Information tonight on the investigation Into what caused the collapse of Champlain Tower South in Surfside Welcome back to real estate mindset the Florida condo crisis continues to Unravel potentially causing the entire State's housing market to fall apart as A result of some of these condo owners Being hit with assessments on their Properties that are worth more than Their actual property in other words you Guys the repairs to fix some of these Condos out in Florida cost more than the Actual dwelling so this is a huge Problem this is no joke there's a lot Going on blew my mind I have our Community friend colleague my buddy Orlando Min are here with us today to Give his perspective obviously Orlando Has a lot of behindth scenes knowledge On what happens uh with commercial Financing um and if you guys want more Information about Orlando don't forget You guys he has a YouTube channel Orlando Miner it's right here I mean Orlando you know your videos have been Blowing up you've been on top of the Layoffs on top of the you know and and This is why I wanted to do it with you You were one of the first uh people that I follow that made a video uh regarding The Florida condo crisis and that kind Of you know along with Melody Wright Melody Wright gave me some info to start
Hunting and my gosh man what I have UND Doug is absolutely is that is absolutely Mind-blowing I mean we're going to show The viewers proof positive Mathematically that you should have Rented you should have rented owning a Condo in Florida is not an asset owning A condo in Florida is a massive Liability so we'll show them but before I start Orlando what's New man you know just just keeping the Content coming you know being consistent You know letting people know exactly What's happening with the market as we Get closer to the end of the year things Start to fall apart you know layoffs are Happening more um you know everybody's Getting ready for this this rate cut and And I'm just trying to sound the alarm And let people understand that yeah he May do a rate cut let's say he does do It and based on what everyone's saying I Mean it still won't save you like There's still a lot of things that are Happening in the market that it's not Going to Halt a recession or anything Like that and that's a lot of people are Saying there a lot of people are saying Like oh this with this rate cut coming He's everything's going to go back to The way it was and I'm here to sound the Alarm to let people know that that's not The case no it's not that's when the bad Like like I'm trying hard man you know
I'm trying hard we're offering Perspective we're offering data videos Collaps I don't know what else we could I mean I'm offering free courses man I'm I'm Literally making courses for free to Give back to the community to say hey We're going to grow together so we're Doing all that now where I want to start Orlando is by showing the viewers Exactly what happened so we're going to Take a look at you know the Surfs side Condo collaps then we'll take a look at The new law and then we're going to ask The question is what are these new Safety laws which safety laws are Important what are that what is that Really doing to the owners but let's Start by taking a look in the past to Remember what happened in the structural And geotechnical elements they say Narrowed down to about two dozen failure Hypotheses one of the most likely Scenarios is the P deck slab column Connections protection the concrete Provides the rebar is compromised by Cracking resulting in corrosion pointing Out a history of water leaking into the Garage and around the pool investigators Also believe the columns along the South Edge of the tower are another likely Initiation point for the collapse Roughly 98 people passed away um they Were in a condo in Florida they had
Structural problems a lot of it maybe Had to do with the original construction Turns out and also the saltwater Corrosion uh and so from there Orlando New laws were passed and I want to get Into those new laws but first do you do You have anything that you want to add On to how these condo buildings are Being built I mean we know that they Cannot withstand the corrosion I mean It's clear that we have that data now is It investing in a condo in Florida That's 30 years old is that a good idea Orlando um No you know I I you know if you come to My channel I'm like really against um Purchasing condos because it doesn't Work as an investment it doesn't work as You living in it because you end up Spending I always make this joke that People who buy condos are not only do They are are they do they own a home but They're also paying rent at the same Time because they're you know they had They have to pay all these extra fees With the HOA and all this other stuff so You're doing both at the same time which Doesn't make sense to me not only on top Of that condos are the first to go down And they're the first the first to go up And and almost every recession or downt That you've seen condo just fall off a Cliff and then when it rebounds it goes Back up all you have to do is look at
