Renting vs buying. love bugs. Insurance market. Housing market.

Episode Transcript

Speaker 1 (00:15):
Navigating today's real estate market can be tricky. Want to
buyer Sola House Finance, our insure a house, or stuck
with a house and don't know what to do. Florida
Talk real Estate has been your local one stop real
estate shop since twenty twelve. Get the advice you need
from your local real estate pros. Here are your hosts,
Jim Depola and Johnny c Live on Real Radio.

Speaker 2 (00:36):
Good Saturday morning. Welcome to another edition of Florida Talk
Real Estate. We are live on this November second, a
morning I wake up where the Los Angeles Dodgers are
still the world champions of Major League Baseball. So yes,
it's real and we are live on this Saturday. Great
to have you with us. I'll see you out there
and I hear you too. Ninety one one one seven

(00:56):
the old Terrestrial Radio. Thank you very much for being
with us. I hear you loud and proud. Maybe you
have the iHeartRadio app that's a free download and makes
us worldwide on a Saturday morning, and the live streaming
is happening, and I see the cameras in studio. You
want to check out some lovely faces. I got three
for you to choose from Jithy. Are you on camera?

Speaker 3 (01:17):
No, I am not. It's not my contract.

Speaker 2 (01:21):
I don't really, I don't really, that would cost way
too much. Well you get you get my mug for sure.
You can join us on Facebook and YouTube. That's Florida
Talk Really to settle down over there, Florida Talk real
Estate on Facebook, Florida Talk real Estate LLC on YouTube,
home of a ton of informational chunk videos plus your
live stream on a Saturday morning, and you're welcome to

(01:41):
join us toll free as well eight seven seven nine
two seven six nine six nine with your questions, comments,
concerns in the world or real estate. The first voice
you'll hear, although you won't see his face live streaming
from what I understand because that's costly, it's Jimithy, best
producer in the world, my brother from another mother. How
you be?

Speaker 3 (01:58):
I be very good, John, Thank you very much. Good
to see you guys, both of you today on this Saturday.

Speaker 2 (02:04):
Are you still celebrating the Dodger Championship? No, not even
a little bit? No?

Speaker 3 (02:08):
Is that is that a little dig there?

Speaker 2 (02:10):
No? No, not not even a little bit.

Speaker 3 (02:14):
I wouldn't blame you, boy. Those bats got cold.

Speaker 2 (02:16):
And you know you've known me for a long time.
This is no newfound allegiance to the Dodgers.

Speaker 3 (02:22):
Oh no, of course not is that at all?

Speaker 2 (02:24):
That blood is blue and its good. YEP.

Speaker 3 (02:27):
I don't blame you, I just you know what I mean.
At least I guess obviously you know better. Luck next year.
Good to see depend stripes back in the World Series.
At least you know I've been fifteen years A long time.

Speaker 2 (02:40):
Yeah, talk about a long time. You know I'm feeling it.
Nice to see as always my brother. Good. Let's let's
say good morning to our starting lineup, which by the way,
consists of mister consistency. It's our fearless leader. We are.
We are left with one pros pro today, Jimothy. The
good news is the good news is it's one with

(03:00):
broad shoulders. Yes, and D I told you runs a
top producing Kelloweens team for twelve years plus now Kellowayne's
innovations ified the Florida home pros team. And my guy
Jimmy D, who is celebrating the Dodgers championship. By the way,
nice to see you, Jimmy.

Speaker 4 (03:16):
Hey, Hey, Happy South Florida. Everybody. Yes, we're down to me,
Johnny and Jimmy today, everybody else is on vacations or whatever.

Speaker 2 (03:27):
Nice.

Speaker 4 (03:27):
So I worked too hard, I think. But yeah, everything's
been going really good and we got a lot to
talk about today. I didn't even know that the World
Series was happening for real until the last night when
the Dodgers won.

Speaker 2 (03:42):
Well, that's really the night that mattered.

Speaker 4 (03:44):
Most, and I'm very happy about that because I hated
baseball when I was a kid. When I played baseball,
I hated it. It was like the worst sport ever.
It was so boring. I played basketball, soccer, wrestled, but.

Speaker 2 (03:55):
I don't imagine you played it for long then, Huh.

Speaker 4 (03:57):
I played it for five years because I thought my
father wanted me to play. And I was horrible at it.
I was so bad. I'll never forget this. And I'm
in a little league and uh, a pitch is thrown
to me in a live game, not practice, and I
swung so late that the umpire couldn't decide if I

(04:19):
had swung or was a practice swing. And I actually
told them that I swung my coach. My coach was
so mad at.

Speaker 3 (04:29):
Me, like I'm pretty sure, matter of fact, there might
have been almost an interference call. The catcher was throwing
the ball back, and then I'd be.

Speaker 4 (04:45):
Out, and I'd be out, What's what's the field where
they place you because you suck?

Speaker 2 (04:49):
What?

Speaker 4 (04:49):
What field is it? Left field? Right field? Out in
the back, all right, don't I don't know? Well, I
always when I was a kid, I thought there was
like one area that was like the least you use
use usually right field, And I'd be staring at my
glove and looking at the leather of my glove and
everything and not care about the game at all, and

(05:10):
I hear the crack of the bat and I'm like,
oh I and I look up it's like, oh, I
guess I'm playing baseball. I really hated it. I was
very good in other sports, but I hated baseball. It
was too slow for me.

Speaker 2 (05:21):
So I knew the outfield was definitely, But I guess
it makes sense, like statistically, the ball is going to
spray certain areas, right, So I knew the outfields where
you stored like the kids that were the least athletic.

Speaker 3 (05:31):
Yeah, yeah, definitely me and the outfield for because nobody
expected to catch the ball, right, So I mean it's
always do you get it to the outfield, there's going
to be a base hit. Yeah, most people bat righty,
so the ball will typically go.

Speaker 2 (05:45):
To the field dependent at what age. Statistically, they might
not even expect you to be paying attention.

Speaker 4 (05:50):
And then yeah, and then I had Oh I got
hit so much by the picture, right, I used to
get hit all the time. Right, Well, what happened it
was I had a lazy eye. So you just have
to like wear this patch on my eye to fix
my eyes because I had this like really bad lazy eye.
So I was a lefty, so the way I was standing,

(06:12):
my strong eye was not where your normal strong eye
would be when you bad or whatever. So the whole
thing was just totally screwed up. I hate it. It was
just hell. I went through hell. So I'm happy the
Dodgers won for the Dodgers, but I'm done with baseball anyway.
Enough about that. I wanted to get into some shout
outs because the Florida Talk real estate show and team

(06:36):
from the Florida Homepros has been pretty busy over the
last couple of weeks, and I wanted to go over
a couple of these things just to show you how
deep our help is. And it isn't just about, hey,
you want to buy a house, sell a house, refile house,
get a loan. We're so much more more than that.
So I wanted I was going over the people I'm
working with right now weren't or helping right now because

(06:57):
some of them I haven't signed contracts with or anything.
And I was like, Wow, this is a lot of
different stuff, So let's let's go over a couple of
these things. So shout out to Marianna and Lou. They're
going to be selling a home in a really nice
home over in Delray Beach and Polo Trace and a

(07:17):
nice community out there in Polo Trace getting community, and
they're going to be buying a new home in Martin County. Now,
we've been talking to Lou and Marianna now for over
a year, and we've been talking to him every couple months,
just sometimes every couple of weeks, just to check in
with them. They knew they wanted to do something, but

(07:37):
they weren't sure the market was right then. They had
some family issues, but we just just not without any pressure,
We just stayed in their radar, let them know what
was happening in the market. They finally decided to go
ahead and move forward on the deal in January. So
we're we met this week. We sat down, we went
over the sale of their house. So they're seniors and

(08:00):
they're going to be downsizing, so they're going to be
going from basically a two thousand square foot home, three bedroom,
two bath with the pool in Delray, and they want
to move to Martin County for a little bit slower
lifestyle and a little bit of a smaller house so
they don't have so much upcake. Also, they want to
they also want to buy the new house cast so

(08:21):
they have no mortgage whatsoever, which is going to be awesome.
So theyn't really want to be set up, and they've
been like really spending a lot of time on how
to figure this out. So we finally met for the
second time this week and we signed their listening agreement.
And Mike Stone. Do you remember Mike Stone. Mike Stone
is one of our I think he was our first

(08:44):
agent that I hired on my team back then. I
don't even know what we were called back then. I
know the show was called Talk Real Estate with Robin Jim,
but I don't even remember what my team was called
back then. My real estate team, but Mike was always
one of my top buyers agents and I love my
Mike was great and it is great. Yeah, and then
he moved out to Martin County and decided to go

(09:06):
solo and he's been going. You know, he left us
about maybe, I don't know, six years ago. Five years ago,
is that it?

Speaker 2 (09:14):
Yeah, No, it feels so much longer than that. I
feel like we've been.

Speaker 4 (09:16):
Well twenty long. Oh maybe nine years ago, Mike. I
think it was twenty fifteen, so yeah, maybe nine years yeah,
going to almost ten.

Speaker 2 (09:24):
Yeah, but he he he will stretch into you know,
different areas, but he's really had an amazing run and
he's got a lot of knowledge of the Treasure Coast area,
like Saint Lucie County, Martin County, Indian River.

Speaker 4 (09:38):
That's kind of why we're working together on this one
because he wants me to help sell the house in
Delray because he doesn't want to travel this far and
I know the area better. Sure, But Mike is you know,
really knows Palm Beach Counties, uh, Saint Lucie County, and
Martin County really well. He knows pom Beach County too,
but Saint Lucient Martin. He lives in Martin County, so
he really knows the area well up there. We now

(10:00):
when you're a seller buyer, because they need the proceeds
from the sale to buy the house. So this is
going to be a seller buyer situation.

Speaker 2 (10:07):
Specifically because they want to pay cash. So, I mean,
you know, if they were getting some financing, I'm sure
it'll be a different situation or it, you know, but
they they're using their proceeds. We're going to pay this
house off.

Speaker 4 (10:18):
Yes, and so there's a lot of moving parts with that.
So one of the things we have to do when
we're doing a seller buyer and they need to sell
the proceeds from the sale to buy the new home,
and we try to do what's called a simultaneous close,
where at ten o'clock in the morning on Monday, you're
selling your house and then the title company takes those
proceeds and sends it up to the other title company

(10:38):
on the house you're buying, and then you close at
two o'clock in the afternoon on that house and you
get to move right in from the one house to
the other house. That's called a simultaneous clothes that's what
we specialize in. If we can make that happen, that's
our ultimate goal. And so what we have to do
for that is we have to figure out what we're
going to be able to sell the house for, how
much money they're going to get in their pocket, then

(11:00):
figure out based on that, what can they afford to
buy on that budget, and then is that property out
there available for them and all the other options. One
of the things that we were looking at for them
was new construction. Like we know Jimothy just bought a
new construction home. There's a lot of benefits to that. Sure,
some of them are low insurance rate, don't have to

(11:22):
worry about the roof and the ac for probably ten
years or more. You know, everything going well and you're
probably not gonna have to worry about the insurance crisis
so much like some of the other resale properties are.
So we went and looked at those opportunities for him,
then we looked at resale. We got a really great plan.
We're really excited for him. We're going to move forward

(11:43):
it now. We also I also wanted to thank John
and Joanna for meeting me yesterday. Very interesting, very interesting
time that came from a referral from the West coast
of Florida. Thank you Callet from Benita Springs Keller William's office.
She found me through doing research online and found out

(12:04):
that I was in this area and she liked my
marketing of myself and the customers I work with. So
she called up and she says, I really like you
to work with my aunt. She needs to sell her
house because she wants to go in an independent living facility.
So I met with him yesterday, and I met with Joanna,
who's a great gal octagenarian like my mom, right, really

(12:28):
nice lady. She's really sharp, really nice personality, and her
son flew down from New York to make sure everything
was taken care of. A very very astute person. John
and I got along, I think very very well. Everything
worked out perfect. He's sending out the contract I'm asking
him to sign to his attorney, and I think next

(12:48):
week we'll be in contract on that and we're going
to help her Joanna sell her house. And then I
even gave him a little bit of advice of facilities
in the area for independent living that are really right
for Joanna, so hopefully that will help her out a lot,
which is great. Today, I'm gonna be meeting with Rachel
and James. They have just finished a probate case with

(13:11):
the law office of Paul A. Krasker, who has been
a long time sponsoring, big benefactor of the show. And
Paul has already worked out the probate estate issues with
Rachel and James situation, and now they need to sell
a house. So I'm going out to pomp Each Gardens
today and I'm gonna be go taking a look at

(13:32):
this house. I'm told it's a six bedroom, six bedroom,
three bath with a pool and pomp Each Gardens. I
don't know what's going to look like or anything. So
we go out there, we're gonna figure it all out.
Six bedroom for the square footage to me, seems like
a lot of bedrooms for the square footage. So I
got to figure out what's going on over there. But
I'm really looking forward to helping them decide what's the

(13:55):
best way to sell the house now that they've gone
through the probate process, which brings us to John. John
is also going through a probate process right now with
the law office of Paul Krasker. He has a meeting
next week with them. John and I have been talking
for a couple of years now. He knew that he
was going to have to deal with his mom's estate

(14:17):
at some point, and he knew that he was going
to sell his mom's home at some point, and now
the time has come. So we're bringing him over to
Paul to figure out what kind of probate obligations he has.
I already met with John to figure out what the
house is worth in today's market. It's in West Palm Beach.
It's a three bedroom, two bath. The house is very dated,

(14:39):
but it's in a good neighborhood and it would be
great for a first time home buyer to come in
and make it their own. They'd have to use a
two oh three k construction loan or something like that
if they wanted to, but it also might be a
good candidate in this case for a we buy houses
fast for cash type of company, one of those investor
type companies. So we're going to weigh that option too

(15:03):
and see if that's the best option for John. And
we're going to figure out what's the best way he
can maximize the money without taking too much risk and
the changing market, so that's another thing that we're helping
out with excellent. Also, I wanted to give a shout
out to Chris Andale. I'm going to be going up
there on Monday ready to get to shoot their property.

