homes - just not in the popular/ hot cities.

I learned in the late 90's that rich people don't finance homes I've always done large commercial construction, and when we were slow, I would would help the residential side, and we would work on multimillion $ homes and I remember asking what kind of payment was on one of the homes . The general contractor laughed and said that rich people wouldn't be stupid enough to pay interest on a multimillion dollar loan

I suggest you offset your real estate and get into stocks, A recession as bad it can be, provides good buying opportunities in the markets if you’re careful and it can also create volatility giving great short time buy and sell opportunities too. This is not financial advise but get buying, cash isn’t king at all in this time!

@michaelBordenaro now people with good credit will now also be penalized subsidizing those with poor credit scores

Small mom and pop landlords do NOT have to rent to Section 8 tenants. I looked into this years ago, and it's a huge added hassle to rent to Section 8 tenants, so I've never done it. For example, the house I was offering for rent was built in 1954, and therefore accprding to Section 8 rules, I eas going to have to strip off all paint and re-paint with acrylic paint, even though whatever lead paint that had originally been used had long since been painted over with acrylic already! This would be an absurdly high cost to me, even 20 years ago. And as far as I know, my renters since then, all adults, aren't interested in taste-testing the paint chips, lol.

I have been retired since 53 , now 67. Retirement is not a big deal. I travelled many years before I retired and travelled somewhat after but now I am happy just working around my properties, piddling, and going to the gym. I do not spend money on expensive hobbies I did cycle New Zealand at 64 years old and do go to the Galapagos for free diving when I go to my vacation property in Ecuador. I am single, retired military so my health care cost are only Medicare. Moved to South Carolina in 2021 where it is extremely cheap. I make more money now with my pensions and investment than I ever did when I worked from 9 to 5. Planning is key.

Every day we have a new problem. It's the new normal. At first we thought it was a crisis, now we know it's a new normal and we have to adapt. 2023 will be a year of severe economic pain all over the nation.. what steps can we take to generate more income during quantitative adjustment?I can't afford my hard-earned $80,000 savings to turn to dust

I planned my retirement decades ago. You have to have 3 key things to get there. 1. You must save and invest in your retirement. 2. You cannot have debt, pay it all off. 3. Your health is paramount. Take serious care of your health and avoid diseases from poor lifestyle habits. Living simply below your means is the key. We owe 0.

There are legal ways around accepting section 8. One is to require near term lease start. This means put the unit on the market in the third week of the month and require move in on the 1st of the next month. Section 8 vouchers require a drawn out paperwork process with overworked social workers and underpaid home inspectors required to sign off on a property before they approve the home for the voucher program. This sometimes takes 6-8 weeks after the recipient has applied for the home. A market rate tenant can usually move in right away, hence putting the voucher tenant at a disadvantage for any reasonably priced house in good condition. Of course, no landlord wants their property to sit vacant and will begin advertising a vacancy as soon as they have notice from the current tenants, but market rate tenants won’t rent sight unseen due to the number of scammers. It’s just a game of whack-a-mole between government regulations and landlords these days. The best use of public housing funds is for the government to build housing. Public housing used to be a thing in the 1930’s through the 1950’s. It worked extremely well. The homes weren’t fancy, but they were solidly built by the army corps of engineers and military recruits during peace time. The houses supplied training for apprentices in the trades and created wealth for a generation or more. Throwing money into the private market is only going to benefit those who are already wealthy.

Wow! The prices on those homes were INSANE!!

Stay the hell away from section 8!

Section 8 has contributed to the absurd cost of housing. If left to the free market, those rents would be lowered commensurately to a tenant's true earnings. I never accepted it as a landlord.

Those section 8 inspections rarely pass the first time in my experience. Time delays work against the landlord.

Opendoor was crowing about how smart they are when Zillow bailed out of the iBuyer market. They've NEVER made money - their "profit" last year was the spread between sale & purchase price BEFORE their bloated administrative & sales costs. Their numbers are a mirage.

Of course I agree for govmt help for the disabled, veterans & working families! Rents in So. FL are out of touch with salaries here 😒

Institutions outbidding families for homes and then turning around and renting those homes back to families for more than they would have paid monthly with a 30 year fixed at a 3% rate is disgusting.

