Of course, this wake-up call ruined my day. Later on in the day, my brother called again. Seems like he found a house that he'd like to rent out, and have me make a $100k investment with him. He's thinking of renting the place out for a few years, and then use it as a retirement home. The last thing I want is to take this much of a risk with my money, especially when dealing with Florida real estate. I don't know the region that well, and I don't trust the market in Port St. Lucie. Ex-GF-M's parents used to live there, and they didn't see their house appreciate in value as much as they expected. Even with the advent of Brightline high speed rail extending service to Orlando and Tampa, something tells me that this will not be a good bet for us.
Luckily, I remembered what George S. Moore said in his memoir, "A Banker's Life" - one should have at least 3 ways to get one's money out of a deal. I mentioned this to my brother, and he only saw 2 ways to get his money out of this deal. So this slowed him down a bit. I mentioned that Delaware property near the ocean might be a better bet, as it's a more mature market that would be easier to monitor while living in the New York City metropolitan area.
Hopefully, my brother won't rush into this deal. I'm afraid that he might be in for a rude awakening if he goes through with it.