The last um the last U crisis that we Had the financial crisis and look how Far properties in condos in Miami and Florida drop That same scenario is likely to happen Yes will it happen for a different Reason yes it will but it the the Outcome is still the same we're we we Now have these condos that are 30 plus Years old this new law and and and and Is enacted and now individuals have to Come up with large sums of money where Is that money gon to come from well it's They they don't have it some some people Have it but a lot of people they don't Have it because these special Assessments to repair well and all and Get into that I have I have a whole Lineup for that but let's go into like Okay so what happened okay so we had That collapse public starts being aware Like whoa maybe these condos are Dangerous to live in we don't want to Die I mean pass away in our sleep I mean So what happened is is the officials Passed a law called Senate Bill 4D which Requires condos and Co-op buildings that Are three stories or taller to undergo a Structural Integrity inspection when They turn 30 years old but buildings Near saltwater have to do this in Inspection at 25 years old so so far I Mean hey it's for your safety it sounds Like it's smart they also did Senate
Bill 154 uh so what's happening Orlando is as A result of these new laws and as a Result of the additional verification of Public Safety people can't afford it Again you know with the inflation with All these other things you know the view Of the ocean some of these people are Dead in the water but I want to play a Video on just how these inspections are Working start survey work for a reserve Study it is a now law mandated Reserve Study for all buildings which have three Or more stories all condo buildings that Tall must be inspected not only for Structural defects but to get a Financial timeline of replacement of Common items like roofs flooring and Siding it's the Florida legislator's Response after Surf Side well one thing I noticed with that inspector is at Least she had brand new highlighters uh It looked like green red and yellow not Sure why you need three different Highlighters that are brand new maybe You know what it was Orlando she was Excited she was going to be on the news What's your you know what are your Thoughts on these inspections and Whether or not they're Necessary well I mean they're definitely Necessary right because we all know that The corrosion that happens from Saltwater this isn't something new I
Mean back you know 10 15 years ago when I was doing when a when I was doing Deals of individuals buying property in Hawaii they had the same issues that the Saltwater was literally destroying the Property it destroys the windows the Siding the wood it just it just eats Away at everything so this isn't a Secret this hasn't been a secret most Individuals know that if you buy a Property on on on the ocean you're going To get all this Gunk and stuff that's on Your on your walls and you got to Replace this you got to replace that so The repair issue has always been known The catalysts that made lawmakers decide That they want to do something about it Is when when the 98 people died and that Collapse so they felt like they had to Do something even though they had been Warned by E by other tenants even though They knew that saltwater destroys Property even though they had all this Information they still they still didn't Do anything it was only when the Collapse happened that they said you Know what we need to do something and That's a fact and and actually even in Surf Side they have multiple reports of The building falling apart and you know I mean I get it you know I I think the Issue in Orlando is people have an Assumption that hey this is this is fine If it wasn't then someone you know
Magically would come down from heaven to Warn them but the reality is is no one Is doing due diligence the reality is uh You know this sucks man I mean this Sucks and and what I what I want to move On to and that was good by the way I Appreciate that answer but what I want To move on to is a couple of uh yeah of Course man I want to move on to a couple Videos that are you know listening to The owners being forced out of these Condos so now we have information Because this law is a you know few years Old but we have data Intel and Information that you know condos are Being inspected structural uh inspection Come to find out again the repairs or Are more expensive than the actual Dwelling and these reports come back With massive safety issues so the city Comes in and kicks out Orlando kicks out Owners man owners so you got these Owners sitting in their condos most of Them retired and then and then some of These people aren't even getting the six Figure assessments some of these people Are just saying you gotta leave you There's nothing you could do you gotta Leave so let's let's start by listening To some of these videos and I want to Get your reaction the building is in Need of significant deferred maintenance Which precedes TRD biscan llc's Completed acquisition of the property in
December 2022 about 184 units at the Property have been successfully vacated With the exception of six remaining Units remaining as unlawful inhabitants Of the property my property is not for Sale I never put my property on the Market I came to this apartment in my Wedding dress with my husband got Married in downtown I made my children In this unit and I wanted to come and Retire here someone bought it right so They did the inspection massive massive Problems uh safety issues and then they Had a new developer come in to purchase The property and I'm just like how could You purchase the prop property right so They purchased the property I think uh Maybe 100 close to 180 units there's Still six seven units and they're like We don't want to sell to you this is our Home I we got married here we had Children here and now those same that Same developer is filing Court actions Against these existing homeowners saying They're illegally in their own house um That's insane Orlando so so we got Multiple you know there's multiple Safety issues here can you go into the Risk on you know again someone coming in And buying something out from underneath You and you know how again this is all Has to do with condos you can't really Do that with a home like an sfr except With imminent domain so this is crazy
