All Forum Posts by: Timothy Murphy III

@Casey Ocasio

@Justin Gibbs

Welcome to BP.

@Roy Ben

It depends on your risk tolerance and your goals. Different approaches can work. Aside from price range, what sort of neighborhood or asset class are you looking to invest in? 

The tax bill is a function of two components: the tax rate for the city you are in and the assess value. If the assessed value is above market value, you can challenge the assessment through the Board of Revisions. In Cuyahoga County, complaints against valuation are accepted during the first 3 months of the year for the previous tax year. Typically, a recent arms length sale of properties that were advertised for sale publicly is deemed to be persuasive evidence of the property's actual market value. If you don't have a recent arms length transaction, or the hearing is expected to be contested because you're asking for a large reduction in value, you can hire an appraiser to prepare an assessment of value and testify on your behalf. If you prevail, the new tax valuation will remain in effect until the next periodic adjustment done by the county.

You can check the current tax bills and tax assessed values for properties through the county auditor's page. If the valuation is wrong and you'd like to estimate your tax bill after you get the assessment adjusted, the fiscal office makes a calculator available here: http://fiscalofficer.cuyahogacounty.us/en-us/property-tax-calculator.aspx. You just enter the market value, city, and whether the property is owner occupied.

@Brandon Benson

Welcome to BP.

@Andre Wilson

If you go through with this, have a title company or RE attorney handle the closing. Make sure a title search is done and get title insurance.

@Brian Gallagher Welcome to BP.

@Geoff Heintzinger Welcome to BP.

@Daniel Vandevender

Welcome to BP. Feel free to PM me with questions about investing in the Cleveland market.

@Ashton Cleveland

Welcome to BP.

@Seth Bradley Feel free to PM me with questions about the Cleveland market.