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larrywww

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Reply with quote  #1 
I'm not sure this is all of Florida, but they will probably make it more clear when they roll out the program.
Paul

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Reply with quote  #2 
I'm looking forward to picking up one or two of those.
larrywww

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Reply with quote  #3 
The person you should really talk to is Greg Norris.  His interview about what he had learned was different in the Florida market in terms of construction problems that were dramatically different from California construction was rather interesting.
Especially, if you are heading for The Villages, since he has built there, he would know alot about the market.  I think it would also make sense to join a real estate club where you intend to do business---do they have one this far interior?

But I'm also wondering where any market is going to find the labor at this point because Houston is going to require construction crews through the next decade---and maybe beyond.  And we already had a construction crew shortage, even before hurricane season.  And now the government is talking about clamping down on immigration at a time when we really can't afford to subtract from the labor force.
Paul

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Reply with quote  #4 
I listened to the interview with Greg about Florida. I sleuthed out and located the condo complex he said was one of his better investments. It was the one he mentioned in Orlando that has a private pool for each individual condo.

Good point about Harvey causing labor shortages. 
larrywww

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Reply with quote  #5 
How are you going to parse the hurricane / flood insurance problem?  The coasts in Florida have always been better for appreciation.  But then you get these kind of problems.  Under the old rules, if you went into the interior of Florida your risk on these problems would be less, although the jobs and appreciation wouldn't necessarily follow you to the interior.  And the other question is whether these rules are going to need to be rewritten given the new rules that seem to be emerging with hurricanes / tropical storms after Harvey.  In Harvey, it wasn't the hurricane but all the rainfall.  And the real tragedy about Harvey----the mold is going to occur even before the water recedes---so how can you save all these houses?  Or, in some cases, the house has drained but  there is no access because the roads are still flooded.  (This raises several imponderable questions---like can you still save a house after a week or two of standing water---I don't know for a fact, but it's a troubling scenario).

The thing about flood insurance is that it is egregiously unaffordable (and will become even more so), high deductibles or self insured retentions, Florida laws will probably permit them to play games with homeowners in settling claims by finding all kinds of non covered causes, etc.  What I really hate about flood insurance are the causation questions: Even if you have it, is the specific risk the one that primarily caused the injury really covered?  You can talk about the rain, the wind, the hurricane, the water movement, the high and low tide, mold, etc. It just makes your head spin. 

All tolled, I think it's logical to look at Florida given where you are located.  But it doesn't make it a simple proposition, though I will be interested to hear how it turns out for you.
Paul

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Reply with quote  #6 
I'll just have to wait and see what Bruce offers. If based upon where Greg worked, he'll have opportunities in the Orlando area. Obviously, one challenge of being a beneficiary to a FL. deed of trust is the surveillance upon the proper insurance being kept in place by the trustor.

Because of crowd funding, I think the hard-money business has become very competitive.

Did you watch 60 Minutes last night? One episode was about insurance company scams on claims after Sandy by changing and falsifying the engineering reports. One whistle-blower engineer had 175 of his 180 reports changed without consultation.
Catherine

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larrywww

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Reply with quote  #8 
No, Paul, I didn't see 60 Minutes.  I will try to look it up since it sounds like an interesting story.

Do you know how far inland hurricanes go in Florida?  I had heard years ago about investing in places like Ocala since there was a lower hurricane risk.  It may be those rules no longer apply given these fiercer storms, I don't know.  Though appreciation that far inland may be open to question.

Did you see the reports about Irma?  If I understand the reports, this storm is another monster.  I heard that it was twice as wide as Florida, so it's covering a very large area.  I would think that means the interior as well.  In fact, the weather forecasts I've heard stated that only the area of Florida near Pensacola was outside the likely landfall area.  The latest forecasts appear to suggest that the eye of the hurricane will arrive in Miami on Sunday morning.   Let's hope thiis isn't another Harvey situation.
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