Latest / Financial Survival Network / The Escape From NY Retirement Plan- Andrew Ragusa #6091

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The Escape From NY Retirement Plan- Andrew Ragusa #6091 · Financial Survival Network

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  Well, the pattern that I'm noticing is mostly people relocating outside of New York.
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  Still, especially when it comes to retirement age, New York has become
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  very unfriendly towards retired persons. We don't even have that many properties that someone
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  could buy that would be at a three four hundred price point. You would
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  have to move into a co op or very small maybe like seven eight hundred
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  square feet, which maybe a lot for some people, but when you're downsizing
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  from the house, it's not You were listening to Carrie Letza's Financial Survival Network,
• 0:32
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  Go to Financial Survivalnetwork dot com and get your free newsletter and gift. Financial
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  Survival Network now more than ever, and welcome. You are listening to the
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  Financial Survival Net or I'm your host, Scarry lutts. Hey, real estate
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  prices, you know, are insane. Nobody can afford anything now. I
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  mean, it's getting to the point where you're going to see billionaires panhandling in
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  Palm Beach County. But let's find out what the real story is. In
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  New York, noted a real estate expert, Andrew Ragus is with us now,
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  Andrew, great to have you back on. So these prices. We
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  once had a guy named Crazy any electronics scammer in New York, and he
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  used to the commercial was these prices are insane. Yeah, that's exactly what
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  it still feels like now, because you know, the thing that makes you
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  crazy is the average person's mortgage stayment. And I'm talking house that's like six
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  hundred thousand, twelve thousand, taxes, thirteen goven tacking, so and I'm
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  talking about high end. I'm just saying right down the middle, damn mortgage
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  payment is looking something like forty eight hundred to you know, five thousand a
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  month, depending on how much they're putting down. And it makes you say,
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  like, I don't know how people are affording this and doing it.
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  Imagine being a single income having to come up with five rand a month just
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  for the mortgage payment and then having everything else to say, for the energy
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  costs, the food cost everything. It's just it's really crazy to see and
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  it's hurting people. I can see it. Yeah, well, you know,
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  Will Rogers, the comedian, once said invest in inflation. It's the
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  only thing going up. Yeah, it's true. All everyone's holding gold and
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  silver. Yeah, gold and silver been doing very very nicely well, But
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  at this way, it's not so much they're doing nicely. It's just they're
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  holding their own right, that's correct. I mean, you know, it's
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  just because it's a physical asst. And you know I say gold and silver,
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  I also mean real estate because it doesn't matter at the end of the
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  day. I think as long as you own a physical asset where whatever changes
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  are coming to it, there's clearing the unity again, Arry, so you
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  need this. There's changes coming to our financial system. The dollar cannot sustain
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  this way, people cannot. You know, inflation doesn't go down. We
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  have never seen things get cheaper because of the inflation. It's only going gone
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  up and stay high. So something got to give. And as long as
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  you own a physical asset like real estates and land and gold and silver,
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  it'll always be worth something. People will trade for it and you'll be in
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  good shape. Yeah. Yeah, And well there's a day of reckoning coming
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  for everybody, right, not just the billionaires. I mean, like you
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  say, it's unsustainable, right, you can't have how much did real estate
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  prices go up in New York last year? Well, you know, I
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  don't know the exact percentage up in the top of my head, but I
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  can tell you that the house is. You know, you used to look
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  at like a six hundred thousand dollars house and think that that house didn't need
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  that much work. It should have been moving ready and should have been in
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  a really nice area. And you know, nowadays that's it's kind of like
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  entry level. And you can find a property that's going to need full gut
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  renovations. It can be like god empletely outdated, not touching the seventies eighty
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  ninety, and that will be is that bright point, or even have structural
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  problems. I just told a building in New York City and Brooklyn that there
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  was a wall that was collapsing. There's turnmine damage everywhere. I mean,
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  this building needs a ton of work. I still got a price for a
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  six seventy. And that's just to give you an idea of how census things
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  are. So your money's just not getting what he used to do. Yeah.
