I am always looking for opportunities. Using a saved Zillow search, I came across a townhouse near the coast that caught my attention (not ocean front…I can’t afford that!). It had a good location, good rental history, and a reasonable price.
I contacted the listing agent to get more info including getting info on the townhome HOA/Regime fees, taxes/insurance, and about any special hurricane insurance needs. I received an unusual response:
“(This) is a wealthy area. People here do not concern themselves with those issues. You are looking at one of the least expensive properties. If that is an issue – do not get involved.”
When I receive responses like this, I can only laugh and use it as motivation.
First, before I jump into any investment (whether stocks/bond or real estate), I want to know the risks, potential appreciation/income, and fees.
Second, I would expect even wealthy people would want to know the details of purchases and investments they are considering.
Third, these kind of responses motivate me. The easy thing would be to say the agent is correct – I must not belong here so why try to get a real estate investment near the coast. However, for me this makes me want to get a property near the coast even more!
As an example for motivation, in high school everyone had to take a career interest survey. One of the results that came back to me from my survey was that I should be a waste engineer (garbage person). I have all the respect for waste engineers/garbage persons, but it served me as motivation to prove the survey it was wrong about me.
Have you had experiences such as this? Do you concern yourself with “trivial” things like insurance, HOA/regime dues, and property taxes when evaluating real estate?