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FL retirement communities

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  • Lordosis Lordosis 
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    Status: Physician
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    A couple in my family in their late 50s were excitedly telling me about a retirement community they are checking out in Florida.  It sounds like an incredibly large development of townhomes for 55+.  I think there are a lot of these in Florida.  They went to check it out and are going back for another look.  I was excited that they were planning on retiring early until they told me there is no way they could retire early and it would be at least 10 more years.  The saw mu puzzled look and explained the real estate agents down there have convinced them to buy now and rent it until they decide to retire.

    I personally think this sounds like a terrible idea.  I am not going to give unsolicited advice.  I just want to know if anyone else has seen these kind of high pressure timeshare like practices.

    “Never let your sense of morals prevent you from doing what is right.”

    #245233 Reply
    CordMcNally CordMcNally 
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    Status: Physician
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    Joined: 01/03/2017

    What could go wrong?

    *Narrator voiceover: Everything.”

    “But investing isn’t about beating others at their game. It’s about controlling yourself at your own game.”
    ― Benjamin Graham, The Intelligent Investor

    Avatar Peds 
    Moderator
    Status: Physician
    Posts: 4715
    Joined: 01/08/2016

    Yea. It’s Florida…..

    #245238 Reply
    Avatar Jack_Sparrow 
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    Status: Physician
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    Joined: 01/09/2019
    Splash Refinancing Bonus

    At least 10 more years in their late 50’s doesn’t sound promising. Job security, health concerns with 10 more years of work. Sounds like a bad idea all around.

    #245239 Reply
    Liked by Zaphod
    Avatar Tim 
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    Status: Accountant
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    “the real estate agents down there ” get paid commissions at closing.

    There is no reason to give unsolicited advice.
    •However, you can simply ask why a property is for sale if renting for 10 years is so attractive.
    •Is the agent offering to rent it and manage the property?
    •I think is a high probability that the retirement community real estate agent will be long gone and has spent the commission when they try to move in to a 10 year old retirement community.

    #245241 Reply
    Liked by artemis, Infinity
    Lordosis Lordosis 
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    Status: Physician
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    •However, you can simply ask why a property is for sale if renting for 10 years is so attractive.

    Click to expand…

    I did ask that question.  Also the area is building new homes like mad.

    At least 10 more years in their late 50’s doesn’t sound promising. Job security, health concerns with 10 more years of work. Sounds like a bad idea all around.

    Click to expand…

    I totally agree.  Later in life divorce can really throw off your financial plans.  However to be honest neither of them had much outlook for the future before that.

    They are the work hard but spend every penny type.  Good thing Social Security exists.

     

    I am hoping that for this couples sake this is their way of wishful thinking and they do not pull any triggers.  But I know how convincing salesman can be and I do not want them to get screwed.

    “Never let your sense of morals prevent you from doing what is right.”

    #245242 Reply
    Liked by Tim, Infinity
    Avatar Tim 
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    “They are the work hard but spend every penny type”

    • Anonymously mail them the “want vs need” lecture!
    • I doubt a lecture about making retirement more difficult would be received very well.

    Bury your head in the sand?
    https://i.kym-cdn.com/entries/icons/original/000/017/301/top_10_most_painful_faceplants_1_.jpg

    #245249 Reply
    Lordosis Lordosis 
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    Joined: 02/11/2019
    • Anonymously mail them the “want vs need” lecture!

    Click to expand…

    I prefer this skit

    “Never let your sense of morals prevent you from doing what is right.”

    Vagabond MD Vagabond MD 
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    It sounds dreadful.

    #245277 Reply
    Liked by Zaphod
    Avatar Tim 
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    Status: Accountant
    Posts: 3380
    Joined: 09/18/2018

    Sounds like the long version of Peds lectures.
    No, yes, no, maybe, no, no, no.

    #245280 Reply
    Liked by Zaphod, Lordosis
    wideopenspaces wideopenspaces 
    Participant
    Status: Physician
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    Joined: 01/12/2016

    Maybe start sending them articles about the sinkhole problem in FL?

    I figure 10 years from now, FL will be under the ocean, what with global warming and such. Not sure they want to risk it.

    #245288 Reply
    Avatar Peds 
    Moderator
    Status: Physician
    Posts: 4715
    Joined: 01/08/2016

    Maybe start sending them articles about the sinkhole problem in FL?

    I figure 10 years from now, FL will be under the ocean, what with global warming and such. Not sure they want to risk it.

    Click to expand…

    literally no one here cares…

    #245293 Reply
    Avatar artemis 
    Participant
    Status: Physician
    Posts: 613
    Joined: 12/02/2016

    Maybe start sending them articles about the sinkhole problem in FL?

    Click to expand…

    Couple that with pictures of Miami immediately post Hurricane Andrew, and that might actually work.

    The one upside I can see in this is the forced savings aspect of owning a rental home.  Is there any way you could suggest they invest in the local real estate market (where they’d be in the area to deal with any problem that come up) instead?  They could sell their current house and the rental property when they are finally ready in 10+ years to move to Florida.

    #245298 Reply
    Liked by Lordosis
    wideopenspaces wideopenspaces 
    Participant
    Status: Physician
    Posts: 1213
    Joined: 01/12/2016

    Maybe start sending them articles about the sinkhole problem in FL?

    I figure 10 years from now, FL will be under the ocean, what with global warming and such. Not sure they want to risk it.

    Click to expand…

    literally no one here cares…

    Click to expand…

    Really? I find the sinkhole stories fascinating. They’re just so crazy!

    Mostly I was joking though, I don’t actually know how long it’ll take for FL to be under water.

    #245364 Reply
    Avatar StateOfMyHead 
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    Status: Advanced Practice Provider
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    Joined: 01/01/2019

    Weird that someone in the family with knowledge about investing and real estate wouldn’t feel comfortable pointing them to research tools or offering a gentle opinion on what is likely to be a terrible idea especially because they sound like they are already in bad financial shape. Maybe its cultural but while we feel no obligation to do anything others may suggest opinions are passed around like the bread basket in my family. If you mention something expect everyone’s unsolicited two cents.

    #245409 Reply
    Liked by HandFellow

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