(15:26):
We're going to be putting it on the market. It's
a two thousand and seven home, three bedroom, two bath
in Port Saint Lucy. It's got a really large lot,
so there's plenty room for a pool. They've already got
a pretty big, outsized back i'm sorry, oversized shed in
the backyard, which is really nice. He's been working the
last couple of weeks painting it, putting in new appliances,

(15:49):
new flooring, I even think of new ac so it's
going to be a pretty sweet home. He's going to
price it right and we're probably going to have that
house on the market next week. And with Chris, he
needed a new garage door because it was a rental
property for him for a little while. Somehow the garage
door got all donned up, So I got him over
to Lee, who is in our database, and I helped

(16:11):
Lee by his property. He's one of the ones about
a detached building with the mother in law suite and
everything kind of what you were looking.

Speaker 5 (16:19):
For totally know the name of the story, Yeah and there,
and Lee, I knew is one of the biggest garage
door installers for developers all over the air, you know,
over the Tri County area.

Speaker 4 (16:31):
So I got Chris and Lee together. Never heard of
anything again. Next thing I know, Chris has called me
up telling me what a great job Lee was, what
a great job Lee did, and how convenient it was.
Lee tried to save the door by finding the parts
to replace the original door, but he couldn't make that happen.
So Chris just decided to replace the whole door, and

(16:53):
he said Lee was excellent. So if you ever need
garage door stuff, give me a call on that. We
got Lee. And that's another thing is that having the
right contractors is really important. And I have one of
my customers, Richard, and we're trying to close out his
house right now. And I help Richard buy that property
as an investment property back in twenty nineteen, and apparently

(17:14):
somewhere along the way, he decided that he was going
to hire an electrician and do some electrical work in
the house, including changing out the electrical panels for the house.
And we went under contract to sell the house in
twenty twenty four. Right now, we found out that there
was an expired permit from the electrical and that they

(17:34):
never closed out the permit. In fact, I found out
that they never They did pull the permits, but they
never called in for the rough electrical, they didn't do
the final and the permit was fourteen months expired by
the time that I found out about it. So I've
been working very diligently for Richard trying to get the
electrician to do the right job and do this correctly.

(17:58):
And it's been a big struggle. It's been going on
now for about a month. I think we're at the
bottom end of the thing that it's going to work out,
but it's going to take a while.

Speaker 2 (18:08):
This wasn't simply pick up the phone, Hey you need
to do this, And they didn't just.

Speaker 4 (18:12):
Oh no, no. And then here's some of the things, Johnny,
and you know this because you have contractors in your family,
in your social circle too. The electrician was working under
somebody else's electrical license, right, so the guy that was
doing the work had no idea how to fill out
the paperwork. The guy that actually owned the license, he

(18:35):
wasn't making sure that the guy was following up on
all the paperwork needed to be done. So I really
had to flex our muscles a little bit because the
guy that actually did the work, he was clueless. So
I went to the city myself and found out what
he was telling me was not factually correct. So then
I called up the so because I come from a
contractor family, I knew how to squeeze him. So I

(18:56):
called up the person that actually has the license and
I said, look.

Speaker 2 (19:00):
Hey, you got issues.

Speaker 4 (19:02):
Yeah, you got big problems. So you're working with this
guy and he's not doing anything correctly. This is a
fourteen month old permit where in contract, we could be
in trouble on our side of the contract because of
your situation. And he so far has stand up. Once
I got to that guy, he's stand up so far.
We'll find out on Monday if it actually worked or not.

(19:22):
But I have a feeling he's going to do what
needs to get the job done. But Richard didn't have
to do that. All he had to do because he's
in our social sphere, right. I worked to deal with him. Right,
even if you didn't work a deal with me, all
you have to do is pick up the phone, Hey, Jim,
do you know a good electrician? I have like five
of them that would never put him through this situation,
and they probably didn't not going to charge him anything different. Now,
what Richard told me yesterday was the reason why he

(19:45):
picked this guy. Huge reviews on Angie's List, right, huge reviews. Right,
So he goes I thought, you know Angie's List. I thought,
it's like, come to us. We got real people. We
got locally privately owned, local small business just like me.

Speaker 2 (20:01):
Part of our community.

Speaker 4 (20:02):
Right, that's part of the tribe. So just become part
of this tribe. So we're not just there for you,
and don't think that we're gonna sell you. We're not
going to sell you anything. John talked to us for
over two years before he ended up doing a deal
with us. Right, Marianna and Lou, we're over one year
of talking to them before they decided to pull the trigger.
We're not going to go there and try to pressure

(20:23):
you to do things on our timeline. We're going to
give you the answers you need, and yes, we will
follow up with you if you if you're not ready
right now, we are going to call you every couple
of months, right, sometimes only every six months, sometimes every
month or something, just to check in and see how
things are going. Because even though you might have a plan,
life changes plan sometimes. So that's why we're calling. But

(20:45):
we're not calling saying, hey, are you ready to sell
your house? Are you ready to buy right now? We're
just putting it out there. When you're ready, We're here
for you. So if you like that idea, please, all
you have to do is go reach out to us.

Speaker 2 (20:59):
YEP, Florida Talk real Estate dot com, your one stop
real estate shop. That's the hub, the real hub for
all the pros pros.

Speaker 1 (21:06):
Right.

Speaker 2 (21:06):
We've told you this is the one stop real estate
shop for a reason, because buying a home, selling a home,
stuck with a home, you don't know what to do
like anything that touches your home, or the planning of
getting ready to do something like the biggest purchase of
your life, the biggest sale of your life. We got
a professional to handle that. We talked about the law
is the Polycrasker and all of their long reach into

(21:28):
so much student loan debt help to estate help and
everything in between. When we say everything, I literally mean
just about everything Jim can get in the database. We
got trusted sources for garage doors, to electrical need polls,
everything else. This team can help you in so many ways.
It's Floridatalkreestate dot com, Florida Talkrealestate dot com. You got

(21:51):
the hotline there eight eight eight nine seven three seven
eight two eight. And if you like the socials, remember
on Facebook as well YouTube you'll find us Florida Talk
real Estate Elsie a ton of them informational chunk videos.
You can consume it all, no what youse it love
it shared. It's floridatokrealestate dot com.

Speaker 4 (22:07):
Thank you. I wanted to talk a little bit about
the social media Johnny. First of all, everybody that's been
on Facebook and YouTube watching us live, thank you so much.
Our audience has grown a little bit every week, which
you really appreciate. But we got our core people here
right now. We got Elizabeth, thank you so much for
coming out, my mom, Nate, you're here so much, Thank
you so much. Francis and Carl from Ireland. Carl's here. Yeah,

(22:33):
he just said that he's almost done remodeling his place
out there. I forgot the name of the town, Carl,
so maybe you could put it in here. But Carl's
coming in from Ireland. I helped he and his wife
sell their home about six months ago, eight months ago
or something. Yeah, and they're out there and apparently he's

(22:55):
really enjoyed it out there. And I love that you
keep in touch with Thank you so much. It means
so much to us. And a lot of people can
go on and everybody on YouTube, please like and subscribe
our YouTube channel. It really makes a big difference. And
if you can comment on anything, it really makes a
difference also. And the people on Facebook, thank you so
much for being on Facebook. But we would love you

(23:17):
to go over to YouTube and become part of that
and make that your habit every day if you can,
because it would really help out our team here the
one stop real estate shop. We're doing pretty good with
those videos. What we're doing now is we're taking the
subjects of what we're talking about, the important subjects, and
we're turning them into very short videos. And this month

(23:37):
we had over thirty five thousand views on our site. Excellent,
and we bring in about twenty four thousand people are
coming to the site right now. It's pretty interesting. The
great majority of them are coming from the United States,
but I always have fun looking at the other countries,
and we get a lot of people from Canada, which
would you'd expect, right, But Australia is kind of big.

(24:00):
When I say big, it's small percentage, but still, you know,
you know a couple of dozen people are coming from Australia.
We have people from Europe that are listening to us,
and then we have some people from the Eastern European countries.
So I don't know if those are bots or not,
or if we're dealing with real people over there. But
if your guys are thinking of doing anything in Florida

(24:20):
wherever you are, think about giving us a call, we'd
love to do that. Oh, I'm being told that we're
not live on YouTube, so during the break I'm going
to have to figure out what's going on with that. Yeah,
thank you so much. Let me see that's a really
big deal.

Speaker 2 (24:36):
I want that.

Speaker 4 (24:37):
Yeah, let's go ahead and do a reset. And on
the flip side, I want to start off with something
that is near and dear to my heart, Johnny, and
I think to you too. I just saw a survey
where the ass renters are you ever going to own
a home? And the results are pretty interesting. So we're
going to talk about that. Should you ever own a
home in today's in today's life, I.

Speaker 2 (24:58):
Just remember, I remember shift in perspectives for me for sure,
So I'll be really curious to see what your findings
are here. We got a lot more to get into
on this Saturday. Remember it is two hours of infertainment
that we offer up and we thank you very much
for being there to consume. You can always go back
and watch on Facebook and YouTube and we'll try to
get that YouTube stream going live streaming on a Saturday.

(25:20):
And then remember there's lots to consume after the fact.
If you're looking to buy a home, sell a home,
you're stuck with a home, you don't know what to do. Remember,
Florida Talk real Estate is a dot com, your one
stop real estate shop. Know it, use it, love it,
share it. You can change lives, including your own with
Florida Talkrealestate dot com. The prose prose of resources, so
many resources. Let's do this little reset formingnut break, we

(25:43):
get back at it. Lots more to get into. Thanks
for being with us every Saturday. It's Florida Talk Real Estate.
Right here, it's real Radio.

Speaker 1 (26:03):
This is Florida Talk Real Estate with Jim Depola and
Johnny C. Got a question for the show, call us
live at one eight seven seven nine two seven sixty
nine sixty nine.

Speaker 2 (26:13):
I give it to you again and again eight seven
seven nine two seven six nine six nine. If you'd
like to be a part of the program, you want
to dive into the questioning the conversation at hand, or
if you have a question, comment concern in the world
of real estate. Got you eight seven seven nine two
seven six nine six nine, you'd be live on the radio.
But you are more than welcome. Jimmythy our producer at shchordinaiir,

(26:34):
he'll die you up there. How you doing by dude doing?

Speaker 3 (26:36):
I'm mighty fine.

Speaker 2 (26:37):
How are you? Johnny fantastic? Thank you very much for
asking me more. Any body you're pala Johnny See and
Jimmy D's with us. We leaned hard on him today.
We normally have a handful of pros pros from the
Florida Talk Real Estate team, but today we're leaning on
our fearless leader. I've told you for twelve plus years now.
He runs a top producing Keller Williams team, Keller Williams Innovations.
You find the Florida Home Pros team. My guy, Jimmy

(26:59):
d there's jim How you be Ymedy?

Speaker 4 (27:01):
Yes, I'm here, I'm here, Happy South Florida, everybody. I
really enjoyed driving down here from Jupiter because the clouds
were just awesome today. I don't know, I love it
when it looks like it's just about terrain. I like
that feeling. Yeah, you know, I just like it. So
it was very, very much fun.

Speaker 2 (27:20):
Last night was gorgeous, by the way, man. We had
such a stiff breeze, and it was just what a
great Halloween too, Like it wasn't it wasn't Africa hot,
it was. It was nice and mild on Halloween night,
at least from my perspective.

Speaker 4 (27:33):
I forget. I forgot that. Yes it was Halloween. Did
you go turck or treating? Oh yeah, did you go
trick or treating?

Speaker 2 (27:38):
Yeah? I got. I got an eleven year old.

Speaker 4 (27:40):
Yeah that's what I was asking. Oh yeah, so where
do you go? Do you just stay in the neighborhood or.