Did you hear that the higher your credit score is the higher your interest rate will be, and the lower you credit score, the lower your interest rate😳

It’s all getting to crazy . Hope we don’t turn out like Argentina . The greed at the top just got to out of hand.

shut HUD down is my input.

Great video. Love the discussion of specific properties.

Section 8 is a nightmare to rent to most are drug dens and trash the properties and the cost and trouble t is not worth it ruin neighbourhoods.

How come all these rich people, whose houses you walk past, don't seem to park their cars in their garages, or..................don't even have any garages at all?!

Solution is not allowing investors to purchase houses and treat houses like a necessity and not an investment.

Very good points 👉 thanks for the video

Thanks Mich!!

I love that you managed to end it optimistically with bright plans for the future ❤ sending good vibes

That is so funny 😂 " counting the cars going by" 🤣 I agree! I'll work for ever because I love what I do, and I am lucky I get paid well to do what I do. I wouldn't want to retire to do nothing.

Great advice especially for younger folks because maybe their parents dont explain this stuff properly. The florida backdrop is OMG beautiful thank you.

Thanx very smart info! Bro. Feels like we are all shrinking including food

I always love hearing these stories and your commentary on these houses for rent. That crazy asking price for just that lot on the water is ridiculous!

Hi Mike, just wanted to say thanks for your consistency, your videos have become part of my daily routine.

Over next 35 yrs I could spend 540000 in rent in apartment ...and all houses are over 500k in Texas..why would I buy a house

Soon as I saw that scary box at the intro of the video, I KNEW it was going to be obscene before you even said it LOL. No way I'd ever want that EVEN IF I HAD THE MONEY! That's absolutely bizzare for a 76 million dollar house. There are so much better properties with even better locations for significantly less. Totally bizzare.

Absolutely Mike... My prop tax bill went from 1700 (prev owner) to now 4800.. Wish my realtor had warned me about that before I signed papers...

Open Door purchased my house for a large amount and even the realtor didn't understand why. No one else even bid on the house. I'm sure they will lose money on the house (in Tucson).

I was thinking the same, why would they want a loan.

In California, the property assessed value is re-set to 1% of the purchase price upon change of ownership. To that they add various district taxes and assessments. I usually figure the new property tax bill will be about 1.2% of the purchase price as a rough estimate. Then in future years, the tax bill (the part based on the value, not the assessments) is limited to a 2% increase per year even if the property value has increased more than 2%. However, if the property value goes down, the tax still remains at the prior year's level until the shortfall of prior years is recaptured by the county. It's a bit complicated, but you can be comforted knowing that the property tax won't shoot up in a future year just because the county needs more money. This scheme was established long ago by an initiative measure called Proposition 13. The trouble with it is that commercial buildings owned by corporations don't get sold very often, so their assessed value is seldom reset to market value the way that residential property is. There have been proposals to split the tax roll into residential and commercial and reset commercial values every so many years (3 years I think was the last proposal) but that never passes in the state legislature or by popular initiative. So commercial property doesn't "pay its fair share" of property taxes.

Crazy about the taxes . I just subscribed learning a lot.

Lived in Milwaukee Wisconsin. 1/4 of that city is section 8. Might help some but most seem lost and enabled to make poor decisions. Its weird because there are houses for under $30,000 that are ready to live in yet you have to be a certain color to not get cut or killed. Jobs are plentiful as well.

for many seniors tiny homes are the future 20,000 for the home and 400 monthly lot rent

We're retired on alot less than 1.5 mil. Paid off house and cars it's easy. Retired at 59 with no debt.

Wow, I wouldn't pay 350k a month for that or buy it for 27 Million. Just don't see it! Happy Friday Michael, Thank You!

Good job Michael 👏 I enjoy your channel as a R.E. Estate Appraiser in CA

👍👍 awesome young sir Stay the course

Thank you so much Michael 🙂 You really are sounding the warning cry loud and clear. No one can ever say they had no idea. You are teaching us through your videos how to be prepared! You're awesome 🤗

I consider myself pretty fortunate. I developed type 1 diabetes as a child so what that means is I don't have to worry about funding a long retirement. My wife is also disabled and we never had children. So even though I don't have a large retirement we will be fine. Based on my projections I should have about $1.5 million and no debt of any kind by the time I'm actually able to retire. Silver linings folks...silver linings.

