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re: Rental properties - Sandestin, Seaside, Seagrove, Water color
Posted on 6/30/22 at 9:59 am to Upperdecker
Posted on 6/30/22 at 9:59 am to Upperdecker
The other factor that while it’s been discussed can’t be overstated is the insurance issue.
There isn’t a top ten insurer in America who will write a policy in coastal Bay or Walton county right now unless you are building in concrete right now. Not one.
Flood insurance is 2x-3x where it was a few years ago and Biden is threatening to not issue new policies in flood zones which they’ve now greatly expanded.
For example a house that would’ve been a 4/10 on the scale is now probably a 7/10. $$$$$
Then you look at the homeowners policies you can get and you will find half the players have gone bankrupt so you’ll have to take whatever you can find and hope they don’t cancel your policy if you have a claim.
There isn’t a top ten insurer in America who will write a policy in coastal Bay or Walton county right now unless you are building in concrete right now. Not one.
Flood insurance is 2x-3x where it was a few years ago and Biden is threatening to not issue new policies in flood zones which they’ve now greatly expanded.
For example a house that would’ve been a 4/10 on the scale is now probably a 7/10. $$$$$
Then you look at the homeowners policies you can get and you will find half the players have gone bankrupt so you’ll have to take whatever you can find and hope they don’t cancel your policy if you have a claim.
This post was edited on 6/30/22 at 12:09 pm
1
Posted on 6/30/22 at 10:30 am to tide06
I have a house in Seacrest Beach in-between Alys and Rosemary. Purchased the lot in March of 2020 and completed construction November of 2021. Was the perfect time as we have already received several offers more than double of what we are in it.
We use the house a good bit but will always rent it out from June 15th - August 15th since its so crowded down there. Including those 8 weeks, we need 20 weeks to have $0 out of pocket expense. We will hit 20 weeks in August this year. I expect we will end up around 28 weeks rented out. We did use a good bit of cash so we have a low mortgage. If things continue we should have it paid off in the 7th year.
Insurance is cheaper than my house in Metairie. Management fees are 18%.
The market has definitely started to cool in the last 4 weeks. I haven't seen many price drops in the last 2 years until now. I am going to continue to watch but planning to purchase another home by the end of the year.
We use the house a good bit but will always rent it out from June 15th - August 15th since its so crowded down there. Including those 8 weeks, we need 20 weeks to have $0 out of pocket expense. We will hit 20 weeks in August this year. I expect we will end up around 28 weeks rented out. We did use a good bit of cash so we have a low mortgage. If things continue we should have it paid off in the 7th year.
Insurance is cheaper than my house in Metairie. Management fees are 18%.
The market has definitely started to cool in the last 4 weeks. I haven't seen many price drops in the last 2 years until now. I am going to continue to watch but planning to purchase another home by the end of the year.
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