Hello All:From CA, Looking in Dallas area for a 2nd investment

[Woods Pepperman]

Hello everyone!

I am currently living in California and I have a rental in the Dallas, TX area.  I am looking to make a second investment property purchase.  A co-worker recommended this website.

I hope to gather some good information, thanks for putting this community together.

Woods

[Andy Webb]

Make sure you guys are protesting the property taxes each year.  I think most counties now allow you to do it online.  Since you are not local, have your property management company or tenants send you some pics with the deficient stuff about the property if there is anything (sheetrock cracks, deteriorating fences, anything outdated, etc).  That is fodder, coupled with any estimates for repairs, to get the taxes lowered.  Of course check the local sales comps, though those don't help much these days.  If you need local support, there are plenty of firms that will protest on your behalf on a contingency basis (i.e. they only get paid if they get the tax value lowered, and usually somewhere from 40%-60% of the tax savings).

@Woods Pepperman - note as well that you can use your purchase HUD to set the value for the first year or two if you do close on one soon; of course only do this if you bought below the tax appraised value.

The protest window for properties you currently own ends May 31.