This is a type of imminent domain safety Public catastrophe happening do you want To break this down a little bit yeah it Is kind of like an intimate domain it's It's one of those scenarios where the Where the city is saying to the owners Well if you can't come up with the money We will find someone who can come up With the money because we're not going To pay for it to get fixed so either you Guys come up with all of the money to Fix it and and not be a liability on Loss of life or something like that or We go ahead and sell it to a developer Who will then buy it and then um do all The fix up and Rehab itself but here's The thing the developer um doesn't want Those individuals in there he doesn't he If anything he wants to rebuild it and Then resell it to New individuals or to Those same individuals even though that They own it and I can almost guarantee You that they will get some type of Payout but it will not even be close to Market value it won't it just won't be It won't even be close to market value So you have someone who bought a a condo And I'm just using random numbers of Like for $300,000 and they'll get 50 Cents on the dollar they'll get 150,000 And told to get get out of here right uh Because can you come up with the $100,000 for your unit that it needs to Be fixed oh you can't well sorry take
The 150 and and leave and here's the Thing a lot of those individuals still Have mortgages on it so at the very end Of it either you will get short selled Out or or you or or you will get nothing Back at all you're just going to break Even that that's what's going to happen Which is insane even after even after You've paid all the hoe fees after You've paid all the insurance after You've done all this other stuff aside From pay the mortgage you lose all of Your equity and you've lost all of the Money that you've have given to external Parties all gone I mean it's it doesn't Even seem like it's that could is Possible in America you know I I have an Assumption where I'm working hard I'm Paying my bills you can't take my house You can't do that to me but that's Exactly what's happening Orlando I mean It's not only happening exactly it's It's spreading the the magnitude at Which this whole thing is like Metastasizing it's absolutely shocking And here's the other crazy thing I'm Going to play a couple videos down we're Going to listen to some residents They're not they they were hit with Special assessments over a 100,000 a Special assessment is is like you Haven't been paying enough for the Repairs because condo owners have an HOA They pay monthly to right for
Maintenance but what they're finding out Is is actually the entire building is Worthless Yeah let me just add on to this is that A lot in this video you will see a lot Of news articles and and and and and the Reporters say that the law says it has To be three stories right but let me Tell you what salt doesn't care if it's Three stories or not it's going to Affect you at two in one story also and So what you have is a lot of HOAs that Are understanding that hey look um we May not be required by law to get these Fixes but we're still going to get Affect it the same way from the from the Outside as everyone else so they're Proactively pushing to get their Reserves up and everything else that's The reason why you're seeing news Coverage on these twostory or one story Villages or condos and the HOA is still Asking for those uh additional funds Because they know at the end of the day If they don't ask for those funds then The property is just going to Deteriorate anyway and here's the thing HOAs or any external um external partner No one wants the liability no one wants The liability for for uh something Caving in and collapsing no matter if It's one story or two stories and it's Not underneath that law no one wants to Be on the hook for that so they're going
To make sure that they have all of their Uh reserves filled and everything like That and that's the reason why you're Seeing individuals have to come up with $200,000 and in my comment section People are saying well Orlando that's Not part of the law it's not part of the Law well HOAs are making it their Problem and their issue to make sure That they collect even from the lower Tier individuals well and I would say to Those people is it actually is part of The law there's a new law that was Passed saying that hey we got to do a Structural engineer report if it comes Back it's hot you guys got to fix it or Get Out am I missing something from these I Mean you're not okay all right you're Not and and just to add you know case to Point let's listen to this next video For answers Christian Murray has lived In the pal Bay Yacht Club Condos since 2016 now he and many other residents are Worried if they'd be able to keep their Homes the building needed to be Recertified meaning an engineer needed To come in and see if the building Needed structural and electrical repairs Now it's not uncommon that these things Need to be fixed but get this when the Property managers brought in their Engineer they claimed the building Needed $46 million in repairs so let's
