These 2 Expenses Are BANKRUPTING HOMEOWNERS

When comparing the cost of rent vs buy many potential homebuyers typically only look at what their mortgage payment will be vs the cost to rent and use that as the determining factor to purchase. However, homeownership has many more costs than just the mortgage and there are 2 expenses in particular that are going up so high, they are literally bankrupting current homeowners, forcing them to sell.
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[@MichaelBordenaro]

NO HOUSING MARKET CRASH COMING! (So They Say...) kzbin.info/www/bejne/npaveH6Pm9ZmsLs

[@FreeAmericanUSA]

These Hail Mary Loans will lead to foreclosures in the next few years. They know these loans are trash.

[@eddieneyman4035]

Looking forward to you getting back to Miami to cover what new developments you are noticing in the market. I left 4 months ago and want to return, but hope you can provide intel on renting and condo prices.

[@Ascending4111]

The wife and I retired early with a small income. We lost millions in the 2008-09 crash as builder developers. After that we unplugged from the system and now live off grid on a 22-acre homestead in rural Idaho with low property taxes. Now we grow and wild forage 70% of our food. We share a vehicle, built 2 ponds for fire water, own a fire pump and hoses, stay home most of the time especially during fire season and we self insure our property. No mortgage. Never felt wealthier or healthier. Sovereign life is good for the soul. Love your show Michael.

[@matthewm3912]

Sorry bud, but there is no “sovereign” life. Ruby ridge ring a bell?

[@appleiphone69]

Look into having a metal roof and remove all combustible landscaping around your house.

[@hcox1111]

A blue metal roof in case they DEW you.@@appleiphone69

[@fabledreamor]

Does the government increase your tax if you just build a bunker underground, rather than a house on the ground?

[@sandraalegria3439]

Amen I can live without Florida price tag. I want to sell and buy a tiny home on land so I can grow food and have a rainwater collection tank . I am happy for you have extended your life span.0

[@youtoldharpotobeatme5023]

Sell, take your equity, and go where? It's pretty much the same everywhere. Relocate, mortgage an overpriced property, higher interest rate, higher insurance. They've killed the American Dream.

[@candynilsson4075]

That's the boat I'm in. How do you start over as a lower middle class senior in a market like this? Where do you go? To put things into perspective- I was driving to Orlando today. On route 46 there is a KOA campground. The "long term campsites" sign wasn't what caught my attention, my husband noticed that. The thing that caught my attention was a schoolbus dropping off a bunch of kids at the campground. What does that tell you? That people are losing their homes/apartments, buying campers, and living in campgrounds. So what happens when those are all full too? This is what the rich investor class has done to ordinary hardworking people. I wish I could live long enough to see these POS's get their just rewards, but that'll never happen...

[@nolongeranurse3369]

I could buy 6 properties in small town AL with the sale of my 1 duplex in FL..CASH

[@zuzanazuscinova5209]

You leave the country

[@greensorrel6860]

​@zuzanazuscinova5209 many countries are catching on and changing their visa requirements allowing wealthy only

[@JohnPilling25]

Abroad. Houses in rural France are about €200k for something nice for a bit more you'd get land and a pool. Property taxes are just around €100 to €200 /year. I've been looking into moving but as i'm a not a US citizen social security will stop paying my US pension as soon as I leave permanently and I would not be able to come back, my wife is American, as the US will revoke my green card. It sucks as I could halve my costs as it's cheaper to Live in Europe with great cheap/free health care and a lower overall cost of living. I know because I spend 3 months a year there helping out my ageing mother.

[@jeffbalog5161]

He’s absolutely right, what a lot of new home buyers don’t realize is the tax cap comes off the house once sold , and taxes go up , sometimes 30% or higher. It’s a scam for local municipalities.

[@bwrscott1]

You could be in a state where property taxes are asseted yearly vs having to wait for a property to sell to adjust taxes. Local governments need money for the services that we expect (schools, libraries, etc).

[@clagueb3686]

Correct, except for the scam part. Property tax laws differ state to state so I'm guessing you are referring to Florida with the tax cap issue.

[@Ascending4111]

Red states with small government. Low tax with homestead, timber or farm status.@@bwrscott1

[@candynilsson4075]

30%? If only... ours went up 400%. We bought a little bitty house in Melbourne. No pool, not on the water, not in a surge or flood zone, 1400 sf. Between the outrageous property tax and the homeowners and car insurance, we can't afford it anymore, we're going to have to sell. Retired, going broke fast, and with no place to go that we can afford. God Bless America. It's a great country... if you're rich. 😕

[@SC-gp7kt]

Think about this.......the U.S. government prints money right out of thin air whenever they want to, which they do all the time. Yet we the people, are forced to give them our hard earned money in the form of taxes, which we do all the time. Haven't we allowed this to happen for far too long?

[@lawrence5039]

That is dis-connected logic. I don't like to pay taxes either, but it's built into almost everything we buy. Clothing; food; gasoline; transportation; toothpaste; alcohol; tobacco; firearms; Sales tax; income tax; inheritance tax; appliances; carpeting; utility bills; social security taxes and other payroll taxes; self employment taxes; the list is long and covers virtually everything an average person uses on a daily basis. Democrats have always been the 'tax and spend' party. Why are they even voted for at all???

[@SC-gp7kt]

@@lawrence5039 I think you're missing my point......

[@holaf1649]

Property tax is a scam.

