All Forum Posts by: David Mirza

@Lance Trezona This was part of the initial tax assessment the county did after I purchased my house.  It was a short sale purchase and they basically said that even though I paid 250k for the house, it's worth 320k.

@Jared Rine To clarify on my original post, their assessment of $320k is based off the perceived value at the time I purchased the property in December 2108.  It does not reflect today's assessed value.

I purchased a SFH in stockton on December 2018. My purchase price was $250,000 and the assessor appraised it at $320,000 for property tax purposes. I have a court hearing scheduled for December 16 to try to bring the appraised value down. I have already provided the Assessor with my reasoning and filed a copy of the "Request For Information" form to get input from the Assessor as to how they came to the valuation. Does anybody have experience with these hearings that could provide me more details on what to expect?

DRE gives you a year to renew your license, I still have time.  Almost done with the online test.

I do believe the market is going down but not selling for the follwoing reasons:

1.) I don't want to pay capital gains taxes.  Once I pay taxes, that money goes to the government and is no longer working for me.  I could give the property to my kids and they don't have to pay taxes on the profit.

2.) The cost to purchase a new home is about 5%.  I don't want to give a real esate agent my money

3.) The cost to get a new loan when I get back in the market is high.

4.) My mortgage rate is great, I don't want to give that up.  All 4% or below.

5.) In California property taxes are based on purchase price.  I don't want to give that up.

6.) and this is most importnat.... I could be wrong about how much it will go down

My plan is to add to my portfolio once prices go down.

I live in California and have a real estate broker license. This qualifies me to be a residential mortgage lender.  Does Fannie Mae/Freddie Mac allow an RML to write loans for self/spouse?  Is anybody doing this?  On average how much would I save on a 400k cash out refi?

I am looking to refi 3 SFH in stockton, ca. My main concern is finding the lowest rate. Does anybody have lenders with a good price that I can call to get a quote?

Actually they do that to avoid scams where you buy a house, get it to appraise for more than it's worth, get a lone and walk away.  I know it's hard to find a corrupt appraiser now, but this is what some people were doing during the housing bubble.

Stop fishing for suckers to scam on BP.    You want to "get out" of the property, simple price it right.  You're post sounds like an attempt to get some naive sucker on BP eager to find a "deal".  

My wife and I are purchasing a house with all cash. Obviously the house will cash flow. My primary goal is to have 100% of the income from the property be applied to my wife when calculating DTI. Is there a way for us to obtain that goal while still having some or all of the income also count towards my income when calculating DTI

For example, if we both were on title and we both signed the lease when renting it out, would she only be able to count 50% of the income or would she still be able to apply all of the income towards her DTI?