FLORIDA NEWBIE QUESTIONS
Apr 13th 2011, 11:46 pm
#31
Banned
Thread Starter
Joined: Apr 2011
Posts: 329
Re: FLORIDA NEWBIE QUESTIONS
Often we are just trying to point out all the pitfalls and little details that are often forgotten or obscured by the rose tinted specs and wishful dreams. We have seen the same stories over and again and often it is the little things left unsaid that end up being the downfall. Think of it a friendly service that asks the questions you didn't think to ask.
All I would say - and this is not meant to be boastful - is that one doesn't get into the happy position where one can afford a nice place in the sun by being a complete berk.
If you see what I mean.
Apr 14th 2011, 12:01 am
#32
Joined: Oct 2006
Location: Reno Nevada
Posts: 15,917
Re: FLORIDA NEWBIE QUESTIONS
Apr 14th 2011, 12:21 am
#33
Lost in BE Cyberspace
Joined: Feb 2004
Posts: 14,577
Re: FLORIDA NEWBIE QUESTIONS
House prices are almost bottomed out in Florida IMO. Down here in SE Florida investors are buying everything they can get their hands on, if it's in a good place obviously.
ETA: Although... insurance just went up again for many people, and there's only so much people can spend on housing...
Last edited by anotherlimey; Apr 14th 2011 at 12:26 am.
Apr 14th 2011, 1:10 am
#34
Just Joined
Joined: Apr 2011
Location: Florida
Posts: 13
Re: FLORIDA NEWBIE QUESTIONS
Hi Everyone,
Just in the process of purchasing a property on the Gulf Coast and I've got a couple of quick questions which are probably terribly repetitious for old hands on here but would help me a great deal.
The property is initially an investment with tenants in situ for some time but eventually we hope to be spending a few months of the year there as well as renting it out.
It's a cash purchase and my first port of call is setting up a bank account to transfer the money - does anyone in the Tampa/ St Petersburg area have any recommendations ?
Should I go for a big one like Bank of America, Wells Fargo or a smaller one such as Regions or Mercantile.
Are their services, fees and benefits pretty much the same and are they all online banks ?
And can I open an account initially with a UK address ?
Thanks in advance for any help.
Just in the process of purchasing a property on the Gulf Coast and I've got a couple of quick questions which are probably terribly repetitious for old hands on here but would help me a great deal.
The property is initially an investment with tenants in situ for some time but eventually we hope to be spending a few months of the year there as well as renting it out.
It's a cash purchase and my first port of call is setting up a bank account to transfer the money - does anyone in the Tampa/ St Petersburg area have any recommendations ?
Should I go for a big one like Bank of America, Wells Fargo or a smaller one such as Regions or Mercantile.
Are their services, fees and benefits pretty much the same and are they all online banks ?
And can I open an account initially with a UK address ?
Thanks in advance for any help.
After a couple of bad years and some very hefty claims the insurance companies got wise and most of them now refuse coverage unless your property lies so many miles north of The Gulf (usually north of HWY 98).
Be very careful of "good deals" as insurance rates can end up being much higher than you might think, you might not be able to get coverage at all and / or the fine print may not cover you for hurricaine, wind or flood damage - like there is anything else that could really go wrong!!
Which realtor are you using? Make sure they are a member of the board of realtors.
Check the property's history..............has it been damaged during a storm?
Sorry to be a bit of a downer. I have a friend who lives here (also British), her and her husband bought a lot of beach property about 10 years ago - its now worth nothing as it has so many problems attached with it .......... would hate for someone else to get saddled with a lemon!
And, to answer one of your other points................very happy in Florida - but living 40 miles north of the Gulf Coast :-D
As for the banks - if your realtor is a good one they will be able to point you in the right direction. When I moved over here I could not open my bank account from England (but then some say I came over here on a wing and a prayer !!!) :-)
Last edited by byecklass; Apr 14th 2011 at 1:17 am.
Apr 15th 2011, 4:16 am
#35
Forum Regular
Joined: Mar 2009
Location: Florida
Posts: 78
Re: FLORIDA NEWBIE QUESTIONS
First up, I'd like to say I live in Florida and I love it!
It all depends on how adaptable you are. I can deal with heat and humidity, much like i dealt with miserable weather in UK! Having the central heating on all the time in winter is now swapped with having the air conditioning on in summer.
I'm in the process of researching buying a house. I'm "hearing" that the market could drop another 15% from here. But really, timing the market is a losing game. If you have looked at all the costs (good hints in some posts about hurricane insurance and HOA nazis), and are happy with the yield then go for it. You are right to look at a 10 year horizon.
Also consider the age of the property in terms of hurricanes (Hurricane Andrew compliance)
Look at the storm surge flood maps for the Tampa area (will be somewhere on the city government website...or call them). I'm cynical, dont assume your realtor is going to tell you about the bad things that can happen. Caveat emptor dosn't include weather!