[@SolarTechFL]

You ain't kidding

[@michaelsyufy7733]

Paying government for land they own under the house!🧤✈️

[@memelc5655]

So are HOA and mortgages

[@speteydog2260]

No it’s not. The city put storm drains near our house and we’ve already had 2 hurricanes this year! It added 150$ annually to our property tax, which is well worth it.

[@speteydog2260]

@@memelc5655 I believe people are stealing hoa fees. If they are handled responsibly by condo owners they should not get to 400-500$! It’s theft. They should ne 100-200$ per unit.

[@rillesttalk]

These hikes are crazy. It appears we work our whole lives doing the right thing(s) only to find out that it’s all rigged for everyone to fail.

[@phuchyouh7171]

Welcome to the world of unlimited corporate corruption. There is no one that will stop them.

[@thearch1tect249]

The right thing is not rewarded. Thats the lie they sold us. Thats how they have kept us poor. You have to game the system just enough to not get in trouble.

[@DunWorkin4Ever]

True you work hard to save your money then Congress You save 10% of your salary, but the Federal reserve prints 20% more money. You lose 10% this is a sneaky way of stealing from you. Congress tells the Feds what to do. We are all being ripped off. the best part is when they tell us all we need to be paying our fair share, its insulting, my friend.

[@speteydog2260]

If u have no education it is bound to go that way.

[@user-cg6fd4in1d]

​@@speteydog2260You don't know that. You don't know what people are going through.

[@jcf8201]

Your wife is so sweet.

[@Itallaboutwatithink]

And honest.

[@Lisithedogwalker]

Thank you!💜🤗😘

[@Lisithedogwalker]

@@Itallaboutwatithink🙏🤍

[@madham7684]

Another cute dress! ❤

[@nicklam66]

Ty

[@tcshy1903]

I'm in Texas. My property tax went down. I can't believe it.

[@stevenwistort9903]

Unreal!! Thank the Lord he set me up with a nice 25k mobile home in the country. I refuse to pay a hefty tax bill. If they come after me, I have a 33ft Rv. Screw it!! I'd rather have some freedom, than work as a slave to the system. Wish you all the best.

[@fmccloud]

God isn’t real. You bought that home.

[@stevenwistort9903]

@@fmccloud God is real, it's only by his power and might this deal could've happened, along with the timing of the sale of my business and the commercial propertys I owned. I'm living cheaper than alot of third world countries are, in the USA!! God is great!!

[@kzen848]

Could get to a point where people cant even afford the prop taxes, upkeep, insurance etc not even including the mortgage.

[@CynthiaWord-iq7in]

Now.

[@xoox7469]

Yup. Pay your rent and food. Then your account is back to 03. Cent's.

[@miamivicefanatic9736]

I've learned how important it is to downsize one's home before retiring. Keep property taxes, homeowner's insurance and maintenance expenses as low as possible. This means downsizing to a small, modestly priced home.

[@johnpichla9557]

Just sold my house I have owned for twenty year's. My tax, insurance and utilities have almost tripled.

[@gypsygirl9]

INSURANCE IS A BIG PONZIE SCHEME!!!!

[@jasjas-rm9kc]

My last house was 5000 sq. ft. The house was paid off, but between the insurance, property taxes, utilities, and normal maintenance, it was still costing me a silly amount of money. It wasn’t worth it.

[@Cloudyconfusion]

What did you end up doing??

[@jasjas-rm9kc]

@@Cloudyconfusion I’m retired, so I can do whatever I want. Currently, I’m out of the country on a tropical beach, in an oceanfront condo. The rent is almost nothing. I don’t pay HOA fees, I don’t pay insurance, and the utilities are also inexpensive. I use this condo as a home base of sorts and travel around.

[@johnpichla9557]

I just sold my house I owned for twenty year's. Tax, insurance premiums, utilities have become more expensive than my old mortgage payment 🤣 I can live in a hotel for less 😂

[@fueledbymusic3]

AND THEN we get people who brag about a paid off house hah?? What I keep trying to tell them. It's NEVER actually paid off

[@Dimythios]

Depends on where you live and what laws are in the books. So far I'm doing fine. @@fueledbymusic3

[@brian9500]

I sold my Florida home at the top of the market about a year and half ago. The writing was on the wall between the property taxes, insurance, the city requiring us to connect to city water and sewer (25 k), and hurricane windows/sliders estimate at 65 K. It was a no-brainer to leave. I paid cash for a starter home in a fly over state. I'm free for now. Still can't afford contractors though. It's insane how much everything costs!

[@mattm597]

I remember an uncle saying to me years ago, "if you buy a house, every penny you put in that house, you're going to get back." Great guy, but he obviously wasn't thinking about property taxes and insurance cost (and he didn't live in Florida or California). No, Uncle, you do not get your property taxes back, and no, you do not get your insurance money back. These costs are basically rent for people who do not rent. Once it's spent, it goes away and it never comes back. (And I'm not even going to get into maintenance and HOA fees.)

[@sourcedasher]

Except insurance is nowhere near rent levels. Also >maintenance. Maintenance is almost non-existent. Maybe stop building paper houses and you won't have to constantly repair stuff.

[@66el]

I had an uncle who used to tell me to get a job with a pension 🥹

[@Cloudyconfusion]

So true! I think this is why I’m debating renting vs owning! At least when you rent it’s clear of everything you owe and that you’re good each month… owning? I feel like the government makes taxes confusing. You’re basically paying rent and other fees as they come up and have to keep up with the laws. It’s overwhelming

[@mattm597]

@@sourcedasher Of course, insurance cost is not at the same level as rent. If it was, no one would own. But it is a significant cost that probably will never be recouped. Your annual insurance cost would probably cover a couple months' rent for the same property, and you very well may never need it, other than to qualify for a mortgage.

