These 2 Expenses Are BANKRUPTING HOMEOWNERS 

These Hail Mary Loans will lead to foreclosures in the next few years. They know these loans are trash.

Looking forward to you getting back to Miami to cover what new developments you are noticing in the market. I left 4 months ago and want to return, but hope you can provide intel on renting and condo prices.

"Overall, buyers hold a lot of the cards right now, and sellers are having to give out more concessions to close a deal." All the best, buying on sale is actually one of the best ways to invest in stocks, and advisors are ideally suited for such task

Until the Fed clamps down even further I think we're going to see hysteria due to rampant inflation. If you are in cross roads or need sincere advise on the best moves to take now with financial markets will be best you seek a fin-professional with fiduciary responsibilities who knows about mortgage-backed securities for proper guidance.

this sounds considerable! think you know any advisors i can get on the phone with? i'm in dire need of proper portfolio allocation

There are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’ Melissa Terri Swayne” for about five years now, and her performance has been consistently impressive. She’s quite known in her field, look-her up.

She appears to be well-educated and well-read. I ran a Google search on her name and came across her website; thank you for sharing.

Sorry bud, but there is no “sovereign” life. Ruby ridge ring a bell?

Look into having a metal roof and remove all combustible landscaping around your house.

A blue metal roof in case they DEW you.@@appleiphone69

Does the government increase your tax if you just build a bunker underground, rather than a house on the ground?

Amen I can live without Florida price tag. I want to sell and buy a tiny home on land so I can grow food and have a rainwater collection tank . I am happy for you have extended your life span.0

You could be in a state where property taxes are asseted yearly vs having to wait for a property to sell to adjust taxes. Local governments need money for the services that we expect (schools, libraries, etc).

Correct, except for the scam part. Property tax laws differ state to state so I'm guessing you are referring to Florida with the tax cap issue.

Red states with small government. Low tax with homestead, timber or farm status.@@bwrscott1

30%? If only... ours went up 400%. We bought a little bitty house in Melbourne. No pool, not on the water, not in a surge or flood zone, 1400 sf. Between the outrageous property tax and the homeowners and car insurance, we can't afford it anymore, we're going to have to sell. Retired, going broke fast, and with no place to go that we can afford. God Bless America. It's a great country... if you're rich. 😕

That's the boat I'm in. How do you start over as a lower middle class senior in a market like this? Where do you go? To put things into perspective- I was driving to Orlando today. On route 46 there is a KOA campground. The "long term campsites" sign wasn't what caught my attention, my husband noticed that. The thing that caught my attention was a schoolbus dropping off a bunch of kids at the campground. What does that tell you? That people are losing their homes/apartments, buying campers, and living in campgrounds. So what happens when those are all full too? This is what the rich investor class has done to ordinary hardworking people. I wish I could live long enough to see these POS's get their just rewards, but that'll never happen...

I could buy 6 properties in small town AL with the sale of my 1 duplex in FL..CASH

You leave the country

​@zuzanazuscinova5209 many countries are catching on and changing their visa requirements allowing wealthy only

Abroad. Houses in rural France are about €200k for something nice for a bit more you'd get land and a pool. Property taxes are just around €100 to €200 /year. I've been looking into moving but as i'm a not a US citizen social security will stop paying my US pension as soon as I leave permanently and I would not be able to come back, my wife is American, as the US will revoke my green card. It sucks as I could halve my costs as it's cheaper to Live in Europe with great cheap/free health care and a lower overall cost of living. I know because I spend 3 months a year there helping out my ageing mother.

That is dis-connected logic. I don't like to pay taxes either, but it's built into almost everything we buy. Clothing; food; gasoline; transportation; toothpaste; alcohol; tobacco; firearms; Sales tax; income tax; inheritance tax; appliances; carpeting; utility bills; social security taxes and other payroll taxes; self employment taxes; the list is long and covers virtually everything an average person uses on a daily basis. Democrats have always been the 'tax and spend' party. Why are they even voted for at all???

@@lawrence5039 I think you're missing my point......

Now.

Yup. Pay your rent and food. Then your account is back to 03. Cent's.

Welcome to the world of unlimited corporate corruption. There is no one that will stop them.

The right thing is not rewarded. Thats the lie they sold us. Thats how they have kept us poor. You have to game the system just enough to not get in trouble.

True you work hard to save your money then Congress You save 10% of your salary, but the Federal reserve prints 20% more money. You lose 10% this is a sneaky way of stealing from you. Congress tells the Feds what to do. We are all being ripped off. the best part is when they tell us all we need to be paying our fair share, its insulting, my friend.

If u have no education it is bound to go that way.

​@@speteydog2260You don't know that. You don't know what people are going through.

God isn’t real. You bought that home.