Break this down 46 million means that Every condo owner needed to cough up Approximately $175,000 now keep in mind the entire Building itself is worth 50 million 47 Million to Repair building worth 50 Million um and if they have mortgages They're like negative LTV um my gosh I mean can you you know You know I've been working with Mitch a Lot Mitch says the true value of some of These buildings is the land minus demo Costs it looks like Orlando that some of These Residential Properties where you Have Mom and Pop you you have actually You know people living there children All of those things it looks like They're falling victim to the same Catastrophe that's happening with Commercial buildings around the nation Is it an asset is a condo so far we've Reviewed is a condo an asset man and I Know I've asked you this but just just Beat it up beat it up man um I mean like Technically yes but I mean if you it's Not I mean but if it's you're negative In in the asset then then no would not Consider that an asset I mean it's a Liability for sure right and so the Problem be the problem being with this Is that we just saw that it was worth 50 Million and a 47 million uh worth of Repair and I would argue that a lot of
Those repair do not increase the value Right I know a lot of people would say To themselves like oh Orlando safety Would increase the value but it's just Like you getting a new roof on your House or you putting a new furnace it Does not increase the value of the home Just because you got a new furnace Doesn't mean you're going to get $50,000 Worth of valuation at it because you add A new furnace it's structurally Something that's supposed to be already Embedded in the house right so that's The issue that I see is that you're Asking individuals for $175,000 this is their hard-earned money This is someone's retirement that is Going to just be depleted and you're Asking them to give you this amount of Money and there is no added value of Equity there's no nothing what is the Purpose of that what makes that that's That's that's that's working in the Opposite direction and here's the Problem a lot of these individuals Bought everybody I know bought that Condo because not because they thought The property value was going to go down Not because they thought they were going To break even because they thought they Were going to make money on the asset Itself and another reason why people buy Condos Orlando is so they don't have to Deal with the maintenance
Yes of course but this all maintenance Is all they wrong about that you know What I mean like oh you guys got BL you Guys got blind because right like they Don't have to do the yard small yards uh The outside of the dwelling is often Insured except uh what we're finding out With these H assessments they were never Insured right yeah because you're upside Down 175,000 but Orlando the thing is That's just one situation it gets worse Listen to this assessment the total Assessment for the apartment we're Sitting in is what approximately $224,000 when you say that number can You believe it No not at all that's on top of their Monthly maintenance that's gone from $1,500 to $3,000 we never anticipated to have this Escalation according to condo Doc's Assessments in Mediterranean Village in Williams island where conits lives are As high as $400,000 For just one apartment okay orando we Had two things that happened there 400 400 thou so we have you know the man That they were interviewing 224 there Was a couple neighbors I saw on that List that was up to 400 two of them but The something else that we haven't even Talked about yet their HOA their monthly Maintenance fee to their HOA goes from 1,500 to
3,000 that that in itself if you're not Receiving money that in itself it can Bankrupt people a 1,500 increase on only Your HOA payment not taxes not insur you Know you know what I mean can you go Into how bad that really is I mean They're getting double whamming there Man yeah it go again it goes to my my my Statement that you're owning and renting At the same time like you you you're Paying a mortgage on a property that you Own and then you're paying the HOA fee That is now doubled to $3,000 and then you still have to pay Insurance and taxes and let's not forget That most individuals that um do do buy A condo you have to have two insurances You have to have the one with the HOA And then you have to have your own Personal insurance so you're getting hit Over and over and over because you want To live in the the the no state Tax area and you want to live in sh Sunshine land and great weather and all Those things are great but this is the Reason why I sway people away from Condos I know it's one of those things Where you feel like everything is being Taken care of the maintenance low Maintenance in the area you're close to You know it it it takes away all of that Extra stuff that you have to do and I Understand that but the numbers just Don't make sense it just does it and