Speaker 2 (27:44):
So we we we have a bit of a tradition.
We get together with some you know, some friends that
are basically family. But we got terrible news on the
morning of that, one of the little ones was sick
and they're like, hey, I understand if you want to
back out, and I was like, I'm out. So we
we did it our in our neighborhood. And it's the
cool thing is is a couple of the loops in
my neighborhood kind of went a little bit I don't

(28:06):
want to say all out, but did it nice? Nice? Yeah,
they were pretty well decorated. Yeah. It seems like a
lot more people setting up in the driveways the last
handful of years than any year prior.

Speaker 4 (28:20):
Nice.

Speaker 2 (28:20):
So it's it's a little more party atmosphere these days
for the people that are participating, which is cool.

Speaker 4 (28:26):
That's what I would have expected in that neighborhood, to
be honest with you, I feel I feel like that's
the neighborhood. We're going to see a lot of the
kids running around, you know, going door to door, and
the neighbors kind of hanging out and hanging out with
each other.

Speaker 2 (28:37):
The homes that aren't interested, you, you know, they make
it pretty clear. Yeah, the lights are out. Like when
I was growing up, the rule was if there was
a pumpkin, like, it's game.

Speaker 4 (28:45):
On right right, right now.

Speaker 2 (28:47):
I think the rule is pretty well established, like if
the outside lights are on, come on up and definitely
you see decorations.

Speaker 4 (28:52):
And the lights are on, absolutely yeah.

Speaker 2 (28:54):
But if the lights are out, like that's a clear
pass and there's don't get it wrong, there's plenty with
the lights out, get it, you know.

Speaker 3 (29:00):
But you know, it's funny you mentioned that too, because
we in our new area where we don't get you know,
we didn't get any last year. Now we had just
moved into the house too, so I mean it was
I mean literally within a couple of days of that,
so maybe that was part of it. So we were
kind of curious this year if we would get any.
And the very first we did, we got three groups

(29:23):
that came up. But the first one I was surprised
they even came up because somebody turned off the outside light.
I think when the wife got home, she just got
a habit or something, and so the light wasn't even on.
But they still came up, and I was happy that
they did because then I opened up the door, I
saw it wasn't on, so I turned it on. But
I was kind of curious because that was always the

(29:43):
indicator there was no light on you didn't go that's right, right,
you know, I mean even with decorations or something. It's
just the way it wasn't our town when we.

Speaker 2 (29:52):
You know, those kids. But that's so you just you
just celebrated a you're in your spot.

Speaker 3 (30:01):
Ye it's a one year.

Speaker 4 (30:04):
Why don't I have that in my system? I have
to put in my system. I supposed to call you
on the year anniversary?

Speaker 3 (30:09):
Was the twenty six or seventh? Is the picture that
you took of us in the kitchen would hold into keys?
You know, like yeah, you typically do?

Speaker 2 (30:17):
So wow, isn't it amazing? It's just like we blinked
there was I hate relativity.

Speaker 4 (30:27):
Well that kind of brings us into a little home
ownership kind of brings us into a survey. I just
read not surprising about the survey, but I feel like
it was a teachable moment, if you will, So I
thought we should talk about it. So there was a
survey that came out where the interview the interviewed or
question renters and ask them, will you ever own a home? Okay?

Speaker 2 (30:51):
And so these are clearly people that never owned a
home prior right.

Speaker 4 (30:55):
The right, so right, these are people never own to
home they're running right now, and they asked them, will
you ever own a home in your lifetime? And fifty
percent of them said no, Right, they're never going to
own a home. And that got me and then I
was thinking about it, and you know, here here are
some of the things that why people would say that. Right,

(31:19):
it's not surprising considering that we have pretty high prices
for affordability right now, right and this is we're talking Florida,
but it's pretty much nationwide. We have the high interest
rates and when we say hi, we mean high from
the crazy lows that we had during COVID. We have
high insurance costs. Right now, we're the highest insurance in

(31:39):
the nation, although I think that's going to be changing soon.
I think California is going to be neck connect with us.
And of course now the new thing is is people
complaining that in Florida specifically, our taxes are too high, right,
which that made me laugh at But with all of
those things, with all of those things, I can understand
when runners like read about this in the paper and

(32:01):
they see all these headlines about all these different subjects
we just talked about, I can understand why fifty percent
of them say they would never own a home. And
then that brought me back to the story about when
we met for the long time, because we met a
long time ago when I was a newspaper reporter. But
then when we started the show, you told me the

(32:22):
day we met, before we even started the show, I
am never going to own a home. I don't want
to own a home. I think people that own a
home were crazy. You were pretty out of it that
you didn't want to do anything with home ownership. And
of course this is right after the collapse of the
real estate market, the worst real estate market we've ever
seen since the Great Depression.

Speaker 2 (32:42):
I was definitely influenced by what I had seen around me,
and there was a lot to consume and it was
scary to watch happened. So I was influenced by that tremendousness.

Speaker 4 (32:53):
And a lot of people were. I mean when you watched,
like when you watched your parents struggle about whether they
can make a mortgage or not and then watch them
lose their house, which was so unusual to see large
numbers of people losing their house because in the United States,
foreclosures have always been so astronomically low. To lose a
house is very traumatic. And I can understand. I'm not

(33:16):
saying that your parents did. I'm just saying to talking collectively, people,
just large groups of people saw this happen. It's like,
why do I want this responsibility in this risk? And
they looked at it as a risk, right, But now,
Johnny ten years later, Yeah.

Speaker 2 (33:31):
Well, and let's be fair, though, there was there was
a lot more risk kind of inherently in the environment.
There was an environment of adjustable rate mortgages. It was
fogomir get alone types of environment. It was a really
risky environment. Everybody was taking risk, the lenders, you know,
the borrowers, there was. It was a risky environment. So

(33:53):
it was it was almost you couldn't avoid the risk
in so many situations unless you were getting a fixed
rate and feeling comfortable. And that's why it was. It
was so unprecedented in so many ways. But when I
grew up, at least to my knowledge, granted, the interest
rates were high, but they were locked. Yeah, they weren't
going to just change year to year, where now all

(34:15):
of a sudden, you can't afford your your monthly you know,
obligation because your interest rate just adjusted massively. Just it
was such a different world, and it felt like a
world we're always going to be in, which made me go, oh, no,
I'm never doing that.

Speaker 4 (34:29):
So this is my question to you. If you could
talk to those fifty percent of the renters that say,
I'll never own a home in the rest of my life.
I'm just not going to do it. I don't think
it's worth it. And you were you were one of
those people. You were one of them at some point,
But now you are a homeowner, You've been a homeowner
for ten years. What would you tell those fifty percent knows.

Speaker 2 (34:51):
Well, And I will tell you this too. I think
that fifty percent to me seems a little low. I
do because there's one other aspect that I think comes
into play more than any other, and it's and they're
kind of tied together. Uh, it's debt to income, money
saved and the or the our credit scores right, And

(35:12):
I say are because I'm thinking about what I looked
like financially before home ownership. It's a different world. As
soon as you get into home ownership, it starts to
change pretty dramatically. Even if you're coming from the bottom
as I was. You you remember the kind of conditioning.
We had to get into the shape that had to

(35:32):
be molded before we could get into home ownership. It
took about nine months with the leadership of an amazing team,
some desire and a lot of help, obviously, but you
have to have all that and some luck can go
a long way too. But I think seems low to
me because I think a lot of folks have that

(35:54):
debt to income issue. I think a lot of folks
don't have very much money saved. We're talking about even
at a three and a half percent FHA first time
home buyer loan if you're not doing any downpayment assistance, which,
by the way, there's a ton to choose from. We
used it. It was one thing that I didn't include
in my equation because I didn't know it exists, right,

(36:16):
You don't know what you don't know. It's why you
got to go to people that are great at what
they do floridatokrealestate dot Com. I think money saved is
one of those things that you're like, so three and
a half percent, think about a four hundred thousand dollars
home and I'm just throwing that number out randomly. You're like,
it's gonna take me forever to save it.

Speaker 4 (36:32):
Right, So if you were to buy four hundred thousand
dollars home, three and a half percent is fifteen grand, right,
so you need fifteen grand. Now that's just for the downtay.
Then you have your closing costs, which is the cost
to actually get the mortgage and also for the title
like to get clear title, and the costs that the

(36:54):
buyer has for that. And then finally it's called prepaids.
And the prepaids are the money that you're paying up
front for your insurance and taxes in your ESCRO account
so that when the bill comes to the next year,
you have the money in the account to pay for it.
It's almost like a forced savings account for you to
make sure your taxes insurance are paid. So when you
add all of that together, if Mike Rauf and the

(37:15):
mortgage firmer is here, he'd be telling us that that
probably would cost fifteen thousand for the down payment, and
then the prepaids and closing costs could probably be as
much as eight to twelve thousand more. So let's just
say eight so twenty grand twenty two grand.

Speaker 2 (37:31):
We'll go twenty twenty two grand.

Speaker 4 (37:32):
So a lot of people don't have twenty two grand
to buy the house.

Speaker 2 (37:35):
And it seems unattainable if you were in a position,
and I'll just go from my position, right, my snowflake,
a position that seemed that's unattainable from where I was,
it just was. But again, a lot of help, a
lot of desire, knowledge goes a long way. I didn't
have to fix my whole credit score. We just had
to get to where I needed to be. And it

(37:56):
was it was using a scalpel to fix things, not
going out of it. You got to pay all this off.
In my mind, that's the way it was. But again,
if you're gonna be the one giving yourself all the
information when you're ignorant to it, you have nothing to
go on. So you gotta go to people that can
give you the real concise path. Floridatokreal estate dot com,

(38:16):
that's where I went. This team helped me and my
family achieve homeownership. And I'll tell you it as I
went from Overnight because you lean hard on him. You
were like Johnny, you have to buy a home because
like our timing was perfect. It was after a huge collapse.
It wasn't gonna get any better.

Speaker 4 (38:34):
And as far as prices, the prices were so low.

Speaker 2 (38:38):
It was as low it was going to get. Interest
rates were in a pretty good spot, like if it
was gonna happen, that was the time to do it.
Even though I was the furthest the way you could
be from home ownership. Literally no money saved. My credit
score was in the fives, like I'm way away. But
within nine months we got to your FHA qualified. Here's

(38:58):
this down payment assistant. Here's ten dollars that you will
pay back if you ever refy or sell your home.
I did refine handful of years ago. It got paid back.
It was all part of that math equation as we discussed.
But it was Uh. It went from totally unattainable to
in my mind to oh this this can be done.

(39:18):
Uh and do I want to do it? And you
know through learning, yes, I want to do this because
that that is doing a number of things for me
as locking in some rent control. Right right, So I
know what my monthly obligation is. I have refined, so
it's up a little bit higher than when we originally
bought our home. But Jim, what would you say in

(39:39):
my neighborhood a three bedroom, two bath, two car garage,
six year ac inside out, all impact windows with a pool.
No hoa right school, mind. You know where I live,
You know my house? What am I gonna what am
I gonna pay for that? For rent?

Speaker 4 (39:56):
Oh? For rent minimum twenty five hundred a month, but
with the pool it can go as high as three thousand.
Now some people will say thirty five hundred, but market
rents are going down right now. We'll get to that
another time. So yeah, twenty five hundred to three thousand
dollars a month is what that place would cost.

Speaker 2 (40:17):
Right, So I've been well under that for we we
closed the ten years ago, I've been well under that,
well under that, so my rank control. And then just
as soon as you sign that paperwork like almost over night,
it seems like my credit score.

Speaker 4 (40:33):
Isn't it amazing?

Speaker 2 (40:34):
Like it was like, oh my goodness. They just instantly
went like here you go.

Speaker 4 (40:41):
Yeah. It's almost like the systems like, okay, now you
got real skin in the game. Yeah right, it's and
even though I'm making that up, but it feels like that,
you see, way you can.

Speaker 2 (40:50):
Feel because it literally happens like that.

Speaker 4 (40:52):
I mean it does, and and and the other thing.

Speaker 2 (40:55):
That you got paybills right, right, You got to stay
on top of it. But if you when you're in
that position, like you just feels like your financial positioning changes.
And it feels that way because it has, even though
it may not really your bank account doesn't look at
like it, but it just does. You're on much firmer ground.

Speaker 4 (41:13):
So when you when you purchased your house ten years ago,
ten years September, when you purchased the house ten years ago,
let's just say that you probably had to pull I
don't want to get into specifics, okay, but let's just
say that because you had the ten thousand down payment assistance,
Let's say you pulled twelve grand out of your pocket

(41:33):
to buy the house. Okay, now here it is ten
years later. You did refin, but you put a lot
of that money from the refin back into the house.
So you had upgrades because of it. Some of it
you had to do because the cards over drive cards
over to your house. But that's a whole note.

Speaker 2 (41:51):
You're not guaranteed a car driving India. That's not part
of it.

Speaker 3 (41:54):
But no, no, no.

Speaker 4 (41:57):
Unless you do it off purpose.

Speaker 2 (41:58):
Right. Yeah.