Some company is probably to acquire Opendoor. Maybe a company like Amazon successfully restructures the company and Amazon gets exposure to real estate.

It's easy to say own your own business. Harder to put into practice.

The HUD section 8 vouchers only apply to those who meet the "proper criteria".

I've been thru probably 50 or more opendoor homes. They are a joke. They buy the worst looking homes on the market.

section 8 works in certain markets, particularly in neighborhoods that are borderline. I never accept it in my homes located in nice areas because there is an abundance of very qualified tenants.

Well, one thing for sure you don’t have to worry about section 8 in your neighborhood also growing up in Philadelphia across some public housingI understand a lot of the issues pertaining to section 8, and you need a much better vetting processf For the potential tenants and a willingness on their end to help with the upkeep of the properties. Also, I’ve known homeowners who are more than willing to rent to section 8, because you gotta guarantee income, and as far as your comment about the hassles of home inspection that should not be a problem because all your fixtures outlets flooring walls ceilings should be in compliance. Regardless, if there’s section 8 or not!

Good job keep it up thanks you are very good at what you do Tom

Michael let be give you a comment that no one has probably said to you before. You are already retired. How? Your choosing to do what you want with your time. You are not obligated to make videos. You choose to make videos because you have found a passion and monitored it. You can take this RU-vid business you have created anywhere in the world. Trust me my friend, you’re retired. And retirement is so overrated. It’s about financial independence and choosing how you spend your time. You have no boss telling you what to do. You are retired.

The prices for insurance and taxes shown in the listing are per YEAR, not month

In my area (Portland Oregon) Open Door keeps offering to buy my property for at least $100,000 under value. Yeah Right.....

You can retire on a lot less just have to be out of debt and live modestly no you can't by a 500 thousand dollar home and live in these high end areas

I love your videos I start my day everyday watching you are very knowledgeable and I fully agree that the csn keeps getting kicked down to road to prolong the enevedible many people don’t think prices will come down but I don’t agree only way it can be affordable is to drop rates diwn to 4% but ofcourse if that happens it will shoot prices up and that will seriously crash in my opinion

😂 the breakdown of numbers in the beginning is awesome. 😂

Section 8 is charged more to rent because I was looking in Ft Lauderdale and the Section 8 landlord lowered it for me because I was working not using Section 8 .Is that legal ?

I had to back up the video .. 350k per month 😂😂😂😂😂 with a dead tree in the front and poor landscaping. No way!

The retired couple who took out a HELOC at 9% were probably avoiding a tax payment on the withdrawal from their retirement account.

Adorable housing in Colorado is trailer Parks..the projects..run down houses.. apartment's.. really cheap motels.. tent's..slum Lord places..or just being homeless.

Michael you have very good common sense videos thank you. Excellent

the McDonalds Monopoly thing was fixed. They did a documentary on it.

Michael, I recently subscribed to your channel and really enjoy watching you take your walks in my hometown. I know it's hard for a lot of people to fathom, but Miami used to be, in the recent past, an affordable place to live. I grew up there from the early 70s all the way through college in the early 90s and, back then, $70K would get you a nice house. That's the single biggest reason why so many people of immigrant background, but who've been in the US since the 90s at least, are able to own their houses outright in one of the most expensive real estate markets in the world. Anyways, that kind of started to change with the advent of Miami Vice, which started showing the quality of life in South Florida to basically the entire world. Keep up the good work.

Michael, thanks for your videos. I was seriously considering buying a condo in the Miami area, but now realize affording one will be difficult with all the changes happening now (property tax, insurance, HOA FEES), with the reserve requirement law starting January 2025, and with unforeseen changes coming up. Much appreciated.

The biggest problem is availability more so then cost. Sounds like not doing much. They can give a million vouchers but if no one is accepting it then it means nothing. Then they aren't even paying the sec 8 rent to the owner. There's a scandal brewing in my friend's city bcse the owners weren't getting paid their s8 by the housing.

Problem is everyone thinks they are entitled to a $450k house

As a realtor way back no section 8 what a way for the system to have cons taking advantage

Those numbers are insane! How can people afford that! 😮

Money laundering at it's finest.

Great video. It seems to me like section 8 is an antiquated program. There’s got to be a better way. HELOC application with 3,000,000 in the bank? Really?

Be proactive!

Michael, you are a great person.

That first house….holy cannoli 😳😂

NO