[@mattm597]

@@66el These guys were from very different eras.

[@alanheadrick7997]

My brother in law in Montana told me a story about a Hardy's there just closed. He know the owner and they told him at $18 hr they could not hire enough employees to keep it open. There were some sort of riots at two malls in LA a few days ago. Seems things are falling apart pretty fast now.

[@ddawson8069]

When a nation turns its back on God and His principles; and, man (male & female) are given over to their reprobate minds it is inevitable that chaos and destruction are the result.

[@alfonsosalinas3026]

Serious question, why is insurance even necessary? As if insurance companies are loyal to their customers. Better off just saving money instead of paying those crook companies.

[@internetpointsbank]

You are required to if you have a mortgage.

[@tracybrown7240]

If you have a mortgage they insist on insurance. If you own your home outright you can self insure..which is a fancy way of saying no insuramce

[@tHebUm18]

Is that actually a serious question? The entire point of any insurance is paying a (relatively) small amount for unlikely events to not have to pay a huge amount in the chance that unlikely thing happens. You can reasonably argue that for-profit insurers suck, but it seems pretty obvious why it's necessary: if you put all that you spend on insurance premiums into a savings account, you'd probably need to save for 15, 25, 50+ years to have enough to cover a complete loss catastrophe over what you're insuring and that entire time you'd be living in constant risk of losing everything. Doing a quick rough calculation as an example: my current car insurance premiums would take about 37 years to bank on my own what I initially paid for my car--and that's not even to get into the cost of damage to another person's vehicle, other property, and medical expenses for injuries (a big one, since those can easily get into the $100,000's). I, like most people, couldn't afford a $500,000 bill for a car accident and would need to save a pretty significant portion of my total lifetime earnings to pay that if it did happen. If you hate for-profit insurers being crooks, the alternative is gov't run insurance which many people don't support because ~socialism ~ even if in the case of something like health insurance literally every other developed country in the world has shown that gov't run health insurance is both net cheaper and provides net better healthcare to more people--go figure it's not hard to beat a 20%+ profit margin middleman where their incentive is to literally kill their customers to maximize profits.

[@Monkeybongoes]

@@tHebUm18 Insurance has a built-in incentive to deny or minimize claims. What other business becomes more profitable when you screw your customers. No matter the downsides of nationalized insurance (and labeling it as socialism is not a downside), it would be better than private insurance. And that applies for medical, auto and property insurance.

[@tHebUm18]

@@Monkeybongoes I fully agree, was just explaining why insurance is a good and arguably necessary thing in theory. For-profit insurance (especially in healthcare) is absolute garbage, but a large amount of Americans (including probably Michael based on his videos) view gov't as a boogeyman--or at least the idiots they put into office do by taking ~lobbying~ bribes in a couple million in campaign contributions to ensure the corporations continue making billions despite being terrible for the average American. Wish, if nothing else, our politicians at least couldn't be bribed for effectively pennies--it's astounding how little money they need to sell out on what's best for 100's of millions of Americans.

[@larrylohman8499]

Homeowners insurance also covers liability. If someone is injured on your property and sues,your exposure is great.

[@JP5.0]

UNSUSTAINABLE, I wish this bubble would burst already. This country is getting ruined more and more everyday and it's going to take people decades if not a lifetime to dig themselves out of the financial hole hole that they are already in. When so much money is being forked out just to have a roof over our heads, pay all the taxes and insurance, as well as food, clothing and other expenses that is needed in life, there is nothing left for any kind of enjoyment.

[@phuchyouh7171]

What you have described is the culmination of the Grand Master plan that the elites have for us. President Trump was the last best chance we had and you see what they did to him.

[@hcox1111]

You will stay home and like it says the WEF.

[@Monkeybongoes]

"I wish this bubble would burst already." Amen.

[@chrislastnam6822]

What makes you think the bubble will burst? I hope it does but I see no evidence of it in California.

[@tbugher62]

​@@chrislastnam6822California is already almost cause.

[@llew-AZ]

Holy smokes a 29.2% increase in taxes FU Florida!

[@francismarion6400]

No, its not a tax increase. The value of the property increased so much that the same mil rate now returns 29% more revenue to the taxing district.

[@llew-AZ]

@francismarion6400 It's all relative. I remember in 2008 downturn in Utah. As property values came down mil rates went up. When I confronted the city counsel, they said "Well we budgeted for next three years on that amount of income, are hands are tied. We can't cut budgetary items..."

[@EroticOnion23]

Man nothing says you're a slave of the state than property-taxes...🥵

[@kernelkorn6545]

Homeless by taxation. Shame

[@meljen8592]

A good observation,so true.

[@primo_geniture]

Wonder how many of the homeowners with rising property taxes have voted for bond referendums (a tax on property owners) for that park, school, etc.

[@brusso456]

abolish public education before everyone becomes homeless. (taxed out of your house)

[@tlindsay1007]

I've always voted no on increased property taxes. I sent my son to private school (Not at all pricey), because I didn't like what the public schools were teaching, and wanted him to get a real education. At that time, there were no school choice vouchers. So, I still had to pay school taxes. And the public schools seem to be a lot worse now, but people keep voting for higher school taxes. Crazy.

[@grandpapete417]

How many bothered!