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  Well, one time when I was growing up, there was a commercial
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  for McDonald's and this kid goes daddy what's inflation, and he goes, son,
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  that's when the price of everything goes up and your father's hey stays the
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  same. And you know, that's kind of what's happening here. Though.
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  If you're an airline pilot and certain other professions, you're making out like a
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  bandit now duh yeah, I mean, well, looks there's always going to
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  be in winners in MoU right. I've just been trying to encourage people.
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  I let them know and say, look, if you need to buy a
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  piece of real estate and you're you know, it's for more than just an
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  investment purpose. I mean, if you need a place to live, or
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  the privacy, the security that they the school district. I mean, there's
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  a ton of reasons to buy real estate. It's not always just oh I
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  need to make you know a certain amount of appreciated value, or you know,
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  if you're an investor in a different soil, right, But the person
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  looking for a place to live. I encourage people and say, just buy
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  it, because we don't know what's going to happen. You know, ten,
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  fifteen, twenty years down the road. If you're going to stay in
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  that house a good amount of time, and you can afford that payment,
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  whether it's two incomes or one. Just live your life and we'll figure it
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  out one step at a time, because you can't put your life on hold.
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  Uh yeah, well that's it. So are people trading down? Are
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  they moving further away from the city? What are you supposed to do?
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  Well? The pattern that I'm noticing is mostly people relocating outside of New York
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  still, especially when it comes to retirement age. New York has become very
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  unfriendly towards retired persons. We don't even have that many properties that someone could
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  buy that would be at a three hundred four hundred price point. You would
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  have to move into a co op or you know, very small maybe like
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  seven eight hundred square feet, which maybe a law for some people, but
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  when you're downsizing from the house, it's not. It's not that much,
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  right, So we don't have a lot of those properties in this and it
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  doesn't steem like a lot of them are being built. There's a lot more
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  rentals being built, and there are new opportunities to own what I saying.
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  Yeah, so they're getting the heck out of New York. Even Florida has
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  gotten it's gotten as expensive as New York hasn't it. Yes, it's true.
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  So I guess you know what, people they move to New York and
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  then they don't move They move from New York to Florida, and then they
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  don't like Florida, and then they they wind up in the Carolinas and they
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  call them halfbacks. Yeah. Well, from what I'm understanding, you can
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  still still find some properties there for you know, under four hundred, five
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  hundred thousand, and I think that's when a person's retiring. It's kind of
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  where they're aiming. They want something that's you know, two fifty three hundred
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  or less, and it still provides let's say, at least a thousand square
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  feet and a comfortable lifestyle. And also in the Carolina Is the property taxes
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  are not in the thousands, whereas in New York it's in the tens of
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  thousands. Like my property taxes seventeen thousand, I'm on three quarters have been
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  eager. Most of the houses they sell are averaging property taxes fifteen thousand in
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  Nassau County and maybe maybe thirteen thousand in Stuffta County. So you know,
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  you move somewhere like to Carolina Is and you pay a couple hundred or maybe
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  even the thousands for the year. Obviously, it's just a lot friendlier on
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  your first yeah, yeah, And there's so many things that Florida really does
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  offer retirees that others just you know, forget it right. Well, all
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  I can say is, Kerry, is that there has to be some sort
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  of change here in New York if they expect people to stay, because,
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  like I said, it's not becoming friendly for retirees, anyone that wants to
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  own real estate, it's becoming very expensive. There definitely is a lot of
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  rental opportunity. I see rental developments being put up left and right, and
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  if you were looking to rent something, they're happy to let you pay that,
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  But it doesn't seem like they want to help you own anything. So
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  if anyone's looking to leave New York, you're probably going to have a lot
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  more money in your bad account. So unfriendly to retirees, unfriendly to working
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  people, unfriendly to businesses, why is anybody still there? I think most
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  people love New York for a couple of reasons that you know. For me
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  personally, the reason why I love it here is because we have such good
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  culture where it's mixed of all different types of backgrounds and ethnicities. You can
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  go to a restaurant and eat in a different place in a different style or
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  culture every night of the week. There there's activities, there's events, there's
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  arts, there's parks, there's boating and beaches, and there's tons of things
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  to do that. In some other places it doesn't have that level of diversity.
