OT: rent around UF

[Mace Windu]

Yeah, Gainesville property is very cheap compared to down south. The property taxes are brutal in Alachua County though. That's the biggest thing after you buy. The millage rate in Alachua is something crazy like 8.9887. So if you own a $200,000 property that you are not living in, and thus not able to claim homestead exemption, you are going to be paying $17,977.40 per year in property taxes alone. So even if your mortgage payment is really low like $500 or $600, you would have to make about $2000 a month on rent to break even after taxes.

For a comparison, the millage rate here in Plantation is 4.3 so in Alachua it's more than double.

 

[RaiderMS3]

Well, if you live in the house as a primary residence, you can file homestead, making taxes dirt cheap. I have an escrow account, which just adds $ to the monthly mortgage, then the account takes care of insurance and property taxes. My mortgage is only $400 on my house.

But I lived in CA. Houses there are a down payment of what I paid for my house here in Florida.

 

[Mace Windu]

Like I said, if you are buying a place to rent it out then you can't claim homestead. And even then, the exemption isn't that much. $25,000 I believe. It may be higher, but I don't think so. Either way the taxes are problem in Alachua.

Raider, that's a great mortgage. The taxes would eat me alive up there though.

 

[YellowMP5]

Yeah, Gainesville property is very cheap compared to down south. The property taxes are brutal in Alachua County though. That's the biggest thing after you buy. The millage rate in Alachua is something crazy like 8.9887. So if you own a $200,000 property that you are not living in, and thus not able to claim homestead exemption, you are going to be paying $17,977.40 per year in property taxes alone. So even if your mortgage payment is really low like $500 or $600, you would have to make about $2000 a month on rent to break even after taxes.

For a comparison, the millage rate here in Plantation is 4.3 so in Alachua it's more than double.

wow, no kidding... thanks for the heads up. yeah, it would be pretty stupid to pay that much in taxes, for nothing really. how do you calculate the taxes? what's the formula?

 

[Mace Windu]

Millage is a percentage taxed per $1,000.

8.9887 millage = $89.887 per $1,000 assessed value of property.

 

[YellowMP5]

i was just thinking about this and i think you made a mistake. it can't be $90 per 1k assessed value. its probably $9 (8.9887) per a thousand. So a 135k condo will bear about $1215 in taxes.

 

[SP33D]

I'm supposed to be moving to trenton possibly within the next 6 months.... and it's only like 30 mins from gainesville. everything is so damn cheap there. our house up here just got estimated at $350,000 when we just bought it 3 years ago for $160,000.. and the house down there is only $109,000 and its bigger and has way more property.

 

[Kr33peR]

there are some condos going up on 9th and depot right across the street from my gf. i heard they are supposed to be going for about $150-200k for a 4/4. they are still under construction, but are scheduled to be completed for the fall.

 

[RaiderMS3]

$150K for a condo??? Wow. I know guys getting houses for around the same rate new.
http://www.emmergroup.com/sorrento.html

This is a huge development going up in the nice NW side of Gainesville. I know the guys doing the structured wiring in the houses there. Nice houses.

 

[YellowMP5]

$150K for a condo??? .

yep, 1/1 condo conversions in good neighborhoods start at $159k or so with 2/2 being 190k. that's a start, does not a include a lake, golf or pool view.

 

[RaiderMS3]

wow. $150K gets 3 of my houses.

 

[Mr. Win]

yep im in a house and its cheap as s***... 425 includes everything 3/2 and thats a lil overpriced.

 

[Mr. Win]

also look into just buying a house close enough... many students rent homes. In the city of gainesville however no more then 3 unrelated people can live with eachother.

 

[RaiderMS3]

I work with guys who own houses, rent it out to two or 3 people to live with them. Their rent covers the mortgage and bills, so they live basically rent free.