[@JohnSmith-jh4lg]

I own a home in a flood zone on an island SW FL. The insurance would be $1,500 per month if they would insure it at all because it was built in 1970. I have had the home several years, so I have saved a lot up to now. I did lose my roof in Hurricane Ian - cost me about $25 to replace. I still would have spent more in insurance payments by now.

[@ofthecoast9815]

Pine Island was pretty devastated from Ian. Not sure it'll ever look the same without all the quant shops on the strip. We rode out the edge of the eye wall in Sw Cape. Lost our roof too.. like practically everyone else. Tumultuous times!

[@eleanorponder278]

I bought a house a four bedroom house from HUD in 2011 for $55,000. My mortgage payment is only $268.00 per month but I pay more than four times that amount in taxes and insurance. They say that my house is valued at more than $300,000 now. I wish I could appeal this nonsense.

[@CynthiaWord-iq7in]

The lot is worth that. Floridians in oak shaded, little cottagey streets near anything that builders view as gettable...YOUR LOT IS WORTH THE $300-500k. In past year and half, my 20 house block has 8 teardown to boxys mcmansion rebuilds/old for $9.9-1.2m. Unbelievably damaging to residents, if you must sell. You can't get back in and rent in a small fixed income: no one will rent to you because forever increasing rents and competition cause

[@Jeff__M]

Yeah the taxes are absolutely criminal. People are going to migrate to more affordable areas in the coming years! 😎 ☀️ 🐊 maybe that’ll be the catalyst

[@CreamCheesePepperJelly]

Yup! Many I know are already gone.

[@jandecelle78]

L god you Iare the Ann stuff they were packing up andonly

[@verbalasswhooping]

As long as the Liberal ways stay where they were and out of the Conservative areas...we don't want those undesirables lol ijs

[@CreamCheesePepperJelly]

Those numbers will deflate as the market deflates (In FL) as they did post 2006 and in the mid/late 1990's. The 1st to rise will be the 1st to fall.

[@CaptJR]

Hurricane Ida damaged my brother's roof. Several shingles were ripped away and his fence was busted over. Insurance company sent him a check for $25. What an insult. He's going to just pay off what he has left of his mortgage with his savings and self insure.

[@Jeannified]

Lisi is a sweet wife. She loves animals, you love real estate. It was plenty to see her enjoy meeting that sweet dog, who obviously knew Lisi is a good person who loves dogs. Love the view of you guys walking through those huge trees, with the little path and cottages beneath them! Mill Valley is gorgeous!

[@Lisithedogwalker]

🥰🥰🥰🥰🥰

[@christophersanchez5514]

Your wife is a sweetheart. She pet every doggo she saw that day ❤️

[@joycevaneekhout4992]

Feel sorry for the people in Florida after the last hurricane 🌀 Very sad to see all the damage done this time😢

[@basha0810]

Don't feel sorry for us. We have DeSantis! We'll be just fine :).

[@y.cschmidlin8172]

Cannnot wait for the next hurricane, I am sure De Santis will save Florida. Lol

[@micheleD498]

​@@basha0810💯 ❤

[@divesaildivesss]

Climate is not recognized in Florida. Those 15 foot high storm surges are normal. Right 😅

[@jacquelinemilowski3444]

Yes, my elderly Mom's property taxes will increase by a lot next year. I helped her complete the appeal process but the County would not budge.😒

[@ZXX984]

What Michael tells us should be available as a course in school for our younger generation. Better to know these things now than get a shock down the road. Also a course about handling money.

[@cherlgolja5402]

You are such a lovely couple 🥰prop 13 is a saving grace on property taxes in Northern California. We built or home 1997 for 450 thousand now worth 1.7 mil my prop tax 7000 a year ~so my fingers crossed 🤞

[@yogie3235]

Just got dropped by my insurance two weeks ago. Something tells me there will be new insurance companies popping up to cover and take advantage of this apportunity.

[@karmicforce01]

Are you in Florida? Not likely with the new hurricane that blew in.

[@yogie3235]

@@karmicforce01 I'm in southern California Riverside county. I think it's unfair most neighbors here have the same insurance company and they haven't got dropped, I have no idea how they pick n choose.

[@JeffreyWillis800]

Your wife seems wonderful, and great on the videos, she shouldn't be shy. I hope you two stay together for the rest of your lives, and you have long lives together!

[@Lisithedogwalker]

Amen!🙏Thank you for supporting his channel!🤍☺️

[@noreenn6976]

​@@LisithedogwalkerLove seeing you in the videos especially when you see a dog, I'm the same way as you, must say hello 😊

[@Lisithedogwalker]

@@noreenn6976Always!!!😂😍

[@Norm475]

Much of the value of a home in Florida is the location of the home, especially homes with water frontage. The home may burn, but the property will not. Rarely is a home a total loss in a fire, I usually take off collision on my car when the value is under 10K and I am much more likely to have a car accident than a fire, or tornado involving my home. Your greatest loss on a home could be liability if someone hurts themselves on your property. I can't remember ever filing a claim on homeowners insurance in the 65 years of home ownership.

[@qbanb8582]

I sold my rental property. These 2 things were the biggest factor. So I sold it and managed to get a lot more for it then I expected. I've paid off my debts with higher interest rates. I've put the rest in a high yield savings account.