Is the HOA managing your property for you including tenant requests for maintenance etc, holding a deposit? Or are you dealing with the tenants directly? One thing that does worry me a tad though...if you eventually want to spend a few months there that means throwing those good tenants out? You don't want to be perpetually renting to short-termers/tourists.
Insurance: Ask what the potential is for a "Special assessment" on your insurance if there was a natural disaster. Does it cover the infrastructure, roads, clubhouse etc in the HOA community?
To answer your question... do you actually need a bank account in the US? If you just need to transfer money to creditors, pay HOA fees etc, look at money transfer services such as xe.com.
But if its something you think you need, I think HSBC offer a service to high value clients. You can have accounts in multiple currencies abroad.
It all depends on how adaptable you are. I can deal with heat and humidity, much like i dealt with miserable weather in UK! Having the central heating on all the time in winter is now swapped with having the air conditioning on in summer.
I'm in the process of researching buying a house. I'm "hearing" that the market could drop another 15% from here. But really, timing the market is a losing game. If you have looked at all the costs (good hints in some posts about hurricane insurance and HOA nazis), and are happy with the yield then go for it. You are right to look at a 10 year horizon.
Also consider the age of the property in terms of hurricanes (Hurricane Andrew compliance)
Look at the storm surge flood maps for the Tampa area (will be somewhere on the city government website...or call them). I'm cynical, dont assume your realtor is going to tell you about the bad things that can happen. Caveat emptor dosn't include weather!
Is the HOA managing your property for you including tenant requests for maintenance etc, holding a deposit? Or are you dealing with the tenants directly? One thing that does worry me a tad though...if you eventually want to spend a few months there that means throwing those good tenants out? You don't want to be perpetually renting to short-termers/tourists.
Insurance: Ask what the potential is for a "Special assessment" on your insurance if there was a natural disaster. Does it cover the infrastructure, roads, clubhouse etc in the HOA community?
To answer your question... do you actually need a bank account in the US? If you just need to transfer money to creditors, pay HOA fees etc, look at money transfer services such as xe.com.
But if its something you think you need, I think HSBC offer a service to high value clients. You can have accounts in multiple currencies abroad.
Apr 15th 2011, 4:20 pm
#36
Happy with my lot For now
Joined: Feb 2011
Location: Brevard County Florida
Posts: 127
Re: FLORIDA NEWBIE QUESTIONS
Hi Everyone,
Thanks for all your concerns.
First up the area I am buying in has never been flooded - although a few years back it did reach within a a foot or so of breaching the sea wall.
Comprehensive flooding and hurricane insurance is incorporated in the monthly HOA fees - and the HOA is incredibly well-funded and very pro-active.
Living by the water or inland is all a matter of choice I suppose - personally I'd rather look out to sea than into someone's backyard.
Of course tenants could disappear overnight but actually having them in in the first place was a bit of a bonus because I was quite happy to buy a place and leave it empty - it just means I won't be able to use it myself for the next 18 months although I should get a couple of nice holidays out of the rent !
And yes, of course the market may have some more to slide but frankly it was such a good deal I couldn't turn it down.
I'm looking at keeping it for at least another 10 years - who knows where we'll be then ?
I can understand that people who have owned property in Florida for a while can be quite negative about future prospects having lost so much in value but I've prospered through two property crashes - there comes a point when your gut feelings says bite the bullet and horse back in when there are bargains to be had.
Anyway, back to my original point, are there no banks that will open accounts for foreign nationals non-resident in the US ?
Thanks again.
Thanks for all your concerns.
First up the area I am buying in has never been flooded - although a few years back it did reach within a a foot or so of breaching the sea wall.
Comprehensive flooding and hurricane insurance is incorporated in the monthly HOA fees - and the HOA is incredibly well-funded and very pro-active.
Living by the water or inland is all a matter of choice I suppose - personally I'd rather look out to sea than into someone's backyard.
Of course tenants could disappear overnight but actually having them in in the first place was a bit of a bonus because I was quite happy to buy a place and leave it empty - it just means I won't be able to use it myself for the next 18 months although I should get a couple of nice holidays out of the rent !
And yes, of course the market may have some more to slide but frankly it was such a good deal I couldn't turn it down.
I'm looking at keeping it for at least another 10 years - who knows where we'll be then ?
I can understand that people who have owned property in Florida for a while can be quite negative about future prospects having lost so much in value but I've prospered through two property crashes - there comes a point when your gut feelings says bite the bullet and horse back in when there are bargains to be had.
Anyway, back to my original point, are there no banks that will open accounts for foreign nationals non-resident in the US ?
Thanks again.
