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All Forum Posts by: Jamaal Smith

Jamaal Smith has started 3 posts and replied 8 times.

Post: My monthly tax payment increased by a $600

Jamaal Smith
Pro Member
Posted
  • Investor
  • Dallas
  • Posts 8
  • Votes 7
Quote from @Colby Hanley:
Quote from @Jamaal Smith:

Hello,

I hope this message finds everyone well. My monthly tax payment on my 4-plex went from $1200 to $1800. It is located in Irving TX and is owner occupied. I am also a veteran if that is relevant.

I was told I needed to speak to a tax attorney to lower it. Is this true? If not what is the best way to reduce my tax payment to what it was originally and is it possible to prevent increases in the future?

Thank you for the help in advance!


Aloha Jamaal

Thank you for your service. I am not sure if you have a VA rating, but if you do in Texas you can receive a property tax break.

The disabled veteran must be a Texas resident and must choose one property to receive the exemption. In Texas, veterans with a disability rating of: 100% are exempt from all property taxes. 70 to 100% receive a $12,000 property tax exemption.

We have similar rules in Hawaii.  I live/own a multi-unit property and receive the reduction for the portion I live in.  You may want to look in to this option.

 Hello sir, thank you so much for bringing up this exemption. I have a 50% rating and I saw that I can apply for an exemption of $10,000 off the assessed value of the property.

Post: Evicting My First Tenant

Jamaal Smith
Pro Member
Posted
  • Investor
  • Dallas
  • Posts 8
  • Votes 7

Update: I was able to evict them without any issues. Thanks everyone for the help and advice

Post: My monthly tax payment increased by a $600

Jamaal Smith
Pro Member
Posted
  • Investor
  • Dallas
  • Posts 8
  • Votes 7

Hello,

I hope this message finds everyone well. My monthly tax payment on my 4-plex went from $1200 to $1800. It is located in Irving TX and is owner occupied. I am also a veteran if that is relevant.

I was told I needed to speak to a tax attorney to lower it. Is this true? If not what is the best way to reduce my tax payment to what it was originally and is it possible to prevent increases in the future?

Thank you for the help in advance!

Post: Evicting My First Tenant

Jamaal Smith
Pro Member
Posted
  • Investor
  • Dallas
  • Posts 8
  • Votes 7

Hello everyone,

I have a 4 plex in which I live in one unit and I have 3 tenants in the other units. My mortgage loan is a VA loan. I have a tenant who is behind in rent by a month and half.

I want to evict this tenant. The property is located in the Dallas, Texas area. What process should I go through to make the process as smooth as possible? Am I allowed to accept partial/full payments once eviction proceedings have started?


Post: Dallas/North Texas Meetup

Jamaal Smith
Pro Member
Posted
  • Investor
  • Dallas
  • Posts 8
  • Votes 7

I'm very interested in joining as well. I'm in the Dallas Area

Post: Looking for Real Estate Brokers to Work With

Jamaal Smith
Pro Member
Posted
  • Investor
  • Dallas
  • Posts 8
  • Votes 7
Quote from @Bruce Lynn:

Sounds like a nice plan.  Where did you hear about stacking?   Not sure I have seen or heard of that before, but maybe just another name for what some are doing already.

You're in the right place at the right time.   Probably these days, but maybe always, cash flow can be a function of how much money you can put in the deal.  Right now a less leverage may be needed to cash flow with the higher interest rate environment.

Best wishes and good luck.


 Appreciate the insight into interest rates in this current market. I learned about the term "the stack" from a Bigger Pockets youtube video:

Post: Looking for Real Estate Brokers to Work With

Jamaal Smith
Pro Member
Posted
  • Investor
  • Dallas
  • Posts 8
  • Votes 7
Quote from @Justin Rademacher:

What areas are you looking to buy in or are you open? Out of state investing can be tricky to navigate and takes a team who are experienced and know how to navigate those complexities. 


 I'm only interested in the city of Dallas at the moment

Post: Looking for Real Estate Brokers to Work With

Jamaal Smith
Pro Member
Posted
  • Investor
  • Dallas
  • Posts 8
  • Votes 7

Hello everyone,

My goal is to buy a single-family home as an investment property in 2023 that has at least $150 of cash flow per month. I'm doing the "stack" method so I plan to acquire 1 unit in 2023, 2 units in 2024, 4 units in 2025, 8 units in 2025, and so on. Please reply to this thread or DM if you're interested in doing business today.