Then if you try to turn it around which A lot of people do they try to turn it Around and they try to um lease the the Property out you you're not making any Money on that too because you have so Many fees associated with it the HOA fee Continues to go up and the rent never Even catches up the rent never C Imagine This imagine this this guy just told you His HOA fee is 3,000 let's just say Let's just say you add another 1,500 on To that that's 4,500 I haven't even Added the other insurance and and Property taxes can you rent that for $4,500 a month you can't no can you rent That for 4500 you can't the numbers Don't even make sense Orlando the Building that's falling down you're Saying can I exactly I don't Know if you don't mind it's falling down Exactly so not only not only do you have To you try to move it over and you can't Find somebody at 4,500 maybe you get it At 2,000 so you got to pay the rest plus The extra that I didn't even talk about And then you have to convince someone And then now you're put in a liability Scenario where you now move someone into A property that you know needs Repair that you know is a liability of Falling down most people want I mean It's just it's it's a it's a horrible Situation and this is the reason why I Say no condos I I've said it from the
Very beginning of my channel no Condos yeah I mean you know it's funny My first my first house I owned when I Was 20 it was a condo my my second house It was condo in Southern California so I Agree I agree with you condos are Dangerous you know the again the premise Is uh the only thing I can think of is Is just a low upkeep now here's the Other thing or Orlando I don't want People to feel like this is just Isolated to pocket areas this is Happening all over the coastline in Florida and so listen to this story and It says we are to be evicted in 5 days She and her fiance moved from New York City to retire in Miami Beach she bought The place a year ago for $130,000 it's walking distance to the Stores we can go to the stores we can go Out at night the owners of 102 units at The Garden of the bay a waterr property Located at 6484 Indian Creek Drive in Miami Beach re receiv received the same Letter on Thursday I'm really shocked Not sure what to do with it uh yeah just Probably have to hire a lawyer I'm sad About the situation you know Orlando When I hear him say you know he's just Shaking his head U I guess I'm just Gonna have to hire a lawyer I mean I Don't think that some of these people Fully are comprehending that they just Got obliterated do you think him you
Know hiring an attorney do you think That's going to be more harm than good Do you think he should just cut his Losses now and leave You know I would always tell people that You you have the right to defend Yourself right you have the right to go Out and get a lawyer and do all of that Do all the things that you feel that you Need to defend yourself and so I I Wouldn't say that he doesn't need to get One what I would say is that the Probability of you getting anything out Of hiring a lawyer is extremely low Right and so you you know you're it's Again you're fighting the State of Florida right and you're fighting a law That was enacted because people died Right and if you really think about it The only way the the only way for this To work um is if the State of Florida Coughs coughs up money and pays to do All the rehab stuff themselves but you Know the problem with that the State of Florida doesn't want the liability they Don't want to go hire a contractor pay Them $45 million 47 $50 million to do The job and then people still something Happened a collapse people die and it's On them they don't want that they want The liability to be on the indiv on Other people on the individual owners Property Owners Property Management they Want the the the onus to be on them and
On top of that how would you expect the State of Florida to do it when the State Of Florida can't even provide insurance We we we know what's happening with the Insurance they're in in in insolvent They can't even provide insurance for For any property unless it's $10,000 $18,000 a year so not only do you have An issue with with properties being um Structurally not sound but then now you Also have an issue with insurance that's Ridiculously high so how do you solve Both of those issues both of those Issues need money and both and that's All and and that's money that the State Of Florida does not have so it's a it's A horrible situation and unfortunately I Just believe that you can get a lawyer You can defend it but at the end of the Day they're going to come back and say This is the law either pay pay it or get Out or sell it it's going to be on you To figure it out but it's just it's Unfortunate man it really is yeah I mean It's unfortunate and the other thing That's unfortunate is come to find out That the consumer protection laws are Absolutely disgusting I'm going to show You a video of a senior citizen Community that had their rent their rent Jacked up in the middle of their lease How can you have your rent go up Orlando In the middle of your lease and why is It always appear to be senior citizens
Take a listen to this today Tucker Tower Management posted a flyer on April 30th Announcing an increase in rent starting Today in some cases by as much as $138 a Month some residents feared being unable To stay after moving in just a few Months ago my health is not good I'm not Sleeping I'm on the verge of crying Right now Orlando you know one thing I'm Noticing at each and every one of these Videos it doesn't look like they're Doing too well it doesn't look like They're happy owners um you know of Course you I'm gonna and I'll end Us by Looking at like the homeowners insurance Property taxes prices I'll show everyone That Florida is collapsing but can you Go Into what do you what do you think about Her having her rent increased it's a Senior citizen Community increased after Two months of moving in do you think That's right and that should that be IL Legal should that be Legal of course not I mean you signed a Lease and the lease says this is what The rent is and that's what the rent is You know you know so I I think that's Wrong I think that that that shouldn't Happen and for whatever the reason my Guess is they they they need the money For repairs and whatnot that's just not The way to do it you you sign a lease And that's the agreement and that's that
