Mortgage rates

FireFoley

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I got locked into a 2.375% VA loan for the house purchase.

What's mind blowing to me is the insurance rates in Florida (remember: I moved out of Florida 13 years ago). I pay less than $900/year w/ USAA in Arlington, VA right now. I'm going to play just over $3k/year in Florida for this house (not in a flood zone). Plus the property taxes in Gulfport/Pinellas County, Florida are significantly more than ultra-liberal, tax & spend Arlington, VA. I'm still going through the VA disability process, so I may end up getting a tax break depending on my rating. But the estimated property taxes on a $450k house is over $6k/year (I pay just under $5k in Arlington, and the house is valued at $700k). WTF?!?!? I know, I know..."Florida doesn't have state income tax". That's a bullsh*t excuse. Between home owners insurance & property taxes, it'll be over $750/month. I'm putting down over 40% on the purchase and the payment is going to be around $1700/month. If I had put down 20% it would have been over $2000k/month.


this is all part of my theory as to why things like what is going on will not last. Eventually there is just not enough money to go around. Already about 60% of young people that bought a home b/c of the Kung Flu regret the purchase. Almost no one cares about total debt, they only care about total monthly costs, without any thought to other costs. So when they see that most homes are just money pits, they are already tapped out. Buying homes based on the max that one can afford monthly is a sure way to be a loser in the long run. congrats on the cabin sale and enjoy the new place in Florida. BTW your property taxes would have been even HIGHER in G'ville, LOL
 

LagoonGator68

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I got locked into a 2.375% VA loan for the house purchase.

What's mind blowing to me is the insurance rates in Florida (remember: I moved out of Florida 13 years ago). I pay less than $900/year w/ USAA in Arlington, VA right now. I'm going to play just over $3k/year in Florida for this house (not in a flood zone). Plus the property taxes in Gulfport/Pinellas County, Florida are significantly more than ultra-liberal, tax & spend Arlington, VA. I'm still going through the VA disability process, so I may end up getting a tax break depending on my rating. But the estimated property taxes on a $450k house is over $6k/year (I pay just under $5k in Arlington, and the house is valued at $700k). WTF?!?!? I know, I know..."Florida doesn't have state income tax". That's a bullsh*t excuse. Between home owners insurance & property taxes, it'll be over $750/month. I'm putting down over 40% on the purchase and the payment is going to be around $1700/month. If I had put down 20% it would have been over $2000k/month.

I’m surprised you’re surprised. Just be thankful we don’t get all the government we pay for!
 

Gator By Marriage

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Thank you!

Here's the listing (don't be signing me up for gay porn or liberal mailing lists!): https://www.realtor.com/realestatea...angerine-Ave-S_Gulfport_FL_33707_M57042-17823

We plan to add a pool, tear out the shed in the back and build a garage/pool house/storage building, paint the house, add a carport, and replace the fence. It needs window treatments/blinds, washer & dryer, and a few other things. I think it's way overpriced, but that's the market we're in. We did get it for less than asking at $442k. Hopefully there's no hiccups along the way. I still need the 'remote work' letter from my boss, but that should be coming this week or next.
That's about two miles from where Mrs. G. grew up.
 

soflagator

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BTW your property taxes would have been even HIGHER in G'ville, LOL

This.

When we sold our home in Jupiter to temporarily live in Gainesville, I expected a drastic decrease in living expense. But between property taxes and the fine folks over at GRU, my cost is almost identical to PBC. So yes, @BMF , it could be worse.

Of course, here, when I venture into actual Gainesville I get to pass by much more homeless people than in most areas. They even have little signs they hold up. I’ve never actually read what they say, but I just assume they’re encouraging messages cheering me on as I drive. Just terrific people. One guy under 75 at Archer even juggles. Where else are you gonna find that type of service?
 

alcoholica

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This.

When we sold our home in Jupiter to temporarily live in Gainesville, I expected a drastic decrease in living expense. But between property taxes and the fine folks over at GRU, my cost is almost identical to PBC. So yes, @BMF , it could be worse.

Of course, here, when I venture into actual Gainesville I get to pass by much more homeless people than in most areas. They even have little signs they hold up. I’ve never actually read what they say, but I just assume they’re encouraging messages cheering me on as I drive. Just terrific people. One guy under 75 at Archer even juggles. Where else are you gonna find that type of service?
I think GRU rates are the highest in Florida. There is a level of incompetence in G'ville that's not seen in cities that size East of the Mississippi.

BTW, Jax's cost of living is much lower than G'ville
 

FireFoley

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This.

When we sold our home in Jupiter to temporarily live in Gainesville, I expected a drastic decrease in living expense. But between property taxes and the fine folks over at GRU, my cost is almost identical to PBC. So yes, @BMF , it could be worse.

Of course, here, when I venture into actual Gainesville I get to pass by much more homeless people than in most areas. They even have little signs they hold up. I’ve never actually read what they say, but I just assume they’re encouraging messages cheering me on as I drive. Just terrific people. One guy under 75 at Archer even juggles. Where else are you gonna find that type of service?