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  You can't have that level experience. I know people use that word diversity
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  and it's been made to almost make some people cringe. But there is something
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  special about being able to, you know, have some sort of change in
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  all these influence from everywhere. I think that's the magic in New York that
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  you can really experience so many different parts of the world in one place.
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  It's like the world city. Yeah, well, they've been living off their
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  reputation for a lot of years, and you know, like you say,
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  it's unsustainable and they're going to have to do something because it just can't go
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  on this way. Because look, the financial industry really to a large extent,
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  has moved out of New York. Miami arguably is now the Miami area
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  arguably the financial capital of the United States. Now, you know that was
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  the cash register for the state doesn't exist anymore. They haven't figured out a
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  way to a way forward. You know. It's my hope that New Yorkers
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  are learning they're less than one person at a time. You know, I
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  don't think you know. My experience when I'm out with the everyday person is
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  that the majority of the people think like you and I. They're tired of
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  this, They're tired of seeing money wasted, they're tired of all their costs
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  going up. And I think that they will do something at the voter booth
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  when the time comes. Yes, we're still going to have people on the
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  other extreme. I can't say everyone is going to change their mind, but
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  I think the majority of people are waking up, and I don't think it
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  looks dim Okay, well, I hope you're correct, And a good time
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  to wake up would be this November. What are you not making a political
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  statement here? But sometimes the best thing that people can do voters is just
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  turn on the establishment, you know, and do the opposite of what they've
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  been doing. Right, you know, like Einstein said, you know,
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  definition of insanity is doing the same thing over and over again and expecting a
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  different outcome. Here, right, I'm a full agreement with you. I
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  mean, anything that comes out of the mainstream media, I bereave in the
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  lie. And if they're pushing you in one direction, you should go in
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  the other direction. I think the new source of media going forward is going
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  to be shows just like this one. It's going to be the local grass
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  routs, people talking to each other, having communication across all different platforms,
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  unfiltered, you know, undigested, you know, people just getting on and
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  spalking. And that's the way of the future. It's going to take over.
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  And that that that monster that was created by technology. They can't put
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  it back in the box anymore. Them the gen is out of the bottle.
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  Hey, that'll you know. I heard that New York City they were
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  just going to replace all the street lights with gas lights because they've been gas
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  lighting everybody for years anyway, Right, that's hilarious. You know, they
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  actually ended the red light traffic program here in Suffolk County because of all the
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  pushback. So they hey, and and you're, uh, your system has
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  uh has you know, basically turned the head. You know. The problem
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  is we only have two parties really to choose from, and it's a dumb
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  and dumber or worse and worser, right exactly. Yeah, So just you
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  know, get out there, and you know, like I said, it's
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  it's gonna be that grassroots, small town conversations that when you meet with other
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  people, you talk amongst each other. That's the new way their information is
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  going to start spreading, just like shows like this, and you know,
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  people will demonstrate their feelings at the voting glue. So I haven't talked to
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  anybody else on the show about this, but I want to get your take
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  on the settlement between the National Association of Realtors which you're not allowed to employ
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  yourself a realtor unless you're a member of the NAAR. They just had this
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  huge anti trust settlement and it supposedly is going to shake up the real estate
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  world. You just tell us, explain what happened, Explain what the settlement
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  is about, and how it affects you, all right. So it's interesting
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  from my understanding is that in the in this case, the argument was that
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  Fellers did not have to be forced to pay a buyer's agent. And the
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  way that you know, the case was presented was that as Estellar was claiming
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  that they didn't know when they took when they were took a listing agent and
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  got it and hired them that they were going to be paying a buyers need.