[@jayc4715]

I'm thinking about doing the same

[@ukulelebutterfly]

Very Wise. 🦋

[@debbiel4194]

I hope my landlord doesn't read this! 😂 I rent a 3 bedroom 2 bath house with a huge fenced yard, basement, fireplace and garage in Ohio for $1,000 a month. I'm very grateful ❤❤❤

[@ukulelebutterfly]

@debbiel4194 Yeah, but how much is heat? ✌️ ~ 🦋

[@qbanb8582]

@debbiel4194 it's possible your landlord doesn't have a mortgage and/or isn't highly leveraged, which could mean rent can be more reasonable. Also in my case being in Florida the uncertainty of insurance makes hard to accurately predict the cost. Because I'm seeing 100% increase from year to year.

[@dennisklimavich3342]

Now we had the hurricane so watch out on insurance cost; The government should step in vs sending billions over seas.

[@jackjones5725]

I live in New Orleans in the French quarter I've never had a mortgage and I've never had homeowners insurance for 26 years the building was built in 1835 it's like fort Knox went through Katrina and all the hurricanes two blocks from the Mississippi River 10 ft above sea level I think you have to evaluate your risk but most people's deductibles are so high keep their payments lower it's very stressful either way

[@Mica020202]

That’s amazing! What’s your house made of?

[@robertmcgee7083]

Property, like anything else is only worth whatever people are willing/able to pay for. Stop buying at these inflated prices, and prices will eventually come down. Don’t play the game and get ripped off.

[@tlindsay1007]

Sometimes, people have no choice but to buy.

[@robertmcgee7083]

@@tlindsay1007 i guess if renting isn’t possible.

[@newmamaful]

Another thing with property taxes is that people are not making sure they have all available exemptions. If a home is your primary dwelling, you should have a homestead exemption on that property. You file for this with the county you are in. You have to file for exemptions. They are not automatic. So, when you turn 65 (or whatever the age is in your county), you have to file for the senior exemption. Also, have any other available exemption that you qualify for, for example: senior exemptions, disability exemptions, etc. I think there are some exemptions for military service. Check with your county tax collector/assessors' office to get all the money saving exemptions you qualify for.

[@michellebeuter1871]

Exactly this should be done the day of closing.

[@michaelsyufy7733]

What’s the best Loan for disabled people? Living on social Security?

[@rebeccakstrain3324]

@@michaelsyufy7733You are better off getting housing through a public housing authority.

[@youtoldharpotobeatme5023]

What is the benefit of the homestead exemption. I'm reading on my turn website, but it doesn't say the benefit.

[@kookietherapy9398]

@@michaelsyufy7733 😃😁😃😁😃😁

[@junebarnett7350]

Hi lizzie, nice to see you both working together, please be safe. I was harassed at an atm today because the person behind me thought i took to long. Just be aware and please take care if yourselves.

[@alipainting]

That happened to me too. I had the nerve to check my balance before deciding how much to withdraw. Oh dear, got yelled at.

[@Lisithedogwalker]

Oh no, what an awful experience!!!🥹 Sorry to hear that June. People are getting so rude, selfish and impatient nowadays 😢 Thank you for watching his video.💜 Stay safe as well🙏

[@Winterwraith]

YOU GET WHAT YOU VOTE FOR! Good luck

[@dandronemoan4041]

Prop 13 in CA is for commercial and residential owners. Homestead exemption is so small in CA it's not even worth the postage claiming it

[@willystalla]

True. Homestead exemption in California is a joke. It only reduces the taxable value of your primary residence by $7000

[@youtubecarspottersguide1]

@@willystalla what can I spend my $70 on ?

[@1powerequalsgod]

I feel at some point more people will enjoy being homeless because that is what real financial freedom is coming to.

[@markcurranjr7366]

I am homeless. I live in Marin county where MIchael is right now. I got priced out of the rental market years ago, but I also had the perfect storm of events that put me into that situation, lost my health, business, and apartment all at the same time. Thank god I had a truck that I had kept from my construction days. I put a camper shell on it and I sleep on the side of the road at night. Im disabled, work part time, but I'm free of the stress of 3-4k a month for rent.

[@Resmith18SR]

I used to live in Walnut Creek CA in the East Bay. Beautiful area and it was really nice living there back in the 80s.

[@jamielynn8]

I’m in Hawaii and insured with usaa thanks to my now deceased navy dad. An insurance agent with another company over here that handles a very large number of condos and you name it said that the disasters that occur every where in the country are affecting ALL of the limited insurance companies in the country so You are right and we are screwed. I’m assuming that the aftermath of the amount of money spent after a decade plus of the number of super sized disasters has rendered them broke or whatever . So now Lahaina is the one that I never imagined and I think it’s clear that this shitshow is going to a next level of madness coming soon to a neighborhood near you and me.

[@debbiec6216]

My thoughts and prayers for Lahaina. And especially the people in that region. That should never have happened in my opinion of course.

[@brians2328]

Didn't know Lahaina was the area hit, sad I visited in 2004.. breathtaking place!

[@mediamadness969]

Just got back from Florida today. Went to Daytona and Tampa. Our First real Florida vacation. It was wonderful. It is so much cleaner than California. We are back in San Jose. I sure won’t miss those right turn red light cameras. Got nailed by one not knowing they had them.

[@frank121001]

I just heard you say that $1400 a year for Home Insurance is not realistic in California. My house is insured for more than $1 million and my annual premium is $1200. I live in an area prone to forest fires but I am close to hydrant and live in town not in the Hinderland.

[@SenChi8915]

Can people of this country stop saying they own property since its paid off, because they do not. They own rights as long as they pay property taxes. To own something is to have 100% ownership under any circumstances!

