New Member Introduction

[Garrett Swan]

Hi Everyone,

My name is Garrett and wanted to introduce myself to the bigger pockets community. Quick little introduction about myself; I am from Vermont and currently am working for the federal government and can honestly say I have had enough at my W2 job. I feel like Peter Gibbons in Office Space. After chatting with a friend, he recommended I read Rich Dad Poor Dad and I am truly glad I did because, that lead me to reading a few of Brandon's other well known books where I discovered the term "househacking".  

Looking into the future, I am hoping to start "househacking" by early 2022 with a FHA loan in Albany, NY. I am truly looking forward to this chapter as I have never embarked on a journey like this before. Chartering into unfamiliar waters, I am hoping to get some help in a few areas for my first househack. I am struggling with how to calculate school tax and property tax when I am analyzing properties and am not sure if there is a preferred method in figuring this out? Second question, what banks are recommended for FHA loans and why? I have done research on a few banks in the Albany area but would still like to hear what others have to say.

Please feel free to share any advice and please reach out in general!

thank you

Garrett 

[Chris Winslow]

Hi Garrett! Awesome that you found BP, it is an excellent resource. Use this site and go through local forums to find active people in your area and try to connect with them.  On your questions:

I am struggling with how to calculate school tax and property tax when I am analyzing properties and am not sure if there is a preferred method in figuring this out? 

- Not sure what you mean by school tax there but for property tax what has worked best for me is talking with local investors/lenders to get a real feel for that but you can also look up properties on zillow/redfin/trulia and see what their taxes are to get a general feel, just keep in mind sometimes those bills are outdated and may be significantly less than they would be after a new sale for a higher price

Second question, what banks are recommended for FHA loans and why? I have done research on a few banks in the Albany area but would still like to hear what others have to say.

- Spend some time networking and talking to some local lenders on this one which it sounds like you have started doing. Usually, local lenders will have more flexibility and be able to work with you better as an investor. Lots of people offer FHA financing but having an awesome lender in your network is going to make your life way easier moving forward, even if the rate is slightly higher.

[Salvatore Lentini]

Hi @Garrett Swan - there is no calculating for school and property tax... it is what it is.  Unless in your area the property gets reassessed upon sale/transaction?

[Julio Gonzalez]

Thanks for introducing yourself, Garrett! Glad to have you as a part of this awesome community!

[Anthoney Hanks]

@Garrett Swan, welcome to the BP community! Thank you for sharing your story and wishing you the bets of luck. 

[Justin Windham]

@Garrett Swan

It’s nice to have you on Bigger Pockets!

Make sure you check out all that this site has to offer.

If you haven’t been to it already, you might want to check out the BP blog: https://www.biggerpockets.com/blog/

The site has quite a few tools that can be helpful for new members. I like the search features: https://www.biggerpockets.com/search

[Steven Luttman]

@Garrett Swan welcome to the site. County and school tax info can be viewed within most real estate listings however its always smart to call the collecting party and verify accuracy. While FHA is an option to get started a number of lenders in the area (Trustco, BSNB, GFNB) offer low down payment programs that may be superior. Best of luck. -Steve