Now I do believe in those scenarios but But I do believe in those scenarios that You could go to court and you could Actually win in that in that scenario But the question is is do if she doesn't Have the money for $150 increase how Would she have the money to pay for a Lawyer she would doesn't she doesn't Have that money and a lot and a lot of Times these corporations or landlords But understand that and they understand That and they say well if you can't pay It then just leave if you can't pay it We'll just find someone else and I am a Huge huge people if you watch if Individual watch my channel I am a huge Advocate of not gouging your tenants if You have a tenant in there that is great Good why are you knocking up rent two Three four $500 a month just because you Can when you know when you know you Raising the rent up that high no one is Going to accept that no one is going to Accept that because it's just Disrespectful it really is raising the Rent up that high on somebody and Expecting them to say it's just plain Disrespect and this is the reason why You see a lot of apartment complexes now Having high vacancy rates this is the Reason why you see 8 n 10% in areas like Austin and San Francisco it's because a Lot of landlords believe that they can Get away with this type of stuff and I
Tell people on my channel just if if Your landlord's going to treat you like That just take your business elsewhere Take your business because here's the Truth of the matter vacancy rates are so So high you can go around the corner Probably get a newer unit and a newer Unit at a cheaper price you know I so Essentially what's happening is these Landlords whether you like them whether You don't like them they're passing on The expense to the tenants and it seems Like Orlando what happened here is is They got blindsided with some type of Expense and in order for that landlord Potentially not to go bankrupt they pass It on to the tenants and so now I Question is the Fed responsible for all Of this In other words if we didn't have the FED Do you think that we would be having the Situations we're having with massive Corruption fraud and overvaluation I Mean these houses aren't worth what it Is we I mean h we know that because we Just heard that the buildings apparently Worth 50 million but it costs 47 Million to Repair yeah I I mean when it comes to When it comes to the FED I think the FED Is just a part of a at the very at the Very at the very end of it he's just a Cog in a system right and I believe at The end of the day it's it's people who
Will make decisions and and understand And try to make things work in a Scenario like this and you know the FED Could do all what it does but if if if Landlords and humans don't don't Implicate or understand that charging Someone uh having someone sign a lease Two months ago and then raising the rent On them $150 that's not that's crazy Then there's nothing you can do that Person was going to do that anyway that Person was going to try to gouge that Individual maybe not on this turn but Maybe the next turn and so I just Believe that yeah the FED is going to do What the FED does right but at the end Of the day it's people's responsibility Landlords Individuals um and stuff like that To to understand that gouging people is Not the way and that's the reason why I'm such a big a big believer in Individuals that have the opportunity Opportunity to walk away from someone Gouging them and go somewhere else to do That and not to just lay down and just Say oh well they're charging $200 Nothing I can do about it when you do Have the option to say no to that right You have the option to say no walk away From that I would suggest and I Understand that everybody's situation Isn't my situation or your situation Everybody's situation isn't the same but
I would suggest that if you cannot get That guy that landlord to knock the Price back to its original agreed price In that lease either you sue them you Sue them or you walk away from the deal Let let me ask you this what is the Chances what are the chances that if you Walk away from the lease that he up that He knocked up on you what are the Chances that that landlord is going to Come after you well well well probably Not because they'll have to fight but But the other issue though Orlando is Like some of these people are in s rough Shape they they may not have the cost to Move it could cost two two grand you got Your new security you know security Deposit utilities um this is just a Really really bad situation and in an Amazing thing Orlando it gets worse take A look at this here we have the HOA Increases on average and again this is a Statewide issue I'll ask the final Question you know whether or not you Think that the Florida hous Market's Collapsing but look at this guys Year-over-year changes and only HOA this Is not taxes this is not even insurance 17.2% year-over-year increase in Tampa 16.7% in Orlando 16.2% Fort Lauderdale West Palm Beach 12.8% in HOA Jacksonville 7.6 there's Miami uh under Our head at 5.7 in addition to that Orlando it gets even crazier when we