@@fmccloud God is real, it's only by his power and might this deal could've happened, along with the timing of the sale of my business and the commercial propertys I owned. I'm living cheaper than alot of third world countries are, in the USA!! God is great!!

And honest.

Thank you!💜🤗😘

@@Itallaboutwatithink🙏🤍

Another cute dress! ❤

Ty

What did you end up doing??

@@Cloudyconfusion I’m retired, so I can do whatever I want. Currently, I’m out of the country on a tropical beach, in an oceanfront condo. The rent is almost nothing. I don’t pay HOA fees, I don’t pay insurance, and the utilities are also inexpensive. I use this condo as a home base of sorts and travel around.

I just sold my house I owned for twenty year's. Tax, insurance premiums, utilities have become more expensive than my old mortgage payment 🤣 I can live in a hotel for less 😂

AND THEN we get people who brag about a paid off house hah?? What I keep trying to tell them. It's NEVER actually paid off

Depends on where you live and what laws are in the books. So far I'm doing fine. @@fueledbymusic3

Pine Island was pretty devastated from Ian. Not sure it'll ever look the same without all the quant shops on the strip. We rode out the edge of the eye wall in Sw Cape. Lost our roof too.. like practically everyone else. Tumultuous times!

Except insurance is nowhere near rent levels. Also >maintenance. Maintenance is almost non-existent. Maybe stop building paper houses and you won't have to constantly repair stuff.

I had an uncle who used to tell me to get a job with a pension 🥹

So true! I think this is why I’m debating renting vs owning! At least when you rent it’s clear of everything you owe and that you’re good each month… owning? I feel like the government makes taxes confusing. You’re basically paying rent and other fees as they come up and have to keep up with the laws. It’s overwhelming

@@sourcedasher Of course, insurance cost is not at the same level as rent. If it was, no one would own. But it is a significant cost that probably will never be recouped. Your annual insurance cost would probably cover a couple months' rent for the same property, and you very well may never need it, other than to qualify for a mortgage.

@@66el These guys were from very different eras.

You ain't kidding

Paying government for land they own under the house!🧤✈️

So are HOA and mortgages

No it’s not. The city put storm drains near our house and we’ve already had 2 hurricanes this year! It added 150$ annually to our property tax, which is well worth it.

@@memelc5655 I believe people are stealing hoa fees. If they are handled responsibly by condo owners they should not get to 400-500$! It’s theft. They should ne 100-200$ per unit.

🥰🥰🥰🥰🥰

When a nation turns its back on God and His principles; and, man (male & female) are given over to their reprobate minds it is inevitable that chaos and destruction are the result.

You are required to if you have a mortgage.

If you have a mortgage they insist on insurance. If you own your home outright you can self insure..which is a fancy way of saying no insuramce

Is that actually a serious question? The entire point of any insurance is paying a (relatively) small amount for unlikely events to not have to pay a huge amount in the chance that unlikely thing happens. You can reasonably argue that for-profit insurers suck, but it seems pretty obvious why it's necessary: if you put all that you spend on insurance premiums into a savings account, you'd probably need to save for 15, 25, 50+ years to have enough to cover a complete loss catastrophe over what you're insuring and that entire time you'd be living in constant risk of losing everything. Doing a quick rough calculation as an example: my current car insurance premiums would take about 37 years to bank on my own what I initially paid for my car--and that's not even to get into the cost of damage to another person's vehicle, other property, and medical expenses for injuries (a big one, since those can easily get into the $100,000's). I, like most people, couldn't afford a $500,000 bill for a car accident and would need to save a pretty significant portion of my total lifetime earnings to pay that if it did happen. If you hate for-profit insurers being crooks, the alternative is gov't run insurance which many people don't support because ~socialism ~ even if in the case of something like health insurance literally every other developed country in the world has shown that gov't run health insurance is both net cheaper and provides net better healthcare to more people--go figure it's not hard to beat a 20%+ profit margin middleman where their incentive is to literally kill their customers to maximize profits.

@@tHebUm18 Insurance has a built-in incentive to deny or minimize claims. What other business becomes more profitable when you screw your customers. No matter the downsides of nationalized insurance (and labeling it as socialism is not a downside), it would be better than private insurance. And that applies for medical, auto and property insurance.