[@i15speeder]

Michael, my wife and I enjoy the videos. We are in the High Desert area of Southern California. Prices have somewhat held steady. But as you regularly state. We expect them to head south in the near future. Our home insurance was "non-renewed". The new policy will be 2100. It was 1735 last year.

[@MikeSlike]

Looking to relocate to Piñon Hills from the inland empire.

[@TBrown-zy2dr]

Folks did not take these possibilities into account when everyone decided to become megamillionaires owning and/or selling high value real estate. The fact is expensive properties overhead is going to be extremely costly.

[@francismarion6400]

It's nice to be Homesteaded in Florida. I don't own any rentals, but I can understand how that would suck to deal with steap tax increases. So far our homeowners hasn't been dropped, but I know we are now under insured because what we insured in 2013, would cost at least double to rebuild today thanks to inflation.

[@EnRouteToMoon]

Hi, nice to see you Lizzy ! ☺ Dogs definitely love you 🐕

[@Lisithedogwalker]

Hiiii!!!👋 I love them mooore!! 😍🥰❤️

[@lorivalentine5846]

Home insurance!! That’s the big one!

[@cgrilley]

Prop 13 in California is a Godsend for homeowners there. There's a 2% annual increase limit based on a base year factor there plus any bond issues the homeowner is paying on. The "no tax" states like TX or FL have no such limit. You can also pay property taxes with a credit card (unlike mortgage payments) so there are options if you get into a cash crunch.

[@michaelsyufy7733]

Probably use black card to buy homes in future! Ask Jerome & Biden!

[@youtubecarspottersguide1]

Oregon has no sales tax high property taxes ,calif tax collectors loves it when a house sales ,sold new in1965 for $25k prop 13 has a tax assent say $79k a $899 tax bill sales for $1,200,000 and has a new tax bill of $14,000 ,buyers in the $5,000,0000 price range have a new $60,000 tax bill,prop 13 saves us , my rental building I paid $318k in 2001 my tax bill would go from todays $4900 to $16,000

[@francismarion6400]

Fine but Florida has no income tax so my property tax is $2,500 but I will pay no income tax on $500k.

[@jonathanjacques7250]

Yes it is a blessing

[@Frank-nh9fe]

Yes but someone has to pay the bill. So new buyers pay double. So not so much a godsend for current buyers. The old sticking it to the young….

[@iamblessed1797]

Hello lovely couple. Michael, thanks for all your hard work. See what happened when all the people over bid amd over payed for these homes. Causing seniors and others not being able to pay the higher property taxes and insurance. Absolutely horrible and ☹️

[@Lisithedogwalker]

❤🙏🤗

[@KS0102]

Why are the taxes in Florida so high? What is the county doing with the money?

[@internetpointsbank]

Hiring companies that give a kickback

[@montymatthew1784]

No State income tax

[@CynthiaWord-iq7in]

Easy to know pitfall: this is opposite of 2008-9, no homeowners 10yrs in, are underwater. So tempting equity can wreck your life: avoid re-appraisal. Things that cause a reappraisal besides selling outright: A loan--any refi, home improvement, reverse mortgage, build on...causes a current, new re-valuation= higher property taxes to match, more homeowner's insurance coverage for replacement/repairs required after loss/hurricane. The 10x cost of both these can multiply old house payment or cause an escrow without a house payment to be unaffordable enough, that after 30 years ...you may have to sell. You may drop all insurance coverage if you back off taking the loan (yikes), but there is no going backwards in property taxes. Once you get re-appraised at a new current, accurate value...all you can to get a reduction is to WAIT FOR REAL ESTATE MARKET TO GO DOWN BELOW WHAT IT WAS WORTH MANY YEARS AGO. Think that will ever happen?

[@TheThreadofLifeInc]

The big swing and miss that nobody seems to understand is that property values will double over again. We are in a currency crisis and our dollar is worth half of what it was just a few years ago. We are rapidly approaching the pinnacle of the exponent until we get a full collapse of the dollar. For housing to see a large reduction there needs to be a catalyst. A strengthening dollar and not related to other fiat on the DXY, a loan crisis or mass job loss and foreclosure. The reality is that the currency is overextended and the fleece is that the fed and treasury want you to keep the same wage and reduce your quality of life. It’s the only thing in society that hasn’t increased due to debasement. Everything has doubled over except your wages. Now let it sink in.

[@gallen2101]

Hi Lizzy 😊, Thank you again Michael for all of your Great Information!! So glad you touched on this, my home insurance and taxes were increased 12% and my homeowner insurance does not cover the inflated tax value!

[@13ChroniclesOfDagger]

Guess what. If the citizens of a jurisdiction where these property taxes are out of control rise up, this can be squashed. It takes the effort of the citizens. Remind the government that THEY WORK FOR US.

[@clintperry799]

At 65 put a freeze on your property tax.

[@worldoftone]

Great advice bro. I'm getting killed in TX with rental property tax increases. Getting killed in So-Cal with domicile property tax increases. It sucks and I'm to the point of bailing out of the rental business. Costs too damn much now.

[@judyfabion8849]

I'm in Southern California and have owned my house for almost 20 years. My Farmers Insurance went up by 400% this year! My agent just said it was the cost of wildfires to the insurance companies and it was approved by the California Insurance Department. I have never had a claim. Shocking!