Start talking about the actual Insurance Florida home insurance rates on top of The crisis with condos okay on top of That Florida insurance rates are the Highest in the nation and expected to Climb even higher with the average in 2024 expected to be you ready for this For homeowners insurance Orlando $1,000 A month $1,759 per year and like you hinted Before the State of Florida was supposed To help right Citizens insurance but now They're creating depopulation Depopulation letters and now they're Allowing private insurance companies to Come in and take over existing policies Increasing the cost right in the middle Right in the middle just like those Renters got their rent hikes right in The middle of a contract the same thing Is happening in the form of these Depopulation letters just to add on to That a lot of these private insurers a Lot of these private insurers are Sending these letters out to senior Citizens and you have 30 days to respond Right right right and then by the time That you get the letter and you and you Know senior say they don't maybe they're Not looking at every piece of mail they Don't know how to work and here's the Thing you can only respond online like You can't respond by mail you can't go To the City Hall you can only respond
Online which they know is seniors don't Really get online like that right my Grandma doesn't know anything about the Internet anything about Orlando my dad My dad doesn't know anything about the Internet let alone my grandma so so You're gonna make seniors respond online To something that they don't know that Comes in the mail and then you start the The clock from the date of you printing Out the letter how long bu some condos Let's go buy some Florida condos Orlando What a great investment fear of missing Out and and you know and that's and let Me just get to the property taxes Property taxes from 2019 to 2023 puts The average Floridan median tax rate of Then this is to 2023 of $303 all right and the crazy thing about It is again it's not the worst state but It's got to be one of the top 10 worst States for property tax so when you you Combine all of those things together Orlando it brings me to the last Conclusion here which is the Florida Housing market is crashing the condos Especially next to the coast are leading That crash and quite frankly we knew This was going to happen we knew this Wasn't sustainable we knew people Couldn't afford to do this do you want To add anything to the fact that Florida's gonna crash and it's gonna Crash hard yeah I mean it's if you just
Do the numbers guys if you just look at The numbers there's no way for someone To come up with 200,000 Um on the Fly and a lot of times these HOAs will be like well how about we do a Payment plan and then we'll you know you Got to come up with $200,000 in the next Year or two years individuals still Don't have that right and then you add On insurance then you add on the Increase in HOA then you add on property Taxes and then we add on everything is Way more expensive no matter if you're Buying a refrigerator or you buying Flooring it's more expensive the service And the labor is more expensive but here Is a key thing that I want to really Really knock home what happens what Happens when you give all of this extra Money to a HOA right a HOA and they go Ahead and and do all the repairs does That mean does that mean that you won't Have to pay for any more repairs in the Next 30 Years 15 years or 10 years or Can they come back to you in three more Years and say we need to do something Else we need to fix XYZ and that's going To be an additional $330,000 from each Tenant they can and that's the problem a Lot of times people believe that oh I'll Go ahead and pay this $200,000 but it Won't be the last $200 it's like the mob You know you you go ahead and you pay The mob you go ahead and pay the mob the
The upfront fee that they're asking say Okay okay guys okay don't don't try to Shake me down anymore but they're going To come back that's what's going to Happen give a round of Applause for Orlando comment below let us know if you Liked it don't forget again you guys go To his channel he's not getting paid any Money to do this he's just helping uh With his perspective sharing with our Community uh but go over to Orlando Minor he talks about all these things Layoffs condos real estate and the thing I love about Orlando is he's being Honest he's not one of these guys that's You you know what I noticed is is Especially on YouTube people say yeah You know and it's on both sides of the Coin that's what drives me crazy it's Like at this point I just want people to Be honest I don't even care if you're on The other side of the coin just please Be honest I'm noticing even people that Are saying the housing Market's going to Crash housing Market's going to crash They're still leading people to purchase A house at the end of their you know It's still up to you here's my link fill Out you know a lead and let's go buy you A residential uh property and it it Drives me crazy Orlando um and so I Appreciate you I thank you for being Here uh once again to the viewers show This man some love share with us your
Opinions on this video in the comment Section and other than that guys we wish You a very happy what day is it I can't I don't even know anymore it's only Tuesday Tu I thought it was Friday happy Tuesday guys happy Tuesday and if you're Out there investing in real estate you Guys already know we wish you luck and We hope You am I hitting puberty you that was Weird yeah I did when