You did not mention who you bank with in the UK. But posted in another thread Trailer park...Oh how I hate Barclays. If you want to look it up?
It is mentioned that Barclays are associated with Bank of America they are quite prominent in all locations. Good Look
Oh and we are re locating back too Florida within the next month. And I already know all its pit falls
Last edited by anne55; Apr 15th 2011 at 4:24 pm. Reason: Add on
Apr 20th 2011, 2:51 pm
#37
Banned
Thread Starter
Joined: Apr 2011
Posts: 329
Re: FLORIDA NEWBIE QUESTIONS
Figures just out seem to confirm what I've discovered in my research on the ground - the property market is beginning to stir from its slumbers.
Tampa Bay's existing home sales skyrocketed in March to levels not seen in nearly five years.
Maybe even better news for homeÂowners is that average sale prices also rose last month in several area counties.
Sales of previously occupied homes in Pasco, Pinellas and Hillsborough counties jumped nearly 32 percent, from 3,258 in February to 4,296 in March.
http://www.tampabay.com/news/busines...cle1164769.ece
Tampa Bay's existing home sales skyrocketed in March to levels not seen in nearly five years.
Maybe even better news for homeÂowners is that average sale prices also rose last month in several area counties.
Sales of previously occupied homes in Pasco, Pinellas and Hillsborough counties jumped nearly 32 percent, from 3,258 in February to 4,296 in March.
http://www.tampabay.com/news/busines...cle1164769.ece
Apr 20th 2011, 6:53 pm
#38
BE Enthusiast
Joined: Feb 2011
Location: Madeira Beach, Florida
Posts: 320
Re: FLORIDA NEWBIE QUESTIONS
Having been in search of property most recently and having access to purchase prices (which are public records btw). There is a lot of room for a great ROI especially if you are in it for the long haul!
People's dreams and quality of life are very different and the beaches are a dream for some of us just not all. Some people dream of being in the mountains but to me that is a nightmare especially if there is no water in sight
Best of luck on your search. As a native let me know if you have any local questions!
Christina
Also You will know if you are eligable for insurance before you buy the house as you will be able to get a quote by calling various INS companies and getting the best quote.
Last edited by mikechristina; Apr 20th 2011 at 7:00 pm. Reason: to ADD...
Apr 20th 2011, 7:14 pm
#39
Joined: Mar 2003
Posts: 68,280
Re: FLORIDA NEWBIE QUESTIONS
but there is the Insurance of last resort .... Citizens
Apr 20th 2011, 7:37 pm
#40
BE Enthusiast
Joined: Feb 2011
Location: Madeira Beach, Florida
Posts: 320
Re: FLORIDA NEWBIE QUESTIONS
Frontline Homeowners/First Protective Insurance Company
Tower Hill Select Insurance Company
Tower Hill Preferred Insurance Company
Tower Hill Prime Insurance Company
Florida Family Insurance
Sunshine State Insurance Company
First Community Insurance Company
Southern Fidelity Insurance Company
Fidelity National Property & Casualty Insurance Company
Universal Property & Casualty Insurance Company
Florida Farm Bureau Casualty Insurance Company
Liberty Mutual Fire Insurance Company
Florida Peninsula Insurance Company
Southern Oak Insurance Company
Universal Insurance Company of North America
United Property & Casualty Insurance Company, Inc.
St. Johns Insurance Company, Inc
Security First Insurance Company
American Traditions Insurance Company
Auto Club Insurance Company of Florida
American Integrity Insurance Company of Florida
ASI Preferred Insurance Company
Royal Palm Insurance Company
Apr 20th 2011, 9:34 pm
#41
Banned
Thread Starter
Joined: Apr 2011
Posts: 329
Re: FLORIDA NEWBIE QUESTIONS
Life is all about risk. When to take it and when not.
The only insurance I have ever taken out has been for my cars which, by law, I am required to do.
In 35 years as an adult I have never had property insurance ( either buildings or contents), travel insurance, medical insurance, life insurance, mortgage protection insurance, loss of employment insurance, being hit by a meteor insurance, you name it.
In three and a half decades I have saved an absolute fortune because the likelihood of me needing to claim on insurance - like most of the people who take it out - has been somewhere between slim and non-existent.
I live in a country where if I fall ill I get treated by a doctor for nothing - I might have to wait in line behind the people who have medical insurance but if it's really serious the doctors would see me first anyway.
I might have to share a ward and I might not have my own individual television set but I can live with that.
Insurance is one of life's great cons, perpetuated by some of the greatest con artists in the world.
The HOA running the development I am buying into has extensive flood and hurricane insurance - there's probably a dinky little clause somewhere which might cause difficulty if the Big One actually passes overhead but as the HOA is run by people in the same situation as myself I'm sure they've taken out the best possible insurance they can.