Speaker 4 (42:01):
So the thing is, though, is that if you were
to sell the house today, even with the refine and everything,
would you have more than twelve thousand dollars in your
pocket after you saw Absolutely, yes, yeah, you would have
six figures in your pocket.

Speaker 2 (42:18):
I mean just based on the rent number you're talking
about right now, I save that twelve grand like.

Speaker 4 (42:26):
Oh, but I'm just talking about like if you were
to sell your house tomorrow and what you would get. Yeah,
not like true profit, but just what you would get
at the time of closing. You would have six figures plus.

Speaker 2 (42:36):
Absolutely, And we actually took some cash out in that
refle too. We stripped some equity out, not a lot,
I mean, it was it was It was a sensible broach.

Speaker 4 (42:46):
So what happened to you is, as a homeowner, you
went from putting in twelve thousand into the house. Now
I know this Like if an accountant was here, like
Jereff Perry CPA Group was here, he would be saying,
this isn't the real way you do the math. Okay,
if Dave Ramsey was here, he would look at it
a little differently, but just hard numbers. You walk into

(43:06):
a new house ten years ago, you put in twelve grand,
you sell it after you pay off the mortgage and
all the closing costs, you're walking away with ten times
that amount in your pocket to go put down on
your next home. That is how net worth increases overall
in general between home ownership and non home ownership. And

(43:28):
that's the one thing. So that got me to start
looking about net worth between renners and homeowners. Right, So
here's an amazing figure, at least I think was an
amazing Now, this came out from twenty nineteen, so this
is before the COVID boom and everything. But in twenty nineteen,
homeowners in the US had a median net worth of

(43:50):
two hundred and fifty five thousand dollars. That means if
you took all the homeowners, the medium price point would
mean that at all the homeowners, half would have more
than two hundred and fifty five thousand of net worth
and half would have left less. Okay, but the medium
price would be two fifty five. What do you think
the net worth for the renner that same year who's

(44:13):
just renting, What do you think their estimated median net
worth would be?

Speaker 2 (44:17):
For renners?

Speaker 4 (44:18):
So two fifty five for the homeowners.

Speaker 2 (44:21):
Gosh, I mean, I want to cut that at least
in half. I feel like I want to go more
aggressive than that. Yeah, more what do I do because
I'm only thinking about myself?

Speaker 4 (44:30):
But what do you think in five figures, even like
fifty or nineties fifty?

Speaker 3 (44:37):
I mean it's a big gap.

Speaker 2 (44:38):
Well, I'd say give me thirty five.

Speaker 4 (44:41):
Well, well you're still five times too high. Oh my goodness,
six thousand, three hundred dollars net worth compared to two
fifty five between the average homeowner versus the average renner.

Speaker 3 (44:52):
Because the worth is so when you own, like that
is the worth is the value of the home?

Speaker 4 (44:58):
Wait, so let me let me show you. But how
they calculated because I figured Johnny was going to ask
that question because he always gets walking on me, which
is good.

Speaker 2 (45:06):
So this is, by the way, I was going to
go in like the single digit thousands. I just felt
like that was way too too long. Yeah, but I
was basing it on me prior to homeownership, like how
much money did I have.

Speaker 4 (45:17):
In the main right, So it's forty times And this
has been pretty standard for a very long time decades.
It's about forty times difference between being the homeowner and
the renner. And that's assuming in a lot of studies
they make the same income, they get the same raises,
right they do. Everything else is the same. But the
difference between homeowner renner now with how they calculate net

(45:39):
worth is and it's based on Federal Reserve standards. Okay,
so this is how the Federal reserve.

Speaker 2 (45:45):
It's not a gold standard, that's for sure.

Speaker 4 (45:47):
Well, I want to talk to about that later about
the later about the jobs report. We're going to talk
about something I learned about that later. But so this
is how they determine net worth. Cash in your bank
accounts that includes any kind of bank accounts, checking savings,
money market prepaid debit cards, CDs and savings bonds, government bonds,

(46:07):
health savings accounts, investments including five twenty nine college funds,
taxable investment accounts, retirement accounts such ASIRAISE and for our ones,
life insurance policies with cash value annuities, vehicles including cars, RVs,
motorcycles and helicopters, real estate including rent homes and primary residents.

(46:32):
And then what they consider liabilities. Right, so they take
all that, they say, do you have any of those things?
How much? And they add it all up and then
they figure out your liabilities and what do they consider
liabilities Any mortgage you have on any properties, home equity,
line of credit, credit card balances, and any kind of
installment loans, including personal loans, auto loans, and student loans,

(46:54):
and they take that so they subtract that from all
the assets, and that's how they figure it all out.

Speaker 2 (47:00):
They didn't include any personal affirmations because I'm beautiful and
I'm worth it.

Speaker 4 (47:04):
Well, I was surprised that didn't include like in like
food utilities, you know that kind of stuff. They didn't
include any of that, right, like all your normal gas
gas for your car.

Speaker 2 (47:16):
They don't include what about all that have like years
worth of food?

Speaker 4 (47:20):
Yeah, exactly, we got to count that, right that that'd
be worth something, right.

Speaker 2 (47:23):
Or if you have, like you know, just boxes of
shot shelves.

Speaker 4 (47:26):
But forty times forty times the difference. And that's why
when I call people and I'm like, please, don't make
a decision that you can't do this. If you really
want to, if you really want to, you can make
it happen. Will show you a path on how to
do it. We're not saying it's going to happen overnight.
Some people get pleasantly surprised because some of these people

(47:49):
that aren't buying right now. Oh, my credit score is
only six forty. I need to get a much higher
credit score. Well you're there, right right, you're there sixo.

Speaker 2 (47:58):
I have to get to six four.

Speaker 4 (48:00):
Yeah, get into six forty is the smart thing. And
really it's six twenty because FHA, it's six twenty. You
get the same interest rate as if you had an
eight to fifty it with FHA, So what are you
doing waiting for your if you don't know that, and
that's your stumbling block. My credit card, my credit score sucks.
Talk to a pro it and then you're gonna go,

(48:20):
what I only need six twenty, you know, blah blah blah,
And you're going to be very surprised and very happily surprised, because.

Speaker 2 (48:25):
If you ain't doing twenty percent down, you're doing three
and a half percent down, you need six twenty exactly exactly.

Speaker 4 (48:32):
Now, a lot of people don't use their veterans benefits
zero percent for down payment benefit. Then if you get
the down payment assistance and you're buying a four hundred
thousand dollars house and you need twenty two thousand and
for normal But that twelve thousand for the down payment,
you don't need that anymore. So you only need the
ten thousand for the closing costs.

Speaker 2 (48:54):
That's easy to get, huh.

Speaker 4 (48:55):
And you can get into the house for zero money
down and just take It's just like becoming a renter
and just not paying anything for first lass of security.
Come in and now you own a house with zero
money down. And we have done that.

Speaker 2 (49:08):
It happens.

Speaker 4 (49:09):
We used to do it. We're used once in a
while during the crisis. We used to get money back
for the homeowner, the buyer. Remember we go to a
closing table and they'd have a check for four thousand dollars.

Speaker 2 (49:19):
Here's your keys.

Speaker 4 (49:20):
Yeah, and they didn't pull any money in out of
their pocket. That doesn't happen now.

Speaker 2 (49:24):
Yeah, those are hard to find.

Speaker 4 (49:25):
But none of them went into foreclosure either. For all
those people go oh, those people probably couldn't afford the house.
None of those people put into everyone into foreclosure. And
that was ten years ago.

Speaker 2 (49:34):
Well, and these people can have plenty of money. It's
not about not having money. That is a benefit that
these veterans earned to be able to get a zero
percent down payment. VA loan. That's you can have all
the money in the world and you should still utilize
that benefit that you are.

Speaker 4 (49:49):
So let me just go over a couple of things,
a couple of quick facts to help renters that think
that they're never gonna have a chance to make this happen,
to make them understand that's only in your mind, that
is not a reality.

Speaker 2 (50:02):
That here's the first one you got to learn. And
you can learn a lot at floridatokreal estate dot com.
The prospros can teach you with no obligation and no pressures.
But if you want to learn a lot about your positioning,
it can start at floridatokreal estate dot com. But let's
follow Jimmy easily.

Speaker 4 (50:20):
So here are some of the reasons why they believe.
And I'm not saying I agree with all this, but
this is conventional wisdom as to why homeowners get forty
times more net worth than the average renter. Okay, Number one,
Having a mortgage is like a forced savings account if
you think about it, because every month you've got to
make that nut, and part of that nut is paying

(50:42):
down the money that you owe on the property. And
most of the time in most markets, your property is
also increasing in value. So as you're paying down the
money that you owe, the value of your house has
started to grow. And that's one of the reasons why
it's better to be a homeowner than a renter, assuming
that you could afford the mortgage payment. Okay, of course

(51:04):
number two appreciate the appreciation people forget, Johnny. One of
the reasons why you'll have such a huge paycheck if
you will, or a check at closing is not just
because you paid down the loan. In fact, that isn't
the majority of where you're going to get most of
that big check from. It's going to be that your

(51:24):
house almost probably oh more than doubled in value over
the time that you bought it. And getting back to
your question, I didn't answer that before. Is in your neighborhood.
You know, the average three bedroom, two bath home in
the pool is probably in the low fives right now.

(51:45):
Oh now, it got as high as the mid to
high fives, but we've seen it scale back a little bit.
We're going through a little bit of a correction.

Speaker 2 (51:52):
Remember Aj Holman had a property just around the corner
from me, and he said it was five point fifty
needed a lot of love too.

Speaker 4 (52:00):
Yeah, so yes, yes, exactly. So I'm trying to be
very conservative.

Speaker 2 (52:05):
Actually put lower than that in my mind on proceeds
that we're going to get from a sale of my home.
Actually go considerably lower than that.

Speaker 4 (52:12):
Right, and you're still doing good, you know what I mean.
So part of it is the appreciation, and that happens organically.
You don't have to do anything. It just happens. Is
because rising waters lifts all balls.

Speaker 2 (52:25):
Now we have done a little right. We did put
impact windows in in our first handful of years in there,
newer ac right, a new ish. I have of replaced
the fence a couple of times.

Speaker 4 (52:35):
You resurface the pool.

Speaker 2 (52:36):
Just resurface the pool within the last year or so.
So it's a there's obviously some upkeep that's beending.

Speaker 4 (52:42):
And there's responsibility for that. But if you add it
all up, right, if you add it all up, you're
still doing way better. And with rent or you're not
getting anything. The only thing you're getting from rent is
a roof over your head for the time that you
pay for the rent. There's no benefit other than.

Speaker 2 (52:58):
That they're helping the homeowner to pay off you know
their monthly obligation and possibly some income while earning there.

Speaker 4 (53:06):
Exactly exactly, it's true. And then finally the last thing
is and and this isn't as big as it used
to be when I became a first time homeowner, But
tax breaks you used to take used to be able
to take out all your mortgage interest off every year
as a cost as a tax deduction. Now I understand
that because I'm self employed, I don't know how it

(53:28):
is with W two anymore, but I hear if you're
doing your normal what do you call that way you
do the set standard tax deduction, there's like a simple
tax deduction where you don't have to itemize and do
all that, Like yeah, I think yeah, And I think
you're not allowed to count include interest anymore like you
used to be. But tax breaks are a big thing.

(53:50):
And the tax breaks are a big thing also because
when you sell your house, the profit that you make
on the house, if you're a single person, you can
make two hundred of fifty thousand dollars profit on your
house and not pay any taxes, any capital gains taxes
at all if it's your primary residence, and if you're
a married couple, you can get five hundred thousand dollars

(54:11):
profit from your house and not pay any taxes. So
that's a huge thing. If you want to put the
money into stock market and you made that money, you're
paying capital gains, right, So there's a big difference there. Another.
So the bottom line is, you know, should you plan
on owning a home or not? There are a couple

(54:32):
of things that you should be concerned about. I'm not
a raw rob person. I try to do right thing
for everybody right, So why wouldn't you want to buy
a house in today's market? Or if you're a renter, okay,
if you're not planning on staying there. The article, one
of the articles that I read on this says at
least four years. If you're not going to stay in
the home for four years, you're probably not going to
break even on the total cost of buying the house

(54:55):
and then reselling it because you didn't have enough time
for appreciation or to pay on the mortgage because you
owned it for such a small amount of time. So
you're if you're thinking about buying, but you're not really
going to make the commitment to stay in the house
long enough, it might not be a good idea. Like,
for example, Johnny, if you moved in your house ten
years ago but you only sold three years after you

(55:18):
bought it, we would not be having the conversation of
how much equity you would have in your house and
how you can use it and roll it into the
other house. So you've got to plan on when you
move into the house that you're going to be there
a while. My advice is minimum three to five years,
but five years to me is the sweet spot because
that way, if we have any down market there'll be

(55:38):
time hopefully depending on the cycle you're in, to catch
it up before you're ready to sell. So five years
to me, plan on being there five years. It's a
very safe time to buy. And then the final thing is,
don't let conventional conventional wisdom determine whether or not you
can do this, like Johnny was saying before, or talk

(56:00):
to the pros right, talk to people that can give
you the advice you need. Don't make a decision because
this is how I think, and it gets me nervous
when I think about this, So I'm just not it's
just a bad thing. It's just a bad thing. Talk
to people, find out, Hey, do you know that you
can get ten thousand dollars right now from the state
government to help pay for downpayment and closing costs. Hey,

(56:21):
do you know if you plan on doing this next summer,
we might be able to get you over buying a
four hundred thousand dollars home with three and a half
percent down. We can get you back eighteen thousand dollars
from the state under that new program.