@@Monkeybongoes I fully agree, was just explaining why insurance is a good and arguably necessary thing in theory. For-profit insurance (especially in healthcare) is absolute garbage, but a large amount of Americans (including probably Michael based on his videos) view gov't as a boogeyman--or at least the idiots they put into office do by taking ~lobbying~ bribes in a couple million in campaign contributions to ensure the corporations continue making billions despite being terrible for the average American. Wish, if nothing else, our politicians at least couldn't be bribed for effectively pennies--it's astounding how little money they need to sell out on what's best for 100's of millions of Americans.

abolish public education before everyone becomes homeless. (taxed out of your house)

I've always voted no on increased property taxes. I sent my son to private school (Not at all pricey), because I didn't like what the public schools were teaching, and wanted him to get a real education. At that time, there were no school choice vouchers. So, I still had to pay school taxes. And the public schools seem to be a lot worse now, but people keep voting for higher school taxes. Crazy.

How many bothered!

The lot is worth that. Floridians in oak shaded, little cottagey streets near anything that builders view as gettable...YOUR LOT IS WORTH THE $300-500k. In past year and half, my 20 house block has 8 teardown to boxys mcmansion rebuilds/old for $9.9-1.2m. Unbelievably damaging to residents, if you must sell. You can't get back in and rent in a small fixed income: no one will rent to you because forever increasing rents and competition cause

Don't feel sorry for us. We have DeSantis! We'll be just fine :).

Cannnot wait for the next hurricane, I am sure De Santis will save Florida. Lol

​@@basha0810💯 ❤

Climate is not recognized in Florida. Those 15 foot high storm surges are normal. Right 😅

Yup! Many I know are already gone.

L god you Iare the Ann stuff they were packing up andonly

As long as the Liberal ways stay where they were and out of the Conservative areas...we don't want those undesirables lol ijs

Those numbers will deflate as the market deflates (In FL) as they did post 2006 and in the mid/late 1990's. The 1st to rise will be the 1st to fall.

Amen!🙏Thank you for supporting his channel!🤍☺️

​@@LisithedogwalkerLove seeing you in the videos especially when you see a dog, I'm the same way as you, must say hello 😊

@@noreenn6976Always!!!😂😍

What you have described is the culmination of the Grand Master plan that the elites have for us. President Trump was the last best chance we had and you see what they did to him.

You will stay home and like it says the WEF.

"I wish this bubble would burst already." Amen.

What makes you think the bubble will burst? I hope it does but I see no evidence of it in California.

​@@chrislastnam6822California is already almost cause.

Are you in Florida? Not likely with the new hurricane that blew in.

@@karmicforce01 I'm in southern California Riverside county. I think it's unfair most neighbors here have the same insurance company and they haven't got dropped, I have no idea how they pick n choose.

No, its not a tax increase. The value of the property increased so much that the same mil rate now returns 29% more revenue to the taxing district.

@francismarion6400 It's all relative. I remember in 2008 downturn in Utah. As property values came down mil rates went up. When I confronted the city counsel, they said "Well we budgeted for next three years on that amount of income, are hands are tied. We can't cut budgetary items..."

Man nothing says you're a slave of the state than property-taxes...🥵

Looking to relocate to Piñon Hills from the inland empire.

That’s amazing! What’s your house made of?

I'm thinking about doing the same

Very Wise. 🦋

I hope my landlord doesn't read this! 😂 I rent a 3 bedroom 2 bath house with a huge fenced yard, basement, fireplace and garage in Ohio for $1,000 a month. I'm very grateful ❤❤❤

@debbiel4194 Yeah, but how much is heat? ✌️ ~ 🦋

@debbiel4194 it's possible your landlord doesn't have a mortgage and/or isn't highly leveraged, which could mean rent can be more reasonable. Also in my case being in Florida the uncertainty of insurance makes hard to accurately predict the cost. Because I'm seeing 100% increase from year to year.

That happened to me too. I had the nerve to check my balance before deciding how much to withdraw. Oh dear, got yelled at.

Oh no, what an awful experience!!!🥹 Sorry to hear that June. People are getting so rude, selfish and impatient nowadays 😢 Thank you for watching his video.💜 Stay safe as well🙏

Probably use black card to buy homes in future! Ask Jerome & Biden!

Oregon has no sales tax high property taxes ,calif tax collectors loves it when a house sales ,sold new in1965 for $25k prop 13 has a tax assent say $79k a $899 tax bill sales for $1,200,000 and has a new tax bill of $14,000 ,buyers in the $5,000,0000 price range have a new $60,000 tax bill,prop 13 saves us , my rental building I paid $318k in 2001 my tax bill would go from todays $4900 to $16,000

Fine but Florida has no income tax so my property tax is $2,500 but I will pay no income tax on $500k.

Yes it is a blessing

Yes but someone has to pay the bill. So new buyers pay double. So not so much a godsend for current buyers. The old sticking it to the young….

True. Homestead exemption in California is a joke. It only reduces the taxable value of your primary residence by $7000

@@willystalla what can I spend my $70 on ?

Sometimes, people have no choice but to buy.

@@tlindsay1007 i guess if renting isn’t possible.

