All Forum Posts by: Alfred Litton

Your property manager can help you with the protest process as can a local lawyer (for a fee). Do it yourself and it's free, but that's hard to do from Long Beach!

First thing to do is contact an excellent realtor to run comps for you.  You need to see if what you are looking at is really an over-assessment or whether the market is really appreciating at that rate for your particular house.  I own 4 sfhs in WF, and I'm looking at about 5% increases this year. Not terribly unusual. Mine are still assessed at below market value, so . .. . Second, if they ARE assessed well above fair market, go through the protest processes and bring your comps with you to prove the assessment is too high.  Third, the assessment is one thing. The RATE of taxation is another. County govt frequently will lower the rate in Sept. (when they decide on rates) if they think the assessments have moved up faster than citizens can pay. In Cooke Co, my personal residence went up $20K, but they lowered the taxation rate so that I'm only paying about $20/mo more than last year.

One caveat, anything in the $90k-$150K range goes FAST!  But you could find a decent 4bed/2bath on the upper end of that that would one day make a great rental if you look hard, have a good realtor, and act fast. If you have a family, you might need that 4/2 rather than a 3/1, and it'll rent just fine when you're done living there.  Just for fun, you might check this one out:  
https://www.zillow.com/homedetails/709-Royal-Rd-Wichita-Falls-TX-76308/90257895_zpid/?

Needs a bit of paint and polish, but it's the right amount of space, zoned for the right schools, and would rent well. Good price on it. Would have to see if there are any hidden problems, but it would make a good renter potentially and has square footage  you might need.  Or maybe this one:  

https://www.zillow.com/homedetails/4115-Mcgaha-Ave-Wichita-Falls-TX-76308/78879981_zpid/

Neither of these is very pretty or fully updated, but you're buying it as a future rental, and the price and location make sense for that. If not these, something like these, but you get the idea, hopefully.

Hi Freddy.  If it were me, with only a 3-year time horizon, I would not purchase at that price point or anything in WF that I was going to sell when I move.  I would purchase something a bit smaller and a bit "plainer" in the $140-$150K price point and tell myself, "Hey, it's only 3 years." That way you WOULD end up with an affordable rental when you're done. Depends on how big your family is, etc. But the one you are looking at now would be harder to sell and harder to rent.  (By the way, the one you pointed out is, in my opinion, a good 15% overpriced. But, hey, that's just my opinion.] For me, with all the costs (and in TX, closing costs are ridiculous), it doesn't pay to hold real estate for less than about 5 years. Too much risk to buy something in that price range and expect to sell it in 3 years. WF doesn't appreciate that fast like other markets, so you'll likely lose money on the deal. Nope. I'd buy smaller and plainer, gut it out for 3 years and rent it then.  During that time, get to know property managers, handymen, etc. in the WF area that can be of help to you when you move on and can help you manage it from a distance. If you can, buy in the area zoned for Rider HS.  I've not had the pleasure of working with Tim Lockhardt, but he has an excellent reputation from what I hear about town and could steer you toward the right section of town.

@Tiny Johnson I've been an investor in WF rental properties for a few years now and own 4 sfhs there. What I can tell you is that the house you're looking at is a beautiful home in a very nice area and would be great to live in. BUT . . . big but . . . it won't work as a rental in that market. At $240K, you're just not going to find a renter in that market, and if you do, your ROI will be very low and turnover will be a problem for you. The best rental market in WF (best ROI, lowest turnover rate, etc.) is for homes in the $90-$120K range. You can usually rent those for $900-$1200/mo. All four of mine are in that range. The rental market in WF is simply geared for that end of the housing market and not above that. Can you rent a $240K house there. Sure. It will take you several months to find a renter, and you won't keep them long though. And you also won't make more than about $1650 or so per month. That said, a home in the $100k range may not be suitable for you and your family. If that's the case, and if you're determined to make it a rental once you leave, I wouldn't recommend looking at anything over about $140-$150K. It just won't make economic sense, and you won't keep it rented if you're much above that.

Cameron Pope:  They said it would start with May, so maybe you'll see it then. Or not!

Hi Folks, 

Our PM just forwarded an email from Buildium (who manages our EFT rent payments) saying that they will now impose a 3-day hold on all rents collected and deposited into our accounts.  Just curious if a.) this is happening industry-wide and b.) whether this is because they somehow think the electronic funds from renters are "no good".  Why would they need to hold rent payments from tenants for 3 days if it's electronic? Isn't electronic pretty much immediate so, therefore, no NSF risk?

Hi All.  I continue to get clobbered on the rates for our SFHs in Wichita Falls.  Does anyone have a recommendation for an agency or provider? Rates are going up 20% for my premiums this next year with only nominal appreciation in the marketplace.

@Solomon F.  We actually haven't been involved with military much.  We have 4 sfhs in WF and are looking to branch out into other markets. Hadn't thought about Killeen before.  I live about 50 miles north of DFW, so WF is not a big stretch for us. Neither is Sherman/Denison, but we've found that to be a tougher market since the growth is so strong and prices high while selection is low.  Tyler looked interesting since it seems rather stable (medical, university, community college, county employer, etc.)

@Account Closed  I have properties in WF but wondered what you thought about Tyler.  Thinking about that city as well. I've looked at Denison the past few months, and it looks "picked over." Killeen sounds interesting though!