Speaker 2 (56:34):
What's the uh? What's the program Mike was talking about
a couple of weeks ago where you can.

Speaker 4 (56:38):
Get like up to ship the ship program. State is
ship Ship State Housing Initiative Partnership is what it's called.
And in that program you can get as much as
like seventy five thousand dollars to help pay for your
closing costs. Now that you're going to have to run
through a gauntlet, it's very tough. But the other two

(57:00):
programs I'm talking about basically, you fill out a form
and you take like this one hour course online and
you're qualified right right, So talk to the pros and
make sure that you understand all your numbers. And also
if you're not ready now, get ready, find out rip
the band aid off, find out what you need to
do that's what I did. That's what Johnny did when

(57:21):
Johnny wanted to do it. Finally we had to rip
the band aid off. He looked like he was nauseous
when we were doing it. He was pale.

Speaker 2 (57:28):
I was green, pale. All kinds of shit.

Speaker 4 (57:30):
In nine year nine months might have sounded like, you know,
nine years. You know, when you started, it's like, oh
my god, nine months it went by very fast, and
the next thing you know, you're a homeowner. That's what
happened to me. I had terrible credit, I had no money.
I was nearly in default of my student loans. And somebody,
some angel, right, Cindy Taylor. I don't think she's around anymore,

(57:52):
but she was my mortgage broker, and she took me
under her wing. I know, it's like yeah, and she
was that's my angel. She came to me and I
got turned down from so many mortgage brokers, and no
Wilter wanted to touch me because I was just not
worthy of their time. And Cindy looked at me and
she goes Jim and she had this southern accent I

(58:13):
can't repeat it, and she says, do you really want
to buy a home? And I'm like, yes, ma'am, I
really want to buy a home, and she goes, if
you do everything I tell you to do, you were
going to buy a home. And that's the only person
that told me that.

Speaker 2 (58:27):
Right.

Speaker 4 (58:27):
Everybody else is no, no, no, or wouldn't even take
my phone calls.

Speaker 2 (58:31):
Right.

Speaker 4 (58:31):
And then I worked through it, and work through it.
I had some port from my parents, God bless them
because they helped me with my student loan debt that
I needed because they didn't have the programs we have today.
And I became a homeowner and I bought that house
for sixty seven thousand dollars. It was a foreclosure. Who
knew that I was going to get involved in all
this stuff back then, nineteen ninety four. And the house

(58:54):
today is probably I don't live there anymore, but the
house today is definitely worth in the high force, you know,
and nineteen ninety four is worth sixty seven thousand dollars
as a foreclosure. So you need to have the people
in your life that are invested in you and really
care and try to get you the right answers. We
have so many people in our database, Johnny, that want

(59:16):
to do something but are not there yet. And that's okay.
But we just keep reaching out to him, reaching out
to him, because when they're ready, we'll be ready.

Speaker 2 (59:25):
But if they at least gone down the path of
understanding how to get to the endgame, because unless you've started,
like you, you got to pull the trigger on the
gun there to start the race, right, you just do.
If you don't start, you're not in it. You're just not.
You gotta start that. And I always like to I
think this is a perfect analogy when you because I

(59:47):
remember this feeling as you look out to what it's
going to take to get it done. You just see this,
this vast, endless see right, it's a sea of water,
and you're like, well, there's just there's no end. That
first step is brutal. When you step out there, it's
like two inches of water. You're like, oh, well, this

(01:00:09):
isn't so bad. Hey. You take another step and it's
still just like two inches of water. And as you
keep taking every step forward, you're like, oh man, this water.
It's it's a long way, but it's two inches deep here.
I'm not drowning in this. This is easy. I can
pound these steps out. Let's go. But you gotta take
those steps. You can't be worried about drowning in it

(01:00:30):
right out the gates. And if you don't take that
first step, you're not going to even get the knowledge
the understanding of the next step that you have to
take to get to the endgame. You gotta take the
first step and order talk real estate dot Com and
the pros pro show you here's your first step.

Speaker 3 (01:00:46):
And there's no commitment. No, it sound like you have
to start and like, oh, we have to go all
the way. You know, right, eventually you want to get there,
you will, You'll see that you want to. But it's
not like, oh my god, I have this money, have
to put out all the Yeah, it's not a complete commitment.
You at least got to find out where your numbers
are and get educated on what direction you want to

(01:01:07):
go do. And as the person that's never going through
it is who I'm addressing there.

Speaker 2 (01:01:12):
What you're committing to is yourself trying to get to
what you want done, and if you want it, we'll
go do it. Take that first step, because if you're
not going to do that, you don't want it. You
can't tell me.

Speaker 4 (01:01:23):
You want it. And one of the things I remember
was when I was cleaning up my mess, my financial mess,
in order to become a homeowner. Every little step I took,
even though it seemed very overwhelming at the beginning, as
I did commit and make the little steps into the water,
and then I saw my credit score go up from

(01:01:45):
five whatever to six. Oh one, right, I'm just making
it up, and like, wow, I'm only nineteen points away,
you know, and you really feel like you accomplished something,
or you started paying down debt that's been hanging over
you for a long time, and now you're making that commitment.

Speaker 2 (01:01:58):
Don't you feel experien boost and just hit it and
it like booshy.

Speaker 4 (01:02:02):
Yeah ninety four that wasn't happening. Yeah. But but knowing
all that and watching yourself do it, and it's like, wow,
I'm really doing this, and it kind of reinforces that
you want to do it more because you want it
really bad. And you know that's and you know, home
ownership is all about creating longer term wealth in my
opinion for most people. Because you know, there are professors

(01:02:25):
right here in South Florida to specialize in real estate
say don't buy in Florida, You're better off running. I
just don't see that. And the reason why is their
argument is you can take the money that you would
be to buy the house and invest it in the
stocks and you know, and use it as investments to
get a bigger return on your money.

Speaker 3 (01:02:45):
That's what they're trying to play.

Speaker 4 (01:02:46):
But the problem I have with that is regular people
don't do that right. They'll have a four oh one
K and throw their money in the four o K
and let a fund, you know, decide how they're going
to handle the money. You're not going to sit there
and take fifty thousand dollars or twelve thousand dollars in
the example of home owner pier Right, and take twelve
thousand and say, you know, my intent is I'm going

(01:03:08):
to get a bigger return than I would on the house.
The house is passive once you lock into the mortgage,
you're almost especially in Florida, and I'm knocking on wood here,
but how many how many years has Florida not seen appreciation?

Speaker 2 (01:03:22):
True?

Speaker 4 (01:03:23):
Think about it.

Speaker 2 (01:03:24):
The only way only scenario that makes sense is if
you're talking about an investment property.

Speaker 4 (01:03:30):
So if you're an investor different If you're an.

Speaker 2 (01:03:32):
Investor, quite possibly your money's better in a different investment.
We're talking about being a home owner as a primary residence,
and they're in that equation. The part they're missing out
on is I live in this house. My mortgage is
my rent right. It's the investment part is the bonus

(01:03:52):
you're locking in on a home that you and your
family live in while you're possibly getting this investment return
right your equity that can come at you, which does
not happen in a REMP position. So, yes, there's some
factuality to what they're saying there. There's some facts, but
the positioning matters. If you're gonna live in that house,

(01:04:14):
the view it as my money would be better spent
this way. It's like, well, if you're only buying it
as an investment and not as a primary now we're
talking but this is the primary residence.

Speaker 4 (01:04:25):
I totally agree with that. And that's why I feel
like sometimes when I read the articles in the paper
that I don't like, really agree with what they're saying about. Yeah,
it's like and to be realistic, it's like, it's like
credit repair. We we've had so many people try to
go through different credit repair companies and everything, and what

(01:04:47):
we found out is if you're gonna do credit repair.
First of all, the best credit repair we've gotten really
has been advice from our mortgage teams right to tell
you how to repair your credit without hiring a credit
repair company right now thing because most people don't need that.
What most people don't understand is they don't got to
fix their bad credit. Usually what they got to do
is build new good credit, right and Mike will explain

(01:05:10):
how to make that happen without you hiring a credit
credit repair company that's going to make all these promises
and you're going to be on a monthly payment with
an upfront fee and you wait, wait, wait, you don't
see your score going up. I've seen that so many times.
And then I've seen the credit repair and then I've
seen people say, you don't need a credit repair company

(01:05:30):
to do it, just go ahead and do it yourself.
Just do it yourself. And I'm like, yeah, the blind
leading the blind. You're going up against trying to figure
out how to restore your credit when you have no skills,
and if you're fighting credit, you've got to write all
these letters to the creditor, and then there's a certain
timeline they have to respond. If they don't respond, then

(01:05:51):
you've got to follow up another way. It's like that
becomes your life.

Speaker 2 (01:05:53):
Yeah, who's writing letters these days?

Speaker 4 (01:05:55):
By exactly right. So the bottom line is is that
you know, when you think about all this, this is
a really passive way that usually is going to be
very safe for you financially in the long run, and
you have results that you're probably not going to get

(01:06:15):
if you don't have the opportunity to be a homeowner.
When you're a renter, you're never going to have appreciation, right.
All you're going to have is a landlord that you're
giving the money to. And if you don't get along
with that landlord, you're going to have to move to
another place and do first last security. And you know,
some people are bouncing around from place to place to

(01:06:35):
place and every year they're paying first last security. And
if you if you just save that money and say,
you know, the next time i'm going to do this,
I'm going to put it towards buying a house, and
then you create a plan and then you have nine
to twelve months to figure out how to get that plan.
Most people can buy a house in nine to twelve
months if they have that plan. So you lock in
for the rental, You lock in for the rental, and

(01:06:57):
then you say, you know what that first last security
I'm planning on spending next year. I'm putting it towards
my down payment and closing costs. I'm increasing my credit score,
and I'm doing what i need to do to get
qualified for the loan. I'm gonna go out and I'm
gonna go get some down payment assistance programs and I'm
gonna make this happen for me.

Speaker 2 (01:07:14):
Yeah. So I do also know that feeling of the
hesitation to let somebody look into like your everything financial.

Speaker 4 (01:07:27):
I know that your message finances.

Speaker 2 (01:07:29):
Yeah, yeah, you kind of like, here, look I'm terrible.
I'm not responsible at all. There you go take a beat.
That's me see how irresponsible I am. I get that.
I get that hesitation. I know that feeling. But you
You're not the only one. By the way, you probably
won't be the only one that day when Mike looks
at a credit report to be like and there's just it.

(01:07:51):
It's not a judgment thing you feel like it is.
I know that feeling. You totally feel like it is.
I get it, but you have to set that down
like a bag of breaks and go to Florida ty
real estate dot Com. Find out what you don't know.

Speaker 4 (01:08:06):
And have a sense of you or about it. Yeah,
I screwed it up.

Speaker 3 (01:08:09):
You know you screwed it up.

Speaker 4 (01:08:10):
Yeah, I own it, and let's go fix it, because
that's what the bottom line is. It doesn't matter how
you got there. Let's just fix it and move on.

Speaker 2 (01:08:17):
It's about getting the knowledge to understand how to fix it.

Speaker 4 (01:08:19):
And almost everything's fixable. It's very rare that we don't
have we that people don't have any options. It's very
very rare. There's usually it's usually an I A big
I R S problem is usually what we'd really stop
somebody you.

Speaker 2 (01:08:34):
Or if they're like freshly bankrupt or something.

Speaker 4 (01:08:37):
Right, yeah, or maybe they're really not they really hate
paying the irs, so they're they're they're not reporting anything
on their income. But that's fixable in a year. Yeah, right,
they should fix it. That's even fixable.

Speaker 2 (01:08:49):
That's still if you find out that situation, be like,
well here's what you can do. Just hurry up and
wait and get ready to pay you your bill.

Speaker 4 (01:08:57):
Hey, let's go ahead and take a break. On the
flip side, we're gonna talk about lovebugs. I wanted to
talk about lovebugs last week. I love talking about Florida critters.
We're gonna talk about lovebugs this week. I read a
really interesting story, so there's probably a bunch of people
in Florida. Now, I was like, what the Hecker lovebugs?
And you know, me and Johnny and Jimmy, we grew
up with lovebugs.

Speaker 2 (01:09:18):
So yeah, they ask you everyone. They got me into
being a voyeur. I ue to watch them doing it
all this time.

