All Forum Posts by: Andrew Tuquilar

So I called the City and found out that the assessment balance is really about $2,800. The City originally thought that I would have to pay that balance in full upon closing. After the City talked to the County, they informed me that the County said if they don't receive the full balance, they will just keep the previous owner's installment plan in place and I will pay roughly $570/year until the balance is paid off.

Has anybody heard of this?

Yeah I think I might have ticked off the bank a little when I asked for that. Hopefully I didn't totally kill the deal...

Yeah I'm going to call the City today. I put an offer on this house a week ago and it got rejected since I asked the bank to pay the balance.

Hey guys,

I'm currently looking a purchasing an REO property that is a very good deal. However, there is one issue. There is currently a special assessment balance of $3,200 that says in the purchase addendum that the "buyer assumes all special assessment levies."

The MLS lists annual property taxes at 1,900 and taxes w/assessments $2,500.

Does this mean that the special assessment taxes are paid in annual installments? I wouldn't mind if it was structured this way, but I really don't want to pay the whole balance of $3,200 at closing.

Any insight would be much appreciated.

Hey guys,

I'm in the process of buying my first ever home. My plan is to buy a cosmetically distressed property and fix it up while I live in it. After about 2 years, I plan on either renting it out for cash flow or selling it, depending on how the market is then.

I'm currently looking at a property that I really like. One concern I have is that it has a hot water baseboard heating system compared to forced air. It does however have central air conditioning system. In my opinion, I would rather have forced air. The baseboard heaters take up floor space and I'm not a huge fan of the looks either.

What are your guys opinion on baseboard hot water heating? How much work and $ would it be to install a furnace since it already has vents and ducts for the air conditioning?

Thanks for the links Brandon! Ben, I agree!

Any recommendations on books about managing your own rental properties?

Does anybody have any thoughts on this?

Hey guys,

I'm in the process of buying my first investment property that I plan to live in for 2-3 years. In my area, they are offering the first-time homebuyer program that offers 3.375% interest rate loans. There is also a down-payment assisstance feature that you can do.

This feature is essentially a loan for the down payment and closing costs that has a 0% interest rate. You pay back that loan either when you sell the house or move out (& rent it out). It's nice because you don't pay any interest.

I have been starting to save up my money for a downpayment, but do you think it would be a good idea to utilize the down payment assistance? Then I could use the cash I saved up for repairs, upgrades, etc.

Let me know what you think. Thanks!

Hey guys,

I'm in the process of buying my first investment property that I plan to live in for 2-3 years. In my area, they are offering the first-time homebuyer program that offers 3.375% interest rate loans. There is also a down-payment assisstance feature that you can do.

This feature is essentially a loan for the down payment and closing costs that has a 0% interest rate. You pay back that loan either when you sell the house or move out (& rent it out). It's nice because you don't pay any interest.

I have been starting to save up my money for a downpayment, but do you think it would be a good idea to utilize the down payment assistance? Then I could use the cash I saved up for repairs, upgrades, etc.

Thanks!