Ultimately it depends whether you go through life sh!tting a brick worrying about stuff you have no control over.
I don't. And never have.
The only insurance I have ever taken out has been for my cars which, by law, I am required to do.
In 35 years as an adult I have never had property insurance ( either buildings or contents), travel insurance, medical insurance, life insurance, mortgage protection insurance, loss of employment insurance, being hit by a meteor insurance, you name it.
In three and a half decades I have saved an absolute fortune because the likelihood of me needing to claim on insurance - like most of the people who take it out - has been somewhere between slim and non-existent.
I live in a country where if I fall ill I get treated by a doctor for nothing - I might have to wait in line behind the people who have medical insurance but if it's really serious the doctors would see me first anyway.
I might have to share a ward and I might not have my own individual television set but I can live with that.
Insurance is one of life's great cons, perpetuated by some of the greatest con artists in the world.
The HOA running the development I am buying into has extensive flood and hurricane insurance - there's probably a dinky little clause somewhere which might cause difficulty if the Big One actually passes overhead but as the HOA is run by people in the same situation as myself I'm sure they've taken out the best possible insurance they can.
Ultimately it depends whether you go through life sh!tting a brick worrying about stuff you have no control over.
I don't. And never have.
Apr 20th 2011, 9:56 pm
#42
BE Site Lead
Joined: Aug 2004
Location: MA, USA
Posts: 92,170
Re: FLORIDA NEWBIE QUESTIONS
In the US, insurance is more about the liability cover though.
Apr 22nd 2011, 12:27 am
#43
BE Forum Addict
Joined: Jul 2008
Location: East Bay Area
Posts: 2,192
Re: FLORIDA NEWBIE QUESTIONS
Life is all about risk. When to take it and when not.
The only insurance I have ever taken out has been for my cars which, by law, I am required to do.
In 35 years as an adult I have never had property insurance ( either buildings or contents), travel insurance, medical insurance, life insurance, mortgage protection insurance, loss of employment insurance, being hit by a meteor insurance, you name it.
In three and a half decades I have saved an absolute fortune because the likelihood of me needing to claim on insurance - like most of the people who take it out - has been somewhere between slim and non-existent.
I live in a country where if I fall ill I get treated by a doctor for nothing - I might have to wait in line behind the people who have medical insurance but if it's really serious the doctors would see me first anyway.
I might have to share a ward and I might not have my own individual television set but I can live with that.
Insurance is one of life's great cons, perpetuated by some of the greatest con artists in the world.
The HOA running the development I am buying into has extensive flood and hurricane insurance - there's probably a dinky little clause somewhere which might cause difficulty if the Big One actually passes overhead but as the HOA is run by people in the same situation as myself I'm sure they've taken out the best possible insurance they can.
Ultimately it depends whether you go through life sh!tting a brick worrying about stuff you have no control over.
I don't. And never have.
The only insurance I have ever taken out has been for my cars which, by law, I am required to do.
In 35 years as an adult I have never had property insurance ( either buildings or contents), travel insurance, medical insurance, life insurance, mortgage protection insurance, loss of employment insurance, being hit by a meteor insurance, you name it.
In three and a half decades I have saved an absolute fortune because the likelihood of me needing to claim on insurance - like most of the people who take it out - has been somewhere between slim and non-existent.
I live in a country where if I fall ill I get treated by a doctor for nothing - I might have to wait in line behind the people who have medical insurance but if it's really serious the doctors would see me first anyway.
I might have to share a ward and I might not have my own individual television set but I can live with that.
Insurance is one of life's great cons, perpetuated by some of the greatest con artists in the world.
The HOA running the development I am buying into has extensive flood and hurricane insurance - there's probably a dinky little clause somewhere which might cause difficulty if the Big One actually passes overhead but as the HOA is run by people in the same situation as myself I'm sure they've taken out the best possible insurance they can.
Ultimately it depends whether you go through life sh!tting a brick worrying about stuff you have no control over.
I don't. And never have.
Eg. Kids fall ill all the time and in US if you want to live here, there is no way you can NOT have insurance. It's not about if you needed insurance in 35 years but if you do it will wipe out the 'absolute fortune' you made over the 35 years and some more.
Just my 2 cents worth.
Apr 23rd 2011, 1:50 pm
#44
Forum Regular
Joined: Feb 2006
Posts: 150
Re: FLORIDA NEWBIE QUESTIONS
To answer your bank question.
It is easy to open an account as a non-resident. Show passport prove foreign address (utility bill.) for one example.
Sign W-8 form. Tax will not be withheld on interest.
Bank of America is fine.
Bruce
It is easy to open an account as a non-resident. Show passport prove foreign address (utility bill.) for one example.
Sign W-8 form. Tax will not be withheld on interest.
Bank of America is fine.
Bruce
