Quote:
Originally Posted by Paq
tully, some well heeled friends of mine are buying up condos and real estate in sarasota florida and boca raton right now. Basically getting 1m homes with property (the 'good' part of real estate) for 250K or so...
it's crazy down there. Boca had riots at hte beginning of the year bc of how bad their housing market has tanked. I've heard places in cali are even worse...
So, it's a great time to be a buyer..if you have cash.
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I've seen stories about that, I am tempted. But I'm a little leery about owning property from a distance. I already have a rental property, the house I built. Currently it's leased to the US Coast Guard. I feel comfortable with that in part because the US government deposits the rent each month and partly due to the fact that the person in charge of housing lives at the end of the road. He's an old friend and has to drive by my house everyday. Last November the Oregon coast was hit with an unusually strong storm. In December I didn't get a deposit. I called, he explained there was damage and as soon as they had it repaired they'd deposit the difference of the repairs. I was told part of the roof was gone and a panel on my shop (metal 24X40) was torn off. In January I got a regular deposit. So I called and asked what was going on. Was told the repairs were done and he wasn't sure about the total cost but he assured me the Feb. deposit would include the left over amount from Dec. Sure enough in Feb. the deposit hit. When I first looked on-line I thought "that's two full months," little quick math and I realized it was $87 short of two months. I called and he said "yes, the guy living in the house did the repairs himself and that's all it cost." He sent me pictures of the repair by e-mail. Looks fine to me.
Leaves me in a comfort zone.