[@mrbag60]

In the US you never really own your own property free and clear even if the mortgage is completely paid off, because of property taxes. You may own the title to the property which allows you to eventually sell it and collect the proceeds after all the costs/debts are subtracted, however until then if don't pay your property taxes (defacto rent) within a set period of time (as determined by the locality) you could be evicted and out on the street just like any other renter who skips rent under normal conditions. When property taxes are increased from $12,000 to $17,000 like in the Surfside, FL example used in the video it is like a $416.67 monthly rent increase for the person who bought the property. Eventually the way things are going with the trajectory of rising property taxes and other costs like homeowners insurance, only households in the upper income brackets will be able to afford the cost of buying and keeping property.

[@billya3628]

Been saying it for years....don't pay the extortion fees & find out who really owns your home.

[@chrislastnam6822]

The mist important question is whether prices of houses are going to down significantly and if so when.

[@phillipjm]

We relocated from Las Vegas to Greene County in East TN. Year over year our property tax increase has increased by 71%. Exactly the craziness we fled from. Can you do something on this area from Knoxville to Johnson City/ Tricities area? Thank you and God bless!

[@kurts6741]

The first time it cracked $1T in national debt was in 1981. That was considered crazy then. Now we are at $32T. When we can't pay the interest on the debt, we are officially bankrupt.

[@willystalla]

I can personally attest that Lisi is one of the nicest and most interesting person you will ever meet. She has lots of intelligent opinions and can talk for hours if you meet her in person.

[@Lisithedogwalker]

I can really talk a lot off the cameras😅🙈 We miss hanging with you. Too bad it went by fast🥺 You are such a nice person Willy!☺️

[@dtraveler3080]

If you talk for hours, I may leave and come back.🤣

[@MeadowDay]

She loves dogs…so she must be a special person

[@Lisithedogwalker]

⁠@@dtraveler3080Absolutely!! I don’t blame you!😂😂

[@Lisithedogwalker]

@@MeadowDay 🐶💜😊🙏

[@SonnyCrackBeats]

I live in Winter Haven.. Bought last year @ 320k.. 4BR2BA.. 3.6% rate.. Our insurance is $1200.. just remember everyone's results will vary.. The people that are paying outrageous insurance are on the coasts living in old Pre-1990 houses.. usually woodframe..The city where we moved from, St Pete is FULL of them, so is Tampa.. If a hurricane ever came through there, it would bankrupt the state.

[@willystalla]

Michael, here in California Prop 13 applies to all property: primary residence, vacation homes, investment and commercial properties. Tons of people have owned investment properties for decades and pay very little in property taxes.

[@youtubecarspottersguide1]

I pay close to $5000 on rental building bought in 2001 @$318k it goes up every yr excpt in the crash in 2009-11 I had it lowered too market value today s asmnet bill its still 1/3 of what I could sale it for thank you prop 13

[@Frank-nh9fe]

Problem is that all the more recent buyers pay more to make up the difference. The state will get the total tax they want. This system disadvantage younger buyers in favor of older owners. Stick it to the young……

[@formula112967]

@@Frank-nh9fe 'This system disadvantage younger buyers in favor of older owners. Stick it to the young' Not always.....there are older people who bought later and are not eligible for prop 13, and there are younger people who inherited family homes and are grandfathered into prop 13.....my cousins out in Cali inherited the $3 million family house on the beach, and pay $600 a year in property tax because they are grandfathered into prop13.

[@J.Shabazz]

inflated houses equals inflated taxes(assessment), insurances, services, etc! You will own nothing and be HAPPY!

[@hatsumiRealEstate]

Well, now I recommend sellers to just repair minimum, no remodeling, sell reasonable lower price and get out quickly. My recent seller's house costs her $150K and takes two months to finish, at the end of repair and little upgrade, market will be dropped and never know how long does it take to get into the contract. Instead take $150K off from current market price and sell it to the investor who still looking for fixer upper property. We got into the contract .

[@jrbland18]

HOUSING MARKET is causing PEOPLE to be HOMELESSNESS. RENT is ridiculous high. Houses are way to high. THIS MESS NEEDS TO STOP. THIS MESS IS IUT OF CONTROL.

[@MichaelBordenaro]

Agree

[@lilpandanesegirl]

I work at a bank in the mortgage area. and someone got a mortgage yesterday with high interest rate. and other people are coming in to purchase homes... and there is a lot of selling too. I'm a collection specialist

[@fredrickhaemker8434]

First item I looked at when I purchased our house was the property taxes. I dropped the location and looked elsewhere.

[@noreenn6976]

Love seeing Lissi in the videos.

[@henriettehamidi3634]

Florida’s tax system is terrible. I am a refugee from Ca and has owned properties many years. We have proposition 13 in CA. TAXEX ARE ESTABLISHED when you buy the property and they can not raise it 2% tops, even n rental property. I own a house in WA STATE and when the appraised value goes down, you taxes go down, when up they raise it. They have have home owner exemptions also.

[@MCC876]

Property tax from $12,000 to $17,000 is a 42% increase. I thought there were limits to how much property tax could increase each year.

[@wxxw-pc7qq]

Is fake news the guy is lying

[@Tripp216]

Not on investment properties, there’s only caps on your personal residence

[@clagueb3686]

@@Tripp216 There is a cap on investment properties. Too complicated to explain but without the cap the tax might have increased to $40,000.

[@nancyFLRN]

Yes, this happens if the previous owner bought the house many years ago and they had a homestead. The new owner has a grace period until the next year kicks in and has to pay the new higher price of the homes taxes. A lot of new homeowner don’t realize this until after they close on the home and get there tax bill.

[@paulconner4614]

actually in states like Texas it is not given. The tax appraisal of your house can go up every year. The exception is if you have an over 65 exemption.