Speaker 4 (01:09:24):
But we're gonna tell you why. They call him love
fugs too perfect.

Speaker 2 (01:09:28):
We got a lot more to get into. Thanks for
being with us on this Saturday. It's a November second
all day today. It's great to have you with us.
You more than welcome to join us. In fact, here's
the toll free number if you want to dive in
right now. I want to talk love bugs eight seven
seven nine two seven six nine six nine, questions, comments,
concerns in the world of real estate. You can bring it,
join in the conversation at hand. You're more than welcome.

(01:09:48):
Of course, if you're not comfortable on the radio and
you need the pros, pros, the experts that you're leaning on,
you can get them all at the one stop real
estate shop that is Florida Talkrealestate dot Com. That's Florida
Talk real Estate. What use it? Love it, share it?
Find us on Facebook and YouTube, Subscribe and share. Share
to the masses of what they have the resource that

(01:10:09):
is Florida Talkrealestate dot Com. You can change lives, including
your own, with the prospros at Florida Talkreestate dot Com.
Four minutes from now, we're back at it. Great to
have you with us. Thank you so much for making
Saturday a reality for us. We wouldn't be able to
do this if you weren't there. That's oh, we probably
still would. I just don't know if we've been doing
it for twelve plus years. Truth. We're back in four minutes.

(01:10:32):
Great to have you with us Florida Talk real Estate
right here Real Radio.

Speaker 1 (01:10:49):
This is Florida Talk real Estate with Jim Depola and
Johnny c. Got a question for the show. Call us
live at one eight seven seven nine two seven sixty
nine sixty nine.

Speaker 4 (01:10:59):
Yeah.

Speaker 2 (01:11:00):
Great to have you with us. Thank you very much
for tuning in on a Saturday. If you're just joining us,
you've missed some of the most amazing radio ever, the
good news is you'd be able to consume it again.
Find us on YouTube, Facebook, Florida Talk real Estate on
both Always remember Florida Talk real Estate is a dot
com as well. You're one stop real estate shop. I'm
your boy, Johnny C. Jimyth The's are producer at Short

(01:11:20):
and Arrow.

Speaker 6 (01:11:20):
What's up, my del Hello, Hello, and a good a morning,
good morning, And today our pros pro is singular just
our fearless leader, the professional we've leaned on so far
and will continue to for the next forty minutes.

Speaker 2 (01:11:34):
Or so on this Saturday. Told you for twelve plus
years now. He runs a top producing Kellowilliams seeing Keller
Williams Innovations. Find the Florida Home pros Team. Jim Depolo
runs it. There's Jimmy D. How you be.

Speaker 4 (01:11:44):
I'm doing good. I'm doing good, Johnny. I'm gonna be
talking about one of my little favorite subjects, which are
Florida critters. I just love it. And today we've talked
about let's say, iguana's fallen down from the trees when
it gets too cold. We talked to about people killing
iguanas and in the main ways, and that it was

(01:12:04):
breaking state law. We've talked about the alligator hunting season
back in the days when that was happening, then the
python hunting and all of that that's going on, and
now I want to talk about lovebugs. And the reason
why I'm talking about lovebugs. You know, I moved down here,
I think in seventy four is when I moved down here,

(01:12:26):
and I remember all the time during the summer and
also a little bit during the fall, if I'm not mistaken,
the car would just be covered in lovebug, just covered.
In fact, if you were driving the whole like the
Turnpike or ninety five from Miami to Jacksonville, there would

(01:12:48):
be a good chance that you would have to pull
over to gas stations just to clean your windshield because
there were so many love bugs splattered across your windshield
that you couldn't see out the windshield. Remember if if
you didn't clean them off, your radiator could clog up
your radiators back then, do you remember that.

Speaker 2 (01:13:05):
I know my first memories of love bugs, they were
like it was almost like horror movie.

Speaker 4 (01:13:11):
Like, right, like there's so many Yeah, you're right.

Speaker 2 (01:13:14):
Yeah, And if you went across the state or in
certain pockets, it was unruly. It was scary almost.

Speaker 4 (01:13:21):
My dad used to work in Saint Augustine rebuilding some
bankrupt huge apartment complexes, So every summer I would go
up there and work form in construction when I was
a little kid. But when we were in school, in
order to see your dad, mom would drive us up,
you know, drive us up there. This is like when
I was seven to eighth ninth grade. Then drive us

(01:13:44):
up there just to go see dad for the weekend
or whatever. And we used to have to pull over
all the time.

Speaker 3 (01:13:50):
There was just like love bugs everywhere, everywhere.

Speaker 4 (01:13:53):
It was pretty pretty crazy. So this article had really
good information, this coming from PBS so local Florida station,
PBS station about the Florida's declining lovebug population, and it
says may make for cleaner windshield but it signals a
troubling trend. So I thought that was kind of interesting.

(01:14:14):
So here's the thing. Love bugs don't seem to even
exist in Florida anymore. They used to be here during
the early summer, just around this time, I'm sorry, and
just around this time. So it would be early summer
and then right around August, September, October they'd come back
out again. Lovebugs are called lovebugs in case anybody doesn't

(01:14:36):
know what they are, these little black winged insects. They
fly around, but they're always mated together. So the lovebugs
mate in the air, and that's why they're called lovebugs
because when you see them flying around, they're almost always coupled.
Here's the interesting part. When they are mating. How long
does it take? How long is the mating process when

(01:15:00):
they're doing it? So, how long is the consummation process
for these love bugs when they're flying around?

Speaker 3 (01:15:05):
Fifteen thirty seconds?

Speaker 2 (01:15:06):
Yeah, I hope it's at least comparable.

Speaker 4 (01:15:10):
Twelve hours. Yeah, so they're doing it for twelve hours
when they're flying around. And guess how long they live?

Speaker 3 (01:15:17):
No wonder they mate for life?

Speaker 4 (01:15:20):
Well kind of how long do you think they live?

Speaker 3 (01:15:24):
They're probably probably just a couple of.

Speaker 4 (01:15:26):
Days, right, three days?

Speaker 2 (01:15:28):
Three days?

Speaker 4 (01:15:28):
Right, so think about that. So that's like.

Speaker 2 (01:15:31):
They're banging for like yeah, like they're like yeah, that's like.

Speaker 4 (01:15:36):
It's like not too bad to be a love bug, right,
six So I thought that was really funny that they
only live three days. They really came, they were really
from South America. Love bugs. They said that they started
they started to knowsome, going all over the southern hemisphere,
and they officially came to Florida in nineteen forty nine,

(01:15:58):
and nobody really thought about them much. But as they
grew in population and it started getting crazier and crazier,
in the nineteen seventies, UF started to do a very
serious study into it because there were a bunch of
conspiracy theorists theorists in the nineteen seventies that said University

(01:16:19):
of Florida Agricultural Division had made the love bugs to
kill the mosquitoes and that the love bugs were taking
over and it was like an environmental disaster because love
bugs are taking over. So they started in the nineteen
seventies just became really controversial, kind of like the contrails
for you know, for planes and stuff like that. So

(01:16:41):
they had to do all this research to prove that
they were not they were not engineered by the UF
Agricultural Department to kill the mosquitoes. And really after that,
nobody gave a dang about them after that, and they
never did any more research on them. They just came
and went, came and went. Nobody really did any research
on them. And the reason why they think that they're

(01:17:01):
gone is because we're going through an insect apocalypse right now.
Did you hear about that insect apocalypse?

Speaker 2 (01:17:08):
It's it's sadly you know, global.

Speaker 4 (01:17:11):
Yes, that's what I mean. It's a worldwide insect Apparently
forty of all the insects in the world are seeing
amazingly high depopulation right now.

Speaker 2 (01:17:23):
So in different reasons, yeah, same, but different reasons. It
just depends on where you're at geographically. But there's a
there's a laundry list of reasons that are tied in
and it depends on where you're at. And really see,
the big effects US pesticides and stuff like that are big.
So the lullbugs are in the soil unless we see

(01:17:44):
them out mating, right, Yeah, so that's.

Speaker 3 (01:17:48):
They're burning ground, right, That's trouble.

Speaker 2 (01:17:50):
With all the pesticides and sesticides and all that stuff. Yeah,
that's that doesn't make for a long life. Climate change,
temperatures rising, deforestation, there's all there's a number.

Speaker 3 (01:18:03):
Of variable lot the building is one of the things
that I always saying is at least with the love bugs,
right because I remember them being mostly in certain area
of Martin County where I mean, it's just it's nothing
but trees. Yeah, and and uh, and that's what they
were usually to worse, but there's a lot of ground
for them to be in.

Speaker 2 (01:18:24):
That's why they usually was.

Speaker 3 (01:18:25):
More of that. But as we populate more and take
more trees down, take more land, you know, build more
houses and habitat that strut right And you know, so
I thought maybe that was part of the reason it is.

Speaker 2 (01:18:36):
Habitat destruction absolutely a part of it.

Speaker 3 (01:18:38):
But even in the areas that haven't been built up yet,
it seems like there's a lot less of them as well.

Speaker 4 (01:18:45):
Yes, they're saying that basically they're non existent in Florida
right now. They don't know why they went away. They
have no idea why they want away.

Speaker 2 (01:18:52):
Even light pollution comes into play for some of the critters,
and we're talking about things from bumblebees, the butterflies, insects.

Speaker 4 (01:19:01):
Of all insects right of everything. That's pretty crazy. You
know what else we don't see anymore. Maybe maybe it's
just because some in the wrong areas, but you never
see the fireflies anymore.

Speaker 2 (01:19:11):
Oh, you know what? We went then Wednesday night, so yeah,
it was the night before Thanksgiving. We went out to
MacArthur Park. They had what was called the Pumpkin Stroll, right,
so people will go out during the day and drop
off carved pumpkins. You know the boardwalk that goes from
the park out to the beach at MacArthur Park. Yeah,
like a third of a mile or Something's beautiful if

(01:19:32):
you've never seen people lined up with the pumpkins. So
it wasn't as long as you'd like to think, but
it was still really cool. They had pumpkins lined up
on both sides for I don't know, maybe a third
of that boardwalk. They had the apple cider donut people
out there, they had live music. It was a fundraiser
for the park. It was cool. We went out to attend.
We try to represent whatever possible, and you know there's

(01:19:56):
you can walk through the parking lots, or you can
walk the little trails along the waterway. Well, it was
dark when we're leaving. It's obviously you're there to see
the pumpkins, and you know, me and the wife are like,
let's go the spooky around. It's Halloween. So we walked
and it was it was visible, but as we're walking,
I'm like, oh, you see that the glowbugs you know,
glow worms bugs, yeah, globe bus new bugs, whatever you
want to call them. I haven't seen them in so long,

(01:20:18):
but man, there they were all lit up in the darkness.
Just not a plethora of them. They were scattered, but it's.

Speaker 4 (01:20:25):
They were still there. Yeah, when you were a kid,
did you collect them?

Speaker 2 (01:20:29):
Of course, they were much more abundant.

Speaker 4 (01:20:31):
Oh yeah, there were so much more. And I used
to do it up in New York when I was
a kid, and then in Oregon also, and then in Florida.
You they would still be down here, but they're kind
of they're really depopulated a lot of time.

Speaker 2 (01:20:44):
Yeah, but it was cool to see them. I it's
been a long time since I've seen some.

Speaker 4 (01:20:47):
I forget why. Oh it's a chemical, right, there's a chemical.
It's a chemical that makes them, like I know, but
I think that's yeah, I'm pretty sure it's a chemical.
So see you later, love bugs. Hope to see you soon.
But don't get my car dirty anymore.

Speaker 2 (01:21:01):
So they're probably not coming back, huh.

Speaker 4 (01:21:04):
I don't know. It doesn't sound like but you know,
they have come and gone. So they did mention in
the article that they have come and gone.

Speaker 3 (01:21:10):
I was just gonna say, is there some sort of
natural cycle you know where.

Speaker 4 (01:21:14):
They Yeah, it's like the cicadas, right, Maybe it's like
the cicadas, because.

Speaker 2 (01:21:18):
If they if they stopped studying them and what do
you say, seventies.

Speaker 4 (01:21:21):
Seventies, they just gave up.

Speaker 2 (01:21:23):
Yeah, I mean, maybe maybe they did miss out on
what is a natural cycle, which is possible, but it
still doesn't change the fact that forty percent of the
insects in the world are gone, so very well. Could
be that they're just gone.

Speaker 4 (01:21:38):
And let me tell you, trying to clean that stuff
off your car was not fun. It wasn't It's hard
to pull that stuff off. You really had to scrape them.

Speaker 2 (01:21:46):
Movies movies to Florida. You guys, really you did not
miss out if you been here for a while again
a while, because it was it's just progressively gotten less
and less over the last in the twenty four years
I've lived here, but I remember visiting when I was
like my grandparents always lived here. They were everywhere.

Speaker 4 (01:22:03):
Yeah, yeah, which drive you crazy to Yeah, it was
the kind of yeah.