I left PB County to give G'ville a try and my experiences were the exact same. The GRU thing hit me immediately so I did some sniffing around and between the failed purchase of the wood burning place or whatever and GRU owning the city my antenna went up quickly. My 1700 sq, ft. in Gville using very little a/c when I first arrived equaled my FPL bill in PBC in a 3000sq. ft house running a pool pump 7 hours a day, LOL. Needless to say I have returned to PBC.
 

BMF

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I think GRU rates are the highest in Florida. There is a level of incompetence in G'ville that's not seen in cities that size East of the Mississippi.

BTW, Jax's cost of living is much lower than G'ville

I lived in unincorporated St. Johns County (Ponte Vedra area) from 2000-2008 and the millage rate & electric rates were great. Because PVB is unincorporated, there's no 'city' taxes. It was about 25% less than Duval County.
 

soflagator

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I left PB County to give G'ville a try and my experiences were the exact same. The GRU thing hit me immediately so I did some sniffing around and between the failed purchase of the wood burning place or whatever and GRU owning the city my antenna went up quickly. My 1700 sq, ft. in Gville using very little a/c when I first arrived equaled my FPL bill in PBC in a 3000sq. ft house running a pool pump 7 hours a day, LOL. Needless to say I have returned to PBC.

I think GRU rates are the highest in Florida. There is a level of incompetence in G'ville that's not seen in cities that size East of the Mississippi.

BTW, Jax's cost of living is much lower than G'ville

It's funny, I used to live in Juno Beach, just down the street from the FPL headquarters in NPB. The CEO would take a helicopter each morning from his Miami home instead of driving up. Needless to say, it was met with major criticism, as people thought it was a waste of company resources. I didn't really care either way, and got his "increased productivity time" logic. But it was still viewed as an egregious waste of money. Meanwhile, GRU wasted 750 million on a biomass plant that, according to some of its engineers, was a lost cause from the beginning. I'm not sure who structured the financials and projections on the project(Fastow was still in jail I believe), but it was doomed from the start and Alachua county residents are still footing the bill. The first month I was here, my GRU bill was either low 6's or low 7's(can't remember other than the sicker shock). It was summer, but still I'd never seen a utilities bill like that before.

To alky's point of mismanagement and incompetence, the interactions I've had with actual Gainesvillians has proven that to be largely true. Decent people, very nice. But also very flighty and seem to be completely devoid of common sense and real world logic. Also grown adults wearing tie-dye, Birkenstocks and seeming to have given up on looking good. It's as if they never stopped being intelligent yet clueless college students(see we want riots idea being floated).

Anyway, my wife likes it, and my kids are entrenched in school. We're outside of town and don't really interact with that group very often so that helps. Definitely worse places to live. But I'd probably be a lot less inclined to stay if we didn't still have a family home back in PBC. An easy 3/3.5 hrs of turnpike and I'm back in a place I understand.
 

FireFoley

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It's funny, I used to live in Juno Beach, just down the street from the FPL headquarters in NPB. The CEO would take a helicopter each morning from his Miami home instead of driving up. Needless to say, it was met with major criticism, as people thought it was a waste of company resources. I didn't really care either way, and got his "increased productivity time" logic. But it was still viewed as an egregious waste of money. Meanwhile, GRU wasted 750 million on a biomass plant that, according to some of its engineers, was a lost cause from the beginning. I'm not sure who structured the financials and projections on the project(Fastow was still in jail I believe), but it was doomed from the start and Alachua county residents are still footing the bill. The first month I was here, my GRU bill was either low 6's or low 7's(can't remember other than the sicker shock). It was summer, but still I'd never seen a utilities bill like that before.

To alky's point of mismanagement and incompetence, the interactions I've had with actual Gainesvillians has proven that to be largely true. Decent people, very nice. But also very flighty and seem to be completely devoid of common sense and real world logic. Also grown adults wearing tie-dye, Birkenstocks and seeming to have given up on looking good. It's as if they never stopped being intelligent yet clueless college students(see we want riots idea being floated).

Anyway, my wife likes it, and my kids are entrenched in school. We're outside of town and don't really interact with that group very often so that helps. Definitely worse places to live. But I'd probably be a lot less inclined to stay if we didn't still have a family home back in PBC. An easy 3/3.5 hrs of turnpike and I'm back in a place I understand.

I think that Biomass deal was like a 20 yr. unbreakable deal. I had never heard of any atty. allowing some type of deal like that except that the atty. and all the city commission got their palms greased big time. I think Poe even said that had he known then (on commission) what he knew now (as Mayor), he would not have voted for it, but cash is cash. So then I read that after they got the plant up and running for use when the main facility was under maintenance, etc., that the city's own independent study showed that burning wood was not more clean than burning coal to produce the electricity. Then I was told it was so cost prohibitive that when GRU needed extra electricity it was cheaper to buy it from a 3rd party. And GRU wants to know why they can't get a contract to supply exces electricity to UF :lmao2:. I was told that each year GRU tries to get a meeting and UF gives them the Salute and won;t even give them a chance! I have lived in some corrupt and poorly run towns/cities, but in combo G'ville is far and away the worst run town/city I have ever resided in.
 