[@ofthecoast9815]

I homestead in Florida. One possible reason their taxes went up more than 10% is if their home was reassessed based on current property values due to upgrades to the home. For example, I added a pool in 2021 and my taxes went up 25%, instead of the 3%. Sucks but... the pools great!

[@JetJ321]

That's good information, didn't know that. I understood it couldn't go up more than 3% no matter what. I didn't think about improvements. 25% is a lot.

[@Filmstarindamaking]

Do they reduce it by 25% if you remove the pool? That thing is a money pit. I have to have mine resurfaced and the quotes are between $6k and $10k. I seriously want to fill the thing with cement and replace it with a basketball hoop. I have a community pool anyway so I won’t miss it since I don’t use it frequently now.

[@MeadowDay]

@@Filmstarindamakingthat’s a good question..if you remove the pool would you get a property tax drop?

[@ofthecoast9815]

It is a considerable increase. If I had made the improvement in 2019 it would have been a lot less since my assessed home value then was less than half what it is today. That is with the addition of the pool and run away home prices. 3% from here on out though.@@JetJ321

[@ofthecoast9815]

Absolutely your taxes would go down, but you might decrease the value of your home on the flip side. No community pool here, but good to have one in SW Florida. @@Filmstarindamaking

[@frankiesayrelax100]

State Assessor's Offices are dictating to County Assessor's 30%-50% Assessment Increases. And in most US locales, home prices have doubled or more since 2020.

[@ilyatkachev5199]

Mill valley is a very beautiful place very close to SF and super nice wether year round!

[@tbugher62]

People are still buying overpriced homes in area's that have super high homeowners insurance. Guess everyone is super rich !

[@emills1417]

They raise our flood/home owners insurance by large increments every year. We have a 1920 built house, for several years now we've chose to skip insurance on our primary residence and set the money we would pay in insurance aside for future repairs. No complaints... yet.

[@basha0810]

I live in FL. I have three properties. In one of the counties, the assessor decided not to implement the entire 10% cap on non-homestead real estate. Instead, he cut us a break and only applied 3% which is great. It helps. Counties can do this if you have an assessor that is sympathetic to what their constituents are paying. Remember, these positions are elected and they do have meetings you can attend. It isn't all a lost cause. Vote accordingly. As far as expenses going up for landlords on property taxes having to raise a tenant's rent? They don't have to do that. They can absorb it by finding other ways in their budget to cut back on stuff or tweak what they are already doing. I just got word that my HOA on one of my properties is gonna raise the dues because property insurance is going up. I already pay enough. I asked to see our financials and what a bunch of negligent careless spending so in order to make up for that, they're gonna raise dues? I don't think so. To this landlord in Surfside, I would said, DON'T DO IT.

[@rockymtnman1760]

I can tell you that living in the mountains of Colorado. There are less insurance companies to choose from, and rates keep going up every year for homeowners.

[@Dohair879]

You would think the rising costs make would make the home value go down. Yet in Florida the home prices on buying and renting are sky high. When will this crack??!!

[@nolongeranurse3369]

It won't " crack" until there are more properties to sell than people wanting to buy.

[@lockhamj]

Same prob in Florida, insurance keeps going up and up

[@OtisFlint]

"Investors are going to get hit hardest"...oh no, that's terrible. LOL

[@driley4381]

I don't understand how homeowners are surprised by higher property tax bills. Tax rates are publicly available information. 10% of $500,000 is going to be more than 10% of $100,000. Are people/entities not doing their due diligence before buying property and driving up home values in an area and instead just blindly making purchases? Homeowners have been blindly pushing higher and higher home values for decades. For real, what is so confusing about this? If homes weren't selling for double or triple their actual value, this wouldn't be a problem.

[@mikeyoung7022]

Taxes went down in Georgia this year savings us $400.00 per year. I shopped insurance and saved $800 per year on Auto and Homeowners. Farm Bureau valued the house at $474k and the home is $1,200.00 per year in insurance . My sister lives in Orlando and she only has bad news on taxes and insurance. We do pay income tax in Georgia so we do have to deal with that.

[@user-jn9gv9ve6e]

i bought a house in northern michigan 2 years ago. the property tax has tripled over what the people were paying when i bought it.

[@youtubecarspottersguide1]

most states use the current sale price is used for the assessment value

[@jonathanjacques7250]

Yikes

[@yorsan2240]

I haven't had insurance for fifteen years and not planning on getting it when is the least affordable and have the lowest chances of recovery, especially in florida now

[@petersheenan4482]

did the same thing and no regrets.

[@ColdPotato]

Insurance and job loss will be the straws that break the housing camel's back. Multiple people that I know that got laid off in the past few months still haven't found work in their 'white collar' fields. Even AirBnb/investors will break at a point if they sit on empty rentals.

[@nmb5588]

In FL, Citizens policyholders are at risk to be charged an assessment, especially after Idalia.

[@nolongeranurse3369]

Actually all insurance policies are being assessed to help shore up Citizens...home/renters and even car insurance...that's happening NOW

[@auctionmusic]

without actually realizing it, I naturally down sized my house as I knew I was retiring within the next 10 years. Also, I down sized my State, and down sized my Town heh. Now I don't know if its possible at the current pricing. You know there is a bubble in your neighborhood if you cannot afford to buy your own house.

[@mariatennyson429]

This goes with comments from this administration that we will "own nothing and be happy " they also seem hell-bent on having the very rich or very poor. No middle class. America is no longer the country many of us grew up in sadly. Just my opinion. Thank you for sharing useful information 👍