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FLORIDA NEWBIE QUESTIONS

FLORIDA NEWBIE QUESTIONS

Old Apr 13th 2011, 3:38 pm
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Default 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.
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Old Apr 13th 2011, 3:46 pm
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Default Re: FLORIDA NEWBIE QUESTIONS

Originally Posted by Cuthbert Rizla View Post
The property is initially an investment with tenants
Can't really help with banks, but you'll probably have a hard time opening an account. However, the statement above is a scary one, I hope you have really looked into it and know how bad the market is right now.
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Old Apr 13th 2011, 3:53 pm
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Default Re: FLORIDA NEWBIE QUESTIONS

Originally Posted by Duncan Roberts View Post
Can't really help with banks, but you'll probably have a hard time opening an account. However, the statement above is a scary one, I hope you have really looked into it and know how bad the market is right now.
Absolutely.

The property is on the water, is 70% below its peak price, with a rock-solid HOA and has tenants paying a good rent for at least the next 18 months.

It's certainly a better return than I'm currently getting from bank interest rates.

As a long-term capital investment which I'll also use extensively I think it represents good value.

He who dares wins, Rodders, as they say.
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Old Apr 13th 2011, 4:30 pm
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Default Re: FLORIDA NEWBIE QUESTIONS

Are you with someone like HSBC in the UK, who has banks in the US? That would probably help you with both setting up the account and transfer of funds in both directions.
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Old Apr 13th 2011, 5:35 pm
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Default Re: FLORIDA NEWBIE QUESTIONS

If you have over $25K (cash or stocks) Wells Fargo have a premier package called "PMA checking". We just opened such an account - my wife likes to have a bank with a physical presence close by.

So far the service has been excellent. I recommend them.

We also use a credit union.
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Old Apr 13th 2011, 5:57 pm
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Default Re: FLORIDA NEWBIE QUESTIONS

Originally Posted by cranston View Post
If you have over $25K (cash or stocks) Wells Fargo have a premier package called "PMA checking". We just opened such an account - my wife likes to have a bank with a physical presence close by.

So far the service has been excellent. I recommend them.

We also use a credit union.
Worst "I've got $25k" posting, ever.
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Old Apr 13th 2011, 7:30 pm
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Default Re: FLORIDA NEWBIE QUESTIONS

Originally Posted by Cuthbert Rizla View Post
Absolutely.

The property is on the water, is 70% below its peak price, with a rock-solid HOA and has tenants paying a good rent for at least the next 18 months.

It's certainly a better return than I'm currently getting from bank interest rates.

As a long-term capital investment which I'll also use extensively I think it represents good value.

He who dares wins, Rodders, as they say.
They are not even close to rock bottom yet
You never buy near water ..have you checked that you can even get insurance

tenants dissapear overnight everyday in Florida

Still its your money .. I dont mind ...
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Old Apr 13th 2011, 7:37 pm
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Default Re: FLORIDA NEWBIE QUESTIONS

Originally Posted by Ray View Post
They are not even close to rock bottom yet
You never buy near water ..have you checked that you can even get insurance

tenants dissapear overnight everyday in Florida

Still its your money .. I dont mind ...
Further, I know a thing or two about US macro economic factors. Well put it this way, given my profession I come across forecasts on house price index, unemployment, double dip recession possibility etc.

I strongly believe - I rather pay 15% more in a growing economy vs. buy now and 'hope' that we have seen the bottom.

As Ray says though it’s your money and looks like you have some research behind your investment proposition.
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Old Apr 13th 2011, 7:46 pm
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Default Re: FLORIDA NEWBIE QUESTIONS

Originally Posted by Ray View Post
They are not even close to rock bottom yet
You never buy near water ..have you checked that you can even get insurance

tenants dissapear overnight everyday in Florida

Still its your money .. I dont mind ...
You can get insurance you just have to call around. We live on the ocean and have both FEMA flood insurance and house insurance. It is the land that is valuable not the house, so who cares if it floods?
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Old Apr 13th 2011, 7:50 pm
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Default Re: FLORIDA NEWBIE QUESTIONS

Originally Posted by eris123 View Post
You can get insurance you just have to call around. We live on the ocean and have both FEMA flood insurance and house insurance. It is the land that is valuable not the house, so who cares if it floods?
Yeah. You have to call around and take whatever price you're given, you mean?
As for who cares if it floods? Actually, I would if it was me. A landlord that's based in the UK with no renter and therefor no income due to any flooding would too, I'd imagine.

Last edited by paranoidandroid; Apr 13th 2011 at 7:57 pm.
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Old Apr 13th 2011, 7:52 pm
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Default Re: FLORIDA NEWBIE QUESTIONS

Originally Posted by Cuthbert Rizla View Post
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.
Makes me wonder exactly where on the gulf coast.
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Old Apr 13th 2011, 8:00 pm
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Default Re: FLORIDA NEWBIE QUESTIONS

Originally Posted by Ray View Post
tenants dissapear overnight everyday in Florida
True that.
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Old Apr 13th 2011, 8:11 pm
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Default Re: FLORIDA NEWBIE QUESTIONS

Originally Posted by paranoidandroid View Post
Yeah. You have to call around and take whatever price you're given, you mean?
As for who cares if it floods? Actually, I would if it was me. A landlord that's based in the UK with no renter and therefor no income due to any flooding would too, I'd imagine.
It could be slightly different up in CT but the FEMA flood insurance prices are fixed depending on whether you want structure and/or contents coverage and what type of flood zone you are in. We'll get significant flooding at my house with a 10ft storm surge. We flooded last year not from the ocean but from ground water levels rising above the surface.

A reputable national insurance company was found at an affordable rate and it was necessary to do it in order to get a mortgage.

Judge as you may, but it has been my mother's dream to live on the ocean.
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Old Apr 13th 2011, 8:26 pm
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Default Re: FLORIDA NEWBIE QUESTIONS

Originally Posted by eris123 View Post
It could be slightly different up in CT but the FEMA flood insurance prices are fixed depending on whether you want structure and/or contents coverage and what type of flood zone you are in. We'll get significant flooding at my house with a 10ft storm surge. We flooded last year not from the ocean but from ground water levels rising above the surface.

A reputable national insurance company was found at an affordable rate and it was necessary to do it in order to get a mortgage.

Judge as you may, but it has been my mother's dream to live on the ocean.
Not judging at all, just making a point as it might affect a person relying on rent to pay a mortgage.

Not sure why you mention CT unless that's the only place it's different?
I'm in Florida. I know how the system works. Personally I'd probably still rather live inland, the gulf coast beach holds very little appeal to me.
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Old Apr 13th 2011, 8:31 pm
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Default Re: FLORIDA NEWBIE QUESTIONS

Originally Posted by paranoidandroid View Post
Not judging at all, just making a point as it might affect a person relying on rent to pay a mortgage.

Not sure why you mention CT unless that's the only place it's different?
I'm in Florida. I know how the system works. Personally I'd probably still rather live inland, the gulf coast beach holds very little appeal to me.
Insurance agencies do have different policies by state and are licensed on a state level so I'm assuming that it might be more/less difficult/expensive to get insurance in some states rather than others.

Is there something wrong with beaches on the Gulf Coast? I've never been on that side so I wouldn't know.
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