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Strategies & Market Trends : The Residential Real Estate Crash Index -- Ignore unavailable to you. Want to Upgrade?

To: tejek who wrote (176871)	1/13/2009 3:17:57 PM
From: GraceZ	Respond to of 306849

$500 should be enough to cover mort. payments, insurance and real estate taxes. I think this is the case. The one unknown is that if you don't have the homestead exemption you pay a pretty high RE tax in Florida as they have no income tax and this is their primary form of income. You'd have to have both homeowners as well as Federal Flood insurance. Of course, at 50k, you could do a cash transaction and self insure for floods. The last house we bought at 50k was difficult and expensive to insure. Replacement cost was almost three times the sale price in an area where liability was a big factor. It was the kind of area where lawyers paper, trolling for suits against landlords.