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  But I don't know what contracts people were using over there, but here
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  in Long Island, our contracts clearly state on them the commission total and how
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  it would be shared. And if you think about it, that was never
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  the seller. It was the listing agent choosing to split the commission with the
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  buyer's agent because it brings more offers to the table. Of course, I
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  honestly feel that the case that was brought against the ner was another attempt of
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  that globalist agenda of you will own nothing and you will be happy, because
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  all it did was increased the closing costs for the buyer. Now buyers have
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  to pay for their own agent if they want representation, and it's not making
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  any Sorry, you have to increased rate, increased property devices, and now
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  increased closing costs. And of that, there were some mlss who decided to
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  push back against this ruling, and they stated that it's not the Department of
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  Justice or the all this, you know, it's not the decision of this
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  case that makes it okay for the DOJ to silence stellers who want to offer
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  commission. If a steller wants to offer something to a buyer's agent to increase
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  the number of people who come to do his property, then the commission can
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  be offered and publicly displayed. So there's been a lot of push that even
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  now that the case is over. Really yeah, and like I understand the
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  National Associated Association of Realtors being the prime target here, but just because you're
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  a member of that organization doesn't mean you need to be bound by their settlement.
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  I don't understand that has anybody challenged that. I haven't seen it so
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  far. But the only thing that I understand that that was going to be
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  a major change that's coming is the MLS's which are a member of the National
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  Association of Realtors. We're told that they that they can no longer offer on
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  the MLS compensation for buyers egent. Now, that doesn't mean that a steller
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  cannot offer, because a seller can do whatever they want. The deeller can
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  offer a commission to anyone. It's really up to them as long as person's
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  licensing illegally labors dB it's a negotiation tool. Correct, So now buyer is
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  going to have to have a new contract then effectively saying we're going to see
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  that you're paid at and proceeds your fee. Right. Well, there's a
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  couple of ways you can go about it. You can you can have a
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  contract for a buyer's agent exactly how you said, and the buyer can pay
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  themselves, or they can ask the Stellar to pay that contract. Or the
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  buyer can make an offer and include the commission in the offer. This way,
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  the commission is signing it into the total mortgage amount. So if they
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  best, say they agree on a number with a speller and they say,
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  I'll give you five hundred for your house, but they write up the contract
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  and make it say five to ten, and they could take that extra ten
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  give it back to the purchase to Stellar can give it back to the purchaser
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  and he can pay his agent with that. Or you can go back to
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  the traditional route where the steller just takes it doesn't matter. See, it's
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  all coming from the same pot, right, So as long as the next
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  number is agreed upon, everyone can walk away happy. You know, Hey,
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  you're a realtor, you're not working for nothing here, right, Well,
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  that's exactly right. I mean, it really just makes it look I
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  admit, there is a insy cat to get a real estate lights in here
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  in New York, it's a two week crash course in the law. Okay,
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  as long as you can cram some information and study, you can get
• 17:33
  yourself a real estate license. You can't establish yourself in a career and you
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  know, do a lot of business and transactions if you don't actually make a
• 17:41
  good impression on people. Because this is a business where you make money.
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  It's a kill when you eat kind of I mean, you eat when you
• 17:49
  kill kind of business. Right. If you're not good with the public and
• 17:52
  good with what you do, you're not going to get the business right.
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  Sure, So, yeah, have there been realtors who end that didn't display
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  any value that you know, they were kind of just a door opener and
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  they didn't help you with any contract terms or spotting things in houses or whatever.
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  Yes, it happens where there's people out there that they will just display
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  any value. But then there's the opposite where there's people who are extremely professional
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  and you can walk through a property with them and they'll point out things to
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  you that you don't even need to waste money on. A home inspectory.
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  They can tell you, look, I know what this is already, and
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  they can identify these things, and they can help you with contract terms.