❤🙏🤗

Exactly this should be done the day of closing.

What’s the best Loan for disabled people? Living on social Security?

@@michaelsyufy7733You are better off getting housing through a public housing authority.

What is the benefit of the homestead exemption. I'm reading on my turn website, but it doesn't say the benefit.

@@michaelsyufy7733 😃😁😃😁😃😁

Hiiii!!!👋 I love them mooore!! 😍🥰❤️

I pay close to $5000 on rental building bought in 2001 @$318k it goes up every yr excpt in the crash in 2009-11 I had it lowered too market value today s asmnet bill its still 1/3 of what I could sale it for thank you prop 13

Problem is that all the more recent buyers pay more to make up the difference. The state will get the total tax they want. This system disadvantage younger buyers in favor of older owners. Stick it to the young……

@@Frank-nh9fe 'This system disadvantage younger buyers in favor of older owners. Stick it to the young' Not always.....there are older people who bought later and are not eligible for prop 13, and there are younger people who inherited family homes and are grandfathered into prop 13.....my cousins out in Cali inherited the $3 million family house on the beach, and pay $600 a year in property tax because they are grandfathered into prop13.

My thoughts and prayers for Lahaina. And especially the people in that region. That should never have happened in my opinion of course.

Didn't know Lahaina was the area hit, sad I visited in 2004.. breathtaking place!

Been saying it for years....don't pay the extortion fees & find out who really owns your home.

Hiring companies that give a kickback

No State income tax

That's good information, didn't know that. I understood it couldn't go up more than 3% no matter what. I didn't think about improvements. 25% is a lot.

Do they reduce it by 25% if you remove the pool? That thing is a money pit. I have to have mine resurfaced and the quotes are between $6k and $10k. I seriously want to fill the thing with cement and replace it with a basketball hoop. I have a community pool anyway so I won’t miss it since I don’t use it frequently now.

@@Filmstarindamakingthat’s a good question..if you remove the pool would you get a property tax drop?

It is a considerable increase. If I had made the improvement in 2019 it would have been a lot less since my assessed home value then was less than half what it is today. That is with the addition of the pool and run away home prices. 3% from here on out though.@@JetJ321

Absolutely your taxes would go down, but you might decrease the value of your home on the flip side. No community pool here, but good to have one in SW Florida. @@Filmstarindamaking

A good observation,so true.

Is fake news the guy is lying

Not on investment properties, there’s only caps on your personal residence

@@Tripp216 There is a cap on investment properties. Too complicated to explain but without the cap the tax might have increased to $40,000.

Yes, this happens if the previous owner bought the house many years ago and they had a homestead. The new owner has a grace period until the next year kicks in and has to pay the new higher price of the homes taxes. A lot of new homeowner don’t realize this until after they close on the home and get there tax bill.

most states use the current sale price is used for the assessment value

Yikes

I am homeless. I live in Marin county where MIchael is right now. I got priced out of the rental market years ago, but I also had the perfect storm of events that put me into that situation, lost my health, business, and apartment all at the same time. Thank god I had a truck that I had kept from my construction days. I put a camper shell on it and I sleep on the side of the road at night. Im disabled, work part time, but I'm free of the stress of 3-4k a month for rent.

did the same thing and no regrets.

Exactly!

Actually all insurance policies are being assessed to help shore up Citizens...home/renters and even car insurance...that's happening NOW

Thanks for watching my dear Patricia!👋🤍😘

This happened 20 years ago.

hope so unsustainable

Citizens IS state run insurance..along with Kin are the only 2 companies writting in my zipcode...my Insurance and taxes are now 3 times my Principle and Interest

It won't " crack" until there are more properties to sell than people wanting to buy.

I bought in 2013 @440k Now it double .

@@SC-or2ek homes in this region cost between $170K - 200K and now all these homes are at least $400K - $500K . We invited a realtor to our home to value our home last year 2022, and now it's worth $400K. This home is paid off , and moving to another place would be $500K or more , nope just stay here .

Just wait, it will all eventually crash. Be ready when it does.

@@robertmcgee7083, it’s gonna crash alright, but it may be a slow moving train wreck.

That is only if you qualify for homestead excemptions..and does not include " special assesments" for things like school ect.

@nolongeranurse3369 correct, I was referring to Michael's statement of taxes only going up 3% a yr (homesteaded). It's the assessment, not the taxes. Many newbies in FL don't get the Save our Homes statute from the late 80's. Who knows if it's taught in RE school, which is now all on-line. From what I see in many new FL agents, they need to learn a lot. I did a deal several yrs ago where the agent/broker had no idea closings are to be done In the county of the property location. It's only been on the as-is contract for 20 yrs... I had one agent ask me how to write the contract on one of my listings 🤣