All Forum Posts by: David Schulwitz

Update: I believe I found one way, although I'm still not sure if it's the easiest.  Please let me know if you DFW folks have an easier site you use...

1. Go to https://taxonline.tarrantcounty.com/taxweb/account... and enter address.  Enter address under "Property Location"

2. Choose top result (shows owner, owner's current address, etc)

3. Click on "e-statement" to find total appraised value.  Write this down.

4. Take this figure to https://taxonline.tarrantcounty.com/taxweb/taxcalc... (the property tax estimator page)

- Enter the figure from #3 into "Enter the value of your property"

- Choose an exemption if you're going to have one - in most cases, none.  

- Hit submit, and you will see your total property taxes for the year.  

That will do the job, but I'd rather do 1 step instead of 4 steps :)  Anyone have an easier/quicker solution?  

Thanks and happy investing, 

Dave

Hello Fellow BPers, 

I'm analyzing deals for BRRRR around DFW using the great BP BRRRR calculator. First box of entry that has me scratching my head is the "annual property taxes".

If I'm analyzing a deal off of the MLS, a number is listed under "unexempt taxes" straight from the listing. If I'm not analyzing a deal from the MLS however, where do I find this information? I know the answer is "county tax assessor's site" - but when I look on the Tarrant County tax assessor's site, it makes me fill in a number of different questions regarding my estimate of value, school districts, etc...("tax estimator")

https://taxonline.tarrantcounty.com/taxweb/taxcalc...

Am I missing a handy website to find out tax numbers quickly?  I was really hoping for a website where I could just type in the address and it would give me the magic number, but maybe that was just a hopeful wish...

Thank you, 

Rookie BRRRR Investor

  Thank you Scott!  Do you have a specific contact there?  I can let them know you sent me :)

Happy New Year

Dave

Anyone have a good DFW contact that will help with that key 3rd R in the BRRRR strategy? Refinance?! The smaller banks/credit unions in Fort Worth do not seem to be willing to refinance investment properties - Colonial said that they would, but they want me to have less than 4 investment mortgages and I've got 5...

Also curious Mitch - the 80% LTV refi you were offered -

- It did not require seasoning?  (I'm hearing 6 months over and over)

- They were willing to lend to you even if you had 4 or so loans already?  

I'm thinking of trying to get my 4 current individual mortgages on my duplexes wrapped into one giant loan, for the purpose of getting my fannie/freddie count back to 1 (just my primary residence).  

Mitch - I'm over in Fort Worth and I also am struggling to find lenders who are willing to refinance an investment property if you already have 4 on your books...

Who did you talk to that offered the terms above?  Even that is better than what I was able to find...

Hi Everybody,

Thought I would share my spreadsheet on a duplex that I have a pending offer on. Plan is to use my VA Veteran's loan (0% down, just closing costs & funding fee). Also working on getting the seller to pay for my cash at the closing table.

This property won't be a cash-flow dominator, but I think it will work as a solid buy & hold as it is in a great neighborhood (very close to schools & the city's largest employer). What do you think?

https://drive.google.com/file/d/0Bxva3NMWFFo3d2RZdjBCZFpoaFE/edit?usp=sharing

Thanks!

Dave

Thanks Aaron! Really appreciate the input. Good point about getting a quote on making sure all tenants are at least paying their own electricity & gas. I'm counting on paying the water bill. I haven't heard of too many 4-units that the owner doesn't at least pay the water. Am I misinformed?

With grounds keeping & miscellaneous, I agree, my numbers are very high. Although I will also have to think about snow removal here in Montana, I'm sure I can find a way to make it much more affordable. As far as miscellaneous, I really didn't have anything in specific I was thinking about, just playing devil's advocate. I was really trying to just be super pessimistic, and get close to the "50% rule" number. This makes me feel good though seeing that although insurance and possibly utilities may appear low, my grounds-keeping & miscellaneous are quite high; maybe those two will cancel each other out.

Even if the seller is specifically saying the price is firm, do you think 90% is an 'insulting enough' offer Aaron? I guess the worst that can happen is they say no, and I come crawling back, right?

I agree with the things Edward said.

Additionally Steven, you'll want to ask yourself why you're getting in the business. Did you intend on this endeavor taking up more of your personal time but also having a possibly better profit line? Or was the reason you were initially attracted to RE Investing in the first place the thought of passive cash-flow?

Things you'll have to ask yourself. But overall, across the country would be especially difficult. I think I'd give the responsibility to the local experts and pay the bill.

My follow up question for everyone would be any advice on what I should offer. The property is listed at $318,900. The following line is in the listing: "Firm price on this under-priced Riverview money maker.†Bring YOUR Agent and strike a friendly deal."

Although I feel like I would be willing to pay full price since the numbers appear to work, I'm also aware of the rule that you should be embarrassed about your initial offer amount...

I was thinking of an initial offer amount of $290k (91%). Am I being too nice or not being aggressive enough?