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Old Yesterday, 06:17 PM
 
Location: Southern Colorado
3,004 posts, read 1,517,234 times
Reputation: 4061

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South Florida is a sunny retirement mecca. The weather from December to February is simply amazing. Sadly I have another slice of Florida life to discuss. The state is fairly teaming with scammers. Let me explain.

Started investing in homes in Ft Myers in 2010 after a trusted friend pointed out the opportunities. The opportunities were indeed boundless. Fast forward to 2019 and I am almost totally getting out of Florida real estate. To be fair, it is entirely likely that any long distance land lording can and will turn nightmarish. There is no substitute for being able to "keep an eye" on things.

I could go into countless minutiae about robberies, vandalism, lies, rip offs, inability to speak English, greed, ineptitude, irresponsibility, abhorrent communication, laziness, etc. etc. etc.

We won't do that so much but I will say this. My nine years of practicing S. Florida real estate has served to alter my opinion of the entirety of mankind in an observably negative direction. I have been steadily screwed over, for countless times, for nine years. By who? Almost everybody. Renters, contractors, realtors, city officials, neighbors, rental managers, hotels, even H. Depot down there likes to get in the business.

Do people even try anymore?
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Old Yesterday, 08:44 PM
 
10,718 posts, read 6,875,939 times
Reputation: 11325
Quote:
Originally Posted by ColoGuy View Post
South Florida is a sunny retirement mecca. The weather from December to February is simply amazing. Sadly I have another slice of Florida life to discuss. The state is fairly teaming with scammers. Let me explain.

Started investing in homes in Ft Myers in 2010 after a trusted friend pointed out the opportunities. The opportunities were indeed boundless. Fast forward to 2019 and I am almost totally getting out of Florida real estate. To be fair, it is entirely likely that any long distance land lording can and will turn nightmarish. There is no substitute for being able to "keep an eye" on things.

I could go into countless minutiae about robberies, vandalism, lies, rip offs, inability to speak English, greed, ineptitude, irresponsibility, abhorrent communication, laziness, etc. etc. etc.

We won't do that so much but I will say this. My nine years of practicing S. Florida real estate has served to alter my opinion of the entirety of mankind in an observably negative direction. I have been steadily screwed over, for countless times, for nine years. By who? Almost everybody. Renters, contractors, realtors, city officials, neighbors, rental managers, hotels, even H. Depot down there likes to get in the business.

Do people even try anymore?
I live in Lee County and now is a good time to get out. Old mobile homes from the 70s worth $3,000 in 55 and up communities are selling for close to $100K. 3 years ago rents for small homes like a 3/1 were $675 a month, now a small old 2/1 goes for $950. There is a small home near me that was in bad shape, a guy paid $22K for it last year, patched a small area of the roof, fixed some of the electrical, put in a cheap bathroom, it's listed as a 2/1 but he's selling it as a 1/1 with no kitchen, just a pipe for water in the kitchen area and is asking for $68K,

Absentee LL is a bad idea unless you have a trusted friend or family member that you can hire to manage it and if you do great background checks on the people moving in. So if you are selling older starter homes have doubled in price in the last few years.
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Old Today, 09:30 AM
 
4,603 posts, read 11,674,129 times
Reputation: 3143
Quote:
Originally Posted by ColoGuy View Post
South Florida is a sunny retirement mecca. The weather from December to February is simply amazing. Sadly I have another slice of Florida life to discuss. The state is fairly teaming with scammers. Let me explain.

Started investing in homes in Ft Myers in 2010 after a trusted friend pointed out the opportunities. The opportunities were indeed boundless. Fast forward to 2019 and I am almost totally getting out of Florida real estate. To be fair, it is entirely likely that any long distance land lording can and will turn nightmarish. There is no substitute for being able to "keep an eye" on things.

I could go into countless minutiae about robberies, vandalism, lies, rip offs, inability to speak English, greed, ineptitude, irresponsibility, abhorrent communication, laziness, etc. etc. etc.

We won't do that so much but I will say this. My nine years of practicing S. Florida real estate has served to alter my opinion of the entirety of mankind in an observably negative direction. I have been steadily screwed over, for countless times, for nine years. By who? Almost everybody. Renters, contractors, realtors, city officials, neighbors, rental managers, hotels, even H. Depot down there likes to get in the business.

Do people even try anymore?
Fraud runs rampant in Florida.
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