Speaker 3 (01:22:09):
I literally would have to use my winchell wippers.

Speaker 2 (01:22:11):
Yes, it would be. It was like a horror movie.
It was like scary.

Speaker 4 (01:22:15):
Yeah, it was like a locus infestation from biblical proportions.

Speaker 2 (01:22:19):
Yeah, that's something you go on vacation and you're like, what,
It's not what you're expecting. Let's just put it that way.

Speaker 4 (01:22:26):
Well, we're going to talk about another trend of things
leaving Florida. Floridians. Here's another thing I thought that would
be interesting. Let me tell you, I'm still predicting that
next year we're going to have a ten to twenty
price drop from our peak of this year, which was
six fifty for Palm Beach County. So we're in the

(01:22:48):
sixes for almost all the counties. Uh, Dave, Broward and
Palm were in the six hundreds for medium sales price.
Martin County, Indie River and Saint Lucie are completely differ
for animals because Martin County there's hardly any sales. They're
at five seventy seven. And Indian River and Saint Lucie
you are very affordable compared to the other two. So

(01:23:10):
of poor Saint Lucy's only in the fours. Indian Rivers
at three seventy seven or something like that, three ninety seven,
but the Tri County area down here is in the
six hundreds, I really think, and we peaked out at
about six sixty. I really think that we're going to
see a ten to twenty percent drop from that by
sometime next year because of higher interest rates, which I

(01:23:32):
think are going to be sticky and not go down
because I don't think these interest rates really historically are
high and people just have to get to grips with that.
The insurance costs are really high. I think that's going
to be a big problem. And also we're gonna have
to get to grips with that too. Yes. And the
other thing is is that inventory is growing. There aren't

(01:23:55):
as many buyers, and on top of it, the here
I don't know how strong it is. I feel very
different about that because you know the statistics we came
out with the show two weeks ago, Florida hit a
new population record of twenty three million, and we're growing
about two hundred and fifty thousand new residents net a year,

(01:24:16):
meaning we have think the county too. I know, well,
actually that was very common that on the southeast that's
where they were all moving. And then there was a
big there was a change probably right around COVID, maybe
a little bit before COVID where really the West Coast
became more popular. I think the reason for that was
it was less congested and a couple other things. I

(01:24:41):
think the beaches are a little more accessible, like in
Palm Beach County, the public beaches. If you think of Florida,
there aren't that many really great public beaches in Palm
Beach County. A lot of it's privately owned. You know
where the condos are and everything, and you can't really
walk the beach. You only get the little slice, you know,
where you could park. On the West coast, it's a
little different than that. But now with all the storms

(01:25:04):
that have just hit over and over and over again,
people are done. I mean they're done. So check this out.
Since the hurricanes Helena Milton in the earlier canes that
we had in like twenty twenty two and earlier, the
trend is really clear. I'm not rebuilding again. That's what
the residents out there are saying. Rilters on their West
Coast and the Tampa Saint Pete area are seeing a

(01:25:26):
trend where homeowners are offering to sell their homes as
is cash only. These are hurricane destroyed homes that either
had flooding or hurricane damage, and they're like, we don't
even want to rebuild it, just buy it as it is.
And they're offered it to investors as is cash homes
that were selling in the five high five hundreds less
than a year ago and now are being offered gutted

(01:25:49):
for two hundred and ninety nine thousand. Just buy it
the way it is and we'll just leave. One investor
listen to this, I feel so bad, talk about buzzer life.
This one investor couple bought a home from the hurricane
in twenty two, twenty twenty two Ian and that home
was destroyed. So they bought it as a cash only

(01:26:11):
as is investment property. They were going to fix up
and resell, so they finished it, put it on the
market for four to sixty, and then they got hit
by Eleen and Milton, and now they had the house.
It's gutted again, right just like when they bought it,
and now they're asking two ninety nine. So they had
the house completely fixed up, ready to go at four sixty,

(01:26:33):
and then the house got destroyed by the new hurricanes
and now they're doing exactly what the buyers the sellers
did prior to them. And I'm telling you this right now,
whatever the investors are paying right now over there on
the West coast, because it is a really good time
to be an investor to go out there. If you're
thinking about being investor heading out there, let me know.

(01:26:54):
I can get you to people that will know the
good deals out there. But this is one of the
things you got to realize if you're buying now. So
if the house was worth five six four sixty and
you're buying it for two ninety nine now and you're
thinking you're getting a great deal. Six months from now,
that deal is not going to look so good. It's
going to continue to go down. So we're at the
beginning of the decline in that area. This is all

(01:27:18):
weather related. It isn't across Florida. It's going to be
endemic to that area. We've been talking about this since February.
Remember I came back from the National Keller Williams Reunion,
the conference, and I came back and I said, we
have a bubble, guys, and the bubbles on the west
coast of Florida over by Tampa Saint Pete. And that
was because of Van Now we've got the new two ones,

(01:27:42):
the two new ones, So it's going to be really
really bad. So whatever the people are paying now, I'm
sure that the prices are going to be even lower.
So if the investors are really sharp, they're going to
keep their powder dry and they're going to wait and wait,
wait till the properties go really low. Or you can
get a really fed up seller that just doesn't care

(01:28:04):
and they're going to take the bath and give it
to you even lower than that four sixty to two
ninety nine. Wow, what do you guys think? Do you
think that this is going to be a trend throughout
Florida because of what happened over there? Meaning like we're
going to be affected to where less people are going
to want to come and that Floridians are going to say,
you know what, I saw those hurricanes on the West Coast.

(01:28:26):
We know our time's coming. I don't want to deal
with that. I'm out of here.

Speaker 2 (01:28:30):
If we weren't in the crisis for property insurance like
we are right now, if it was kind of normal,
I think all day it would be easy because I
think I think as we're just about we make a
little more activity here in November, but we're about to
shift in the holidays, and those storms are really going
to get out of people's minds except for locally those

(01:28:51):
that are still dealing clearly that it is top of mind.
But I'm talking about for those that are looking to
move into that area or invest in properties that are,
you know, at a pretty rock bottom level. I think
that's going to be really out of sight, out of mind.
I think it's the property insurance and that right now.
But we're we're gonna probably be thirty days away from

(01:29:12):
unless they get another one here and the next thing. Yeah,
but we're thirty days away from on the next year,
right And I think that'll go out of their minds
pretty quickly and be like, yeah, I gotta I gotta
do this. I think that's a perfect.

Speaker 4 (01:29:24):
Storm to what I'm sorry I lost you there.

Speaker 2 (01:29:26):
Jump on the investment opportunity.

Speaker 4 (01:29:27):
Oh, jump on the investment. But do you think that
people on the East coast of Florida other parts of
Florida are going to see all that hurricane damage and
how many times they got hit over and over again,
and they're just going to say I'm done, I'm leaving Florida.

Speaker 2 (01:29:42):
See that happening. But I think there will be people
to pick up the pieces.

Speaker 4 (01:29:46):
Yeah, oh yeah, there will be investors to go over there.

Speaker 2 (01:29:48):
Sure.

Speaker 3 (01:29:49):
I mean if people think that they can make money, ye,
you know, especially the investors as you say, I you know,
outside influencers looking to you know, like you know, somebody
from New York or even Wisconsin, another part of the
country going to come here. I think Johnny's right. I
think the big detern is going to be insurance. And
it's not just homeowners, but also auto and flood because
our auto and flood is going on.

Speaker 4 (01:30:10):
Yeah, And so what I'm thinking is is that what
I'm thinking is is that all those houses, it's almost
like what's happening in the condo market. When you build
a building, it has a useful life, sure, and most
of the useful life I'm guessing. I mean, we're going
to get experts to talk about this on the air,
but I'm assuming it's like fifty years, right for most buildings,

(01:30:33):
fifty sixty years And a lot of those buildings that
we're investigating right now for concrete restoration within the three
miles of the un coastal and everything, we're finding out
they have a lot of problems. They just came into
my unit and they took out my slide and glass doors,
and they cracked up the concrete inside the unit and

(01:30:53):
outside the unit, and then they patch it up. But
I'm telling you, they're taking out pieces that are like
two feet by two feet and then finding bad rebar
in there, steal in there, and then doing whatever they're doing.
It's called spalding, to correct the spaulding from the steel,
and then they're putting concrete back, And I'm like, how

(01:31:15):
is that making the whole building stronger? You know? How
do you know that that's the only spot that you
have And they're going over and doing these little spots everywhere.
But I'm thinking, you're gonna have to be doing this forever.
It's like taking little checkerboard pieces out of these gigantic
buildings and replacing it, and you're gonna have to do
it over and over again. Eventually, I think these buildings,

(01:31:36):
eventually they're gonna have to be torn down and rebuilt
to the new standards needed for today. Sure, I think
what's gonna happen on the West Coast. A lot of
those houses that have been hit multiple times. I think
that eventually, what's gonna happen is is that a lot
of those places are gonna be sold for the land value,
and then a smart investor is gonna go in there

(01:31:57):
and they're gonna build a more hurricane or flood friendly
type of building, meaning a house. So they'll put it
on stilts like they're doing in the Keys, and they
start tearing down those old nineteen fifty houses and they're
putting up stilt homes. I was just watching a really
interesting YouTube show where this guy in Florida he builds

(01:32:19):
hurricane He built his house to hurricane standards, but the
way it worked was it was on stilts and it
was fifteen feet high off the ground, and he had
livable space on the first floor. But the walls and
everything were breakaway, so when the water came, it didn't
It allowed the walls and everything to be broken away

(01:32:39):
and pushed away through the surge, but it created less friction,
and they had really strong structural supports that are buried
in the ground really deep, and it never really affected
the second story and third story of the house or
the roof. And they designed it so that the first
story could be rebuilt really quickly. And I'm assuming that

(01:33:01):
you're not having your living room there or something. But
there's room in there. And uh, I feel like that's
what we're going to be doing, is working on new
trends of what housing should look like in these high
storm areas. And Florida's going to be ground zero for that,
and I think.

Speaker 3 (01:33:16):
We're gonna have to adapt. I mean, obviously it's there's
something that that's coming along, you know what. I was very,
very fascinated by what the Tampa General the Hospital did
with those barriers.

Speaker 4 (01:33:27):
I didn't hear about that, Tony.

Speaker 3 (01:33:29):
They actually built and it wasn't for Milton, was for
the one before that that hit on the west coast
and they or what's going that way? They basically put
a wall. They built a temporary wall around the hospitals.
It was an aquifant, yeah, aquif and and it worked.

Speaker 2 (01:33:49):
Yeah. Wonders they put those things up when there's a
storm coming, you know, and anticipation of it.

Speaker 4 (01:33:55):
What is it made out of?

Speaker 2 (01:33:57):
I don't know the answer to that. And busy labor defensive.

Speaker 3 (01:34:00):
It's amazing, it's very and it's you know, it's pricey.
I mean, you know, it's six figures. I think they needed,
you know, for the area. Well, of course, you're talking
about around a hospital, but it kind of looks like
you know, the walls that they put up for a
construction zone, right, you know, so they're I don't know,
eight foot ten foot high, right, and they come in
sections and they bolt you know pretty much into the

(01:34:23):
ground or some sort of way to fasten into the
ground and they're just sections they put together and there
water proof pretty much, you know, and it held back
to storms. I mean, there's there's plenty of video out there.
You can see where the storm surge came up to
it again, not for Milton, because Milton actually Tampa had
it the tiede go around the way you know, it
came through. But they again they were erected for them.

(01:34:46):
So but I don't know is that is that an
answer or people get their own personal style of that, right,
But again that's money costs. You know, sea walls cost money.
You know, well that build up, but that's saturation that
that's what human still.

Speaker 4 (01:35:00):
And the cost for the housing is going to get
more expensive, which gets to my whole gentrification thing where
I just feel like the people that are going to
live near the water, they've always been wealthier, but now
it's going to get you have to be even wealthier
than wealthier if you if you will, Yeah, it just
is going to be like that. I wanted. I wanted

(01:35:21):
to leave off on the show with this one question.

Speaker 2 (01:35:24):
Can I just mention something real quick?

Speaker 4 (01:35:26):
Please?