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  They can find you the best mortgage rate, the best closing cost deals,
• 18:33
  the best title. I mean, there's so many services a realtor can help
• 18:37
  you with if they know how to do the business. And I believe those
• 18:41
  strong agents will always be around. They will adapt, survive, overcome no
• 18:47
  matter what change is happening, right, you know, like some agents reminds
• 18:52
  me once a politician once said that the vice presidents job is basically worth a
• 19:00
  bucket a spit, right, And there's a lot of agents out there who
• 19:07
  really already even worth that, right, Yeah, agreed. So look,
• 19:11
  the best way to find one is to word of mouth. Try to find
• 19:15
  someone you know someone has used. Even you could read Google reviews on a
• 19:18
  person, look up the stales TAS three on one of the major websites like
• 19:22
  zillo orhomes dot com. The only the only fault with doing it that way
• 19:26
  is that a lot of those stales have to be manually uploaded, and someone
• 19:30
  who could be like a pop producing wheel there telling one hundred two hundred even
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  forty homes a year, they feel a lot depending on what you know where
• 19:37
  you are. You have to manually enter all of that as it happens,
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  so then they fall behind on updating that. But if you seed good Google
• 19:45
  reviews and good stuff like it, then yeah, you should be okay,
• 19:48
  Yeah, yeah, for sure. I know. Hey, technically I am
• 19:52
  a realtor. I became one in Florida just so when I bought and sold
• 19:56
  stuff, I you know, make another to three percent or save two or
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  three percent. And you know, like my realtor though who I used,
• 20:07
  I can tell you she got me a better price than I would have gotten
• 20:08
  on my own. Is she's just a really good negotiator, better than myself.
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  Not embarrassed to say that. And when you get a good realtor,
• 20:18
  you know, it doesn't cost you money, it saves you money. I
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  agree. And you know, one of the things I think that get overlooked
• 20:26
  all the time is contract terms. And unless you're in the industry and you're
• 20:32
  working in some sort of field related to real estate, you don't really know
• 20:36
  as the average consumer what you can and cannot put. Into contrast, and
• 20:41
  a realtor can work some magic for you on the buy side or on the
• 20:44
  cell side. And this feels extremely secure or extremely beneficial. If it's not
• 20:51
  even just a purchase price, it can be so many other things. And
• 20:53
  that only comes from knowledge and experience. So true, so true, Andrew,
• 20:57
  And like people make jokes about realtors all the time and everything, like
• 21:03
  they do about lawyers. But when you've got a situation and you want to
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  get the best price, either come selling a property or buying one, you
• 21:15
  know a realtor is invaluable, a good realtor, and we have to we
• 21:21
  have to specify that. Hey, well appreciate you are coming on here,
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  and we will talk to you again. Just tell us how do we find
• 21:30
  you? How do we connect with you on the web. Anybody can find
• 21:33
  me on Instagram it's just my name, Andrew Rougusta. Or just do a
• 21:36
  quick Google search and you'll see Andrew Ragusa, licensed real estate broker. Just
• 21:40
  pop up. That'side business all right. Links in the shoutouts to this interview
• 21:42
  on Financial Survival Network dot com and you can click it get right to Andrew.
• 21:48
  And while you're there, please sign up for your free newsletter. Andrew
• 21:52
  always a pleasure. Hey, it's going to be interesting to see how this
• 21:56
  in this situation in New York on folds. There's an old saying when something
• 22:03
  becomes unsustainable, eventually it stops sustaining. That's where we're getting to very rapidly
• 22:10
  with New York, and I hope your assessment is correct. Thanks Jerry,
• 22:14
  I love being here. Thanks you for reading, mere, thanks for listening
• 22:17
  to Carrie Lenz's Financial Survival Network, your solution to today's trying times. For
• 22:22
  the latest, go to Financial Survivalnetwork dot com. Financial Survival Network now more
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  than ever,