Florida's Real Estate Just Changed FOREVER (Everything You Must Know)
Ken McElroy Show
Ken McElroy
4.8 • 692 Ratings
🗓️ 15 October 2024
⏱️ 20 minutes
🧾️ Download transcript
Summary
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ABOUT KEN: Ken is the author of the bestselling books The ABC’s of Real Estate Investing, The Advanced Guide to Real Estate Investing, and The ABC’s of Property Management. With over two decades of experience in real estate investing, Ken McElroy is passionate about sharing the good life by helping real estate investors grow and prosper. This podcast is a place for Ken to discuss numerous topics connected to real estate investing, including finance, budgeting, the entrepreneur mindset, and creating passive income. Ken offers a wealth of personal experiences, practical advice, success stories, and even some informative setbacks, all presented here to educate and inspire. Whether you’re a new or seasoned investor, the information and resources on this channel will set you on a path where you and your investments can thrive.
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Transcript
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| 0:00.0 | Welcome to the podcast. Let's get right into this episode. |
| 0:03.2 | 20% of Floridians don't have property insurance, and a 350% increase in these insurance prices have made housing completely unaffordable. |
| 0:14.9 | I know. People are, I've seen this over the years. |
| 0:18.0 | I know we're going to talk more about this, but you guys got to know that these insurance rates are actually restricting investment in that, in those |
| 0:28.0 | markets. Like, we certainly made those decisions in Texas and in Florida and any of the |
| 0:33.1 | Gulf states specifically because you can't make deals pencil. Yeah. And even for the people that live there, you know, like us sitting here, we're like, |
| 0:41.1 | oh my gosh, I can't imagine not have been property insurance because what is something like a |
| 0:45.1 | hurricane or a fire or some kind of natural disaster comes along and it does damage or removes |
| 0:51.3 | your home? |
| 0:52.0 | But the truth is people just can't afford it because, |
| 0:55.8 | you know, the insurance rates in Florida have just been crazy. And as I said before, 20% of people |
| 1:01.1 | are choosing to go bear. So there's actually a term for it now because it's gained so much |
| 1:05.5 | popularity. It used to be different when I was a kid. Yeah. Go bear. But anyway. |
| 1:10.4 | Oh, all right. Yeah. Okay. Anyways. |
| 1:13.2 | When the tie goes out. So anyway, so basically a lot of these people, one of the issues is you can't not have insurance if you still have a mortgage. So the people that are choosing to go bear are a lot of like retirees and seniors in Florida because they just can't afford these homeowner |
| 1:28.3 | rates. |
| 1:29.1 | Well, I know you, you were doing a lot of research on this last week. |
| 1:32.1 | This is a great topic, by the way. |
| 1:33.9 | And that's because of the cost. |
| 1:36.2 | Yeah, absolutely. |
| 1:37.4 | So why are people choosing to do this? |
| 1:39.7 | Obviously, the cost. |
... |
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