Speaker 2 (01:35:26):
We're talking about you know, insurance, flooding and everything. You know,
We've been talking about insurance in the state for forever.
This show is focused on every aspect of the market. Uh,
your property insurance. It's a it's a an equation, it's
needed and we've always you know, had pros pros to
Lene on Rosca, marionets with Brightwin Insurance, Juno Beach only

(01:35:52):
phenomenal resource for so many including us here at Florida
Talk real Estate. But we've been following the the rise
in costs in the state and so much of it
has been tied to fraud and litigation. Right, so we
a couple of years ago signed in a law. The

(01:36:12):
way you go after your insurance company is a very
different beast. Now. It used to be where you just
could sign on in that contingent factor your lawyer got
paid if you got paid, which they claimed, and again
it seemed very logical, led to us being really, really
massively hit with fraud. The cost of the companies to
pay attorneys to fight fraudulent claims was pretty insurmountable, which

(01:36:36):
caused us to have these huge increases in our premiums.
It seemed logical got signed in a law. There's a
different approach now if you're going to see your company.
There was one caveat when we talked to when we
even talked about it from the consumer side, protecting the public.
It made it tougher to fight against the insurance companies. Okay,

(01:36:58):
and you are seeing headline after a headline of claim denial,
claim denial, claim denial, claim denial, and you know so
many of these people if they are legit claims and
they are struggling to try to get their homes fixed,
odds are good. They don't have the money right the
hire set attorney. So when it was signed, it seemed

(01:37:18):
really pessimistic. But if you're if you're on the side
of we, the we the consumer, there was no more teeth.
You have to come in with skinning a game to
have an attorney to fight for you against an insurance
company that right now can say nah, sue us. And
if you don't have money to hire an attorney. Oh well,

(01:37:39):
and we're seeing it happen. Now. We brought it up
at the time. Here's the big caveat. We'll see if
the insurance companies do right by.

Speaker 4 (01:37:47):
The people, and there's another thing that they did.

Speaker 2 (01:37:50):
It's not one hundred percent. Clearly claims are being paid.
I'm not saying it's not happening, but you're seeing headline
after headline. Now, again, the details always matter, But if
we're talking about tens of thousands that are mounting, if
they're fraudulent, they're not legit, they should be denied. But
if they're legit and they're being denied, these poor people
are in a different positioning to go after the companies

(01:38:12):
than they once worked.

Speaker 4 (01:38:12):
Well, it could be even worse because one of the
changes besides that rule of how attorneys are being used
for the lawsuits is if you wanted a discount on
your insurance, all you had to do is sign a
little agreement that you would never see the insurance company period. Yeah,
so you give up your rights for a lawsuit, and
a lot of people did that to get the discount.

Speaker 2 (01:38:34):
So you talked about gentrification, right, people that it's always
been a certain amount of money required to live on
the coasts. Right, it's a more of elite of status,
but there's generational money that got people in and maybe
they don't quite live the same way, but they've owned
these properties. They're in a better position. Right, Maybe they're
under insured or maybe they're maybe they're gonna be fought

(01:38:54):
for these claims and at some point they have no
choice but to walk away. And it almost just opens
up the floodgates for more and more of the the
people that are really trying to hold onto that dream
where it just slips away from him. Because again the
power was in the name of all of us saving money.
We all went, it's okay, we won't have the protection, right,

(01:39:17):
and we all fell for it because we want cheaper insurance.
I don't know if it's gotten cheaper the increase is stopped, yes,
and maybe maybe maybe a little bit of down push.

Speaker 4 (01:39:27):
We flattened out. We've definitely flattened out as far as
price increases. We're we've definitely flattened out. And it might
slartly slightly be going down even this.

Speaker 2 (01:39:37):
And it's the it's the timeline that Ross gave us.
He said, it's going to take a couple of years.
So we've seen it. We saw the brakes get put
on the increase, we've seen the down push, We're seeing
more companies come into Florida. Competition always going to be
great for the consumer, the best thing that can happen,
but that one like, oh, that's that kind of sucks
is starting to come true, at least potentially where people

(01:40:01):
aren't gonna have money to see their companies in there.

Speaker 4 (01:40:03):
And here's another little tip on the insurance thing, is
that we noticed this trend. Apparently Ross is saying that
this is has wasn't uncommon, but it's more common now
where the insurance company says, hey, we'll make an appointment
for the public adjuster or the adjuster to come out,

(01:40:24):
and the insurance company is bringing out an adjuster. Ross
is saying that you should always get your own adjuster
and have them look at the the damage to the
home too, because where unless you trust your insurance company
implicitly that they're going to do the right thing, you
really need an independent eyes for you to know what

(01:40:45):
the insurance company should be paying for from an independent adjuster.

Speaker 2 (01:40:49):
So it's not an independent adjuster, they actually work for
said insurance.

Speaker 4 (01:40:52):
Well, they're being appointed by the insurance company. So I'm
assuming you know that. You know, I'm assuming that they're
bringing out people that are going to be in the
benefit for them. I don't know, but that's what I'm assuming.

Speaker 2 (01:41:04):
So, but I would I always use it like I
hire an appraiser. The appraiser is not trying to benefit me.
They're given a solid appraisal for everybody to deal with, right,
It's not like they don't lean to a side of
the fence. I would feel like that's the way.

Speaker 4 (01:41:18):
Adjusters are licensed by the states, so they have obligations
that they, you know, can't do. Just like an appraiser.
They have a federal license, so they have to hit
certain standards that they can get in trouble. But I'm sorry,
I just don't trust insurance companies. I don't trust big, big,
big business.

Speaker 2 (01:41:37):
And I hope, I hope you heard the real the
skeptical words when I said, we trust that insurance company,
So do the right thing.

Speaker 4 (01:41:44):
That a little bit so if you get damaged, make
sure you get your own insurance adjuster. Don't think, oh good,
the insurance company's doing this for me. It's one less
phone call. I got to make no, make a couple
of phone calls, find an adjuster to come out and
take a look at to have a second, you know,
second opinion out there what's going on.

Speaker 3 (01:42:02):
But you said that because I didn't even know that
that was an option. Yeah, I mean I assumed. I mean,
the one time that I had to put in a
claim Francis and Jean back in two thousand and four,
the insurance cup now granted because of the amount of damage.
They were outside adjusters that came in. There were people
that came here from Australia.

Speaker 4 (01:42:20):
Oh yeah, I had somebody from New York during Wilma
and all that, I had somebody from New York come
down to handle my claim.

Speaker 3 (01:42:26):
Yeah, so they were hired by the insurance company, but
they weren't directly affiliated. So you had probably a better
chance of getting one who is going to be more
neutral in that particular case. But I understand your point
that you know, the ones that are here, they're already there,
they're kind of working for them in a way. I mean,
it makes you wonder whether or not they're going to
be completely honest with that. And I didn't even know

(01:42:47):
that you had that option that you could get your
own independent adjuster. Do you have to pay for that? Yes?

Speaker 2 (01:42:52):
Do you?

Speaker 4 (01:42:53):
Usually? It isn't usually out of pocket. What the adjusters
usually do is they tell you up front that they're
going to take a percentage of what they get what
they get for you.

Speaker 3 (01:43:03):
That's how it kind of works, right, Okay.

Speaker 4 (01:43:05):
I thought I saw this. I saw what.

Speaker 2 (01:43:09):
Wait a minute, Yeah, that's why I get heard an
adjuster contingently, but I can't get my attorney. Yeah, yeah,
tell me that low was to protect me. The people
tell me, convince me.

Speaker 4 (01:43:24):
I just wanted to go over really quick. The I
read an article from I read an article where the
finance the head of the finance department for Lenore Holmes.
They have a company called Leonar Mortgage. Lenora is one
of the biggest builders in the country, and the head
of Lenar Mortgage, Laura Escobar, came out in a very

(01:43:49):
strong statement to the Mortgage Bankers Association stating this is
why homes are so expensive in today's market. And I
thought it was kind of interesting just to get a
developer's point of view, A small developer, Yeah, one of
the biggest of the country. So this is what they're saying.
Some of it obviously is pretty everybody kind of gets this.

(01:44:10):
She was complaining about the high interest rates, assuring soaring
insurance rates, and because of these two things, it's not
dramatically reducing prices. And she's also saying that, you know,
part of this is that supplies are still thirty percent
higher than they were pre COVID. Yeah, right, and they're

(01:44:33):
saying that that's costing them stuff. And she estimates, and
this is one of the biggest builders in the country,
there were one point five million new home short for
what's needed to have normal inventory. But she also said
that lack of inventory has been a big problem. Now
I think that problem, I think that problem is being
solved right now organically nationally. Is that we're talking here, Yes,

(01:44:54):
this is nationally, not Florida. And she says that low inventory,
but the inventory is increasing now across the country. In Florida,
we just saw Palm Beach County at least we saw
forty four percent increase of inventory over the last year.
But she's saying that all these things are creating a problem.
But there's another bigger problem, she thinks than all of

(01:45:15):
those things that we've talked about, which we kind of know.
She says government regulations are one of the biggest problems
of why builders aren't building enough homes in the area
and needed not in the area, but needed. And she
said that there's two reasons for it. Number one, strict
regulations of where they can build and then.

Speaker 2 (01:45:37):
Which, by the way, we should never loosen.

Speaker 4 (01:45:40):
I agree with you on that.

Speaker 3 (01:45:41):
And then where versus you know, like what you've heard.

Speaker 4 (01:45:46):
Of Nimby right, not in my backyard. Nimby's right, not
in my backyard. Right. So everybody wants you know, everybody
wants the new prison. I'm making it up right, everybody
wants the new prison, but they don't want it in
their backyard.

Speaker 2 (01:45:58):
Right.

Speaker 4 (01:45:58):
That's called not in my back yard, nimbus. So the
thing is is that that's one of the biggest problems
with government regulations. The government regulations are there to make
sure that things flow right in the community. That you
don't have a porn store next to a church, right,
or a school or something like that, and things like that.
That kind of regulation and a lot of things that

(01:46:21):
happen here in Palm Beach County or South Florida is
all our farmland. We've had so many regulations. When I
used to be reported thirty years ago about protecting the farmland.

Speaker 2 (01:46:31):
Environmental regulations get slashed enough as it is, regulations needed.

Speaker 4 (01:46:36):
And now with all these new politicians thirty years later,
they're not abiding by what politicians set thirty years ago
because progress got to happen. So now they're trading farmland
for developer land and they're doing all that stuff. Develop
it is, but they're still saying that we're.

Speaker 2 (01:46:54):
Talking about the person at runs land are so it
is a developer mentality exactly.

Speaker 4 (01:47:00):
They're saying all these regulations are hurting us, and they're saying,
now this is an interesting part though, they're saying, just
the government regulations cost a new homeowner buying a new
construction ninety four thousand dollars per unit. So just going
to buy new construction, townhome, condo, single family home on average,

(01:47:23):
just walking in the door, there's a ninety four thousand
dollars cost for government regulations. I just thought that was
kind of me too. I mean, this is coming from
the developer, but I'm just telling you this is how
they're thinking about it. You know what I'm thinking is Lenar.
I looked it up yesterday. Lenar was one of the
companies that when COVID was out, they didn't want to

(01:47:45):
pay rilters anything. They were basically pushing Rilters away, say,
I don't care if you have a buyer. We have
plenty of buyers on our own. But now lenar different
parts of the country they're offering five percent commissions to
agents and I've seen not here locally only, but throughout
the country. In the NORE, they're offering fifteen thousand dollars

(01:48:08):
to fifty thousand dollars credits to the buyers and incentives
to use however they want. They could use for down payment,
closing costs, buy down the mortgage, get upgrades in the house.
But they're offering fifteen thousand to fifty thousand dollars in
centives to the homeowners and telling the buyer's agents, hey,
bring your buyer, we really need them.

Speaker 2 (01:48:28):
They're trying to light that.

Speaker 3 (01:48:30):
Yeah, so can you equate that to a price drop?

Speaker 4 (01:48:34):
Yes to me, yes, that's absolutely price drops that are
happening right now with the new.

Speaker 3 (01:48:39):
Developers applying demand. I mean right, so it sounds supply
is high, the demand is lower, so they've got to
adjust or given CeNSE. So whatever you want to do, so.

Speaker 2 (01:48:48):
Why what they're doing. And they're telling you we're one
point five million dollars home short. They're dropping their prices
in a way incentivizing to buy what exists while telling
you we need to build more. Anybody that reads and
actually comprehends what they read, you're like, this is some contradictory.

Speaker 4 (01:49:07):
It doesn't make sense. It just doesn't make sense.

Speaker 3 (01:49:10):
So but I think that's also part of the overall
like they're saying for the United States, right, they want
to say that we are we don't have enough housing.
But just like any other aspect of real estate, it
goes street by street, it goes by county by county,
goes state by staf I mean, it's it's more localized.

Speaker 2 (01:49:27):
Her fix is, let us build more and make the
interest rates like two or three percent again, and we'll
be back in business. And it's like, sure, you should
get used. I'm with Jim, get used to it. Ye,
interest rates are where they should be, should have been,
and we'll stick here and only go higher. And uh,
you're a you're a home builder. That's what you do.

(01:49:47):
You go through cycles.

Speaker 4 (01:49:49):
Yeah, by the way, and I think that they wouldn't
have a bigger problem. If they bought more, if they
started working on more affordable homes, and they would, they
would have had more demand.

Speaker 2 (01:50:00):
Yep.

Speaker 4 (01:50:00):
And they chose to go for the hiring homes, which
produce less demand for them.

Speaker 2 (01:50:04):
At some point. Sure, at some point it was high demand,
which is why they went down that road.

Speaker 4 (01:50:09):
Thank you, guys, Shifted, thank you, thank you today.

Speaker 2 (01:50:12):
And thank you for being with us. We're on now
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(01:50:34):
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