LagoonGator68

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I think that Biomass deal was like a 20 yr. unbreakable deal. I had never heard of any atty. allowing some type of deal like that except that the atty. and all the city commission got their palms greased big time. I think Poe even said that had he known then (on commission) what he knew now (as Mayor), he would not have voted for it, but cash is cash. So then I read that after they got the plant up and running for use when the main facility was under maintenance, etc., that the city's own independent study showed that burning wood was not more clean than burning coal to produce the electricity. Then I was told it was so cost prohibitive that when GRU needed extra electricity it was cheaper to buy it from a 3rd party. And GRU wants to know why they can't get a contract to supply exces electricity to UF :lmao2:. I was told that each year GRU tries to get a meeting and UF gives them the Salute and won;t even give them a chance! I have lived in some corrupt and poorly run towns/cities, but in combo G'ville is far and away the worst run town/city I have ever resided in.

Libtards and tree huggers congregate around academia. Tallahassee came within an arrogant K hair of jumping into a biomass tar pit in Perry…I still can hardly believe it was defeated as we vote ourselves every local option sales and property tax known to mankind.
 

FireFoley

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Oh last story regarding GRU. While living there I met a few people who worked for or retired from GRU. Nice enough people and one guy told me than when he was working for GRU, if he had to make a stop after work before getting home, he would remove any of his GRU clothing before going into a place of business, otherwise he was accosted by the locals, even tho he had nothing to do with rate setting. And to a person, each one I knew who was or had been affiliated with GRU, everyone of them lived in an area where GRU was NOT :lmao2: the electric company (usually Clay Elec.)
 

CDGator

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alcoholica

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I’ve been hearing about this for a bit and wondered when someone with insight would weigh in on this. They are buying up neighborhoods.
I hadn't heard about it until today. Not sure where they are buying, or if they are the online folks just buying stuff up. Once the market starts to flatten, I'd assume they'd divest and shove their money at something else. I can't help but think this will have the same effect as leveraging on a position. Makes me think the drop will be hard.
 

CDGator

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I hadn't heard about it until today. Not sure where they are buying, or if they are the online folks just buying stuff up. Once the market starts to flatten, I'd assume they'd divest and shove their money at something else. I can't help but think this will have the same effect as leveraging on a position. Makes me think the drop will be hard.

I’m not sure on the motive and details but they aren’t just buying in FL and TX but also inflating housing prices in the CA and NY markets where you would think prices would drop. It’s interesting to say the least. People that are selling just for the profit are turning around and renting in this same crazy market. It will be interesting when the eviction moratorium ends.
 

alcoholica

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I’m not sure on the motive and details but they aren’t just buying in FL and TX but also inflating housing prices in the CA and NY markets where you would think prices would drop. It’s interesting to say the least. People that are selling just for the profit are turning around and renting in this same crazy market. It will be interesting when the eviction moratorium ends.
I'd bet they're buying low as people are leaving, and will make a killing as people move back. To which, I'd say CA is a better bet than NY. Where I'm at there are out of staters already bitching about the weather, and how people act, and how far it is to a city. Heaven forbid you have to drive 20 min to a Publix.
 

no1g8r

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Private Equity firms buying up homes....

BlackRock under fire amid reports private-equity firms are 'snapping up single-family houses'

So what happens when they decide to divest? Because sooner or later it will be more profitable to be somewhere else.
At the risk of having this thread sent to the Political Forum, maybe Blackrock is going to bundle them up and sell them to the Communist Chinese. They are probably looking for something with better backing than the “full faith and credit of the US Government”
 

Concrete Helmet

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So what happens when they decide to divest?
You and everyone around you will take it in the pooper as far as property value go when they flood the market with inventory...I'm sure they'll rehab all those run down rentals before selling off though....:lol:
 

FireFoley

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I have not been following this that closely and am a bit surprised that BlackRock would have gotten into purchasing single family homes, being that they are the King of ETF's and are the best at ripping people off for doing almost nothing. At these current prices there is just not enough inventory to purchase for either rehab and resale or even as landlords. This sounds more up Blackstone's alley, as they were the ones who bought hundreds of thousands of homes after the credit crises, and then in concert with a smaller single family home buyer and landlord, spun off all those properties into what is now Invitation Homes (INVH for you home gamers). As mentioned by someone earlier, my thought a year ago would have been to buy up apts. and condos in NYC and any other large city that people were fleeing, thinking home ownership was the way to go. But based on those people figuring out what money pits houses are and when they realize they actually have to go TO work somewhere and are tired of driving to go eat, etc, over time they will return to what they think is a comfy lifestyle.
 
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Concrete Helmet

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They are buying SFH developments with the intent of renting them. Borrow cheap, get a much higher ROI than in bonds, pay no taxes(borrowed money) and run profit through a "management company" to hide profits....dump when done....Wall Street has come to Main Street.
 

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