All Forum Posts by: Jared Paul

Thanks for the responses!

So do the local tax assessor's office just stick to mass appraisals or will they use the purchase price?  Or is it a blend of both?  Where is the breaking point between the two?  

As an example, if a building was purchased at $35,000 and rehabbed and subsequently sold for $85,000, do they just use the $85,000 purchase price or will they assess based on the local market and comparables? 

Hello Everyone!

I am in the process of closing on my first multi-family property in the next couple weeks and I am about to put in an offer on a second.

I was curious about what/if there is any change to the tax rates on properties if the purchase price of a property is different than the assessed value of the property.  i.e. - If you purchase a property that was renovated and the current taxes are based off of the assessed value (original purchase price prior to rehab), will the taxes shoot up and be based off of the most recent purchase price?  And vice versa, if you are able to somehow negotiate down in price and purchase for below the assessed value, could you get the taxes decreased?

Thank You!

Jared

Hello Everyone,

I have a potential deal I'm looking into and I am trying to figure out the financing portion, more specifically, how I can buy the place and get my cash back ASAP to use on other investments (or just stay liquid).

Scenario: If someone is able to find a property (residential or commercial rental property) and buy that property for much less than the appraised value, can they then turn around and immediately refinance up to the typical 75% LTV ratio and pull out all of their down payment (and maybe more if they get a really good deal)? Or better yet, can they do it all in one closing?

For example:  3-family residential building purchased at $100,000 with a 25% down payment.  Property appraises for $200,000.  Can you then immediately refinance up to $150,000 loan and pull out the $75,000 difference between the two loan amounts.  Thus, giving you your down payment back, netting you a profit of $50,000, and giving you ownership of the property?

Thank You,

Jared

Hello Everyone,

I'm currently looking to buy a Multi-family building(s) in Philly but I live in NY.  Seeing as I won't be there constantly to maintain the property myself I will be needing a good property manager.

Does anyone have recommendations for a quality property manager in Philly?  Or also recommendations of which ones to avoid?  I can obviously look them up, but I wanted to see if anyone has had personal experiences.

Thanks,

Jared

Thank you Behrooz!  I will take a look.  I appreciate the recommendation.

Hello Everyone!

I am in the process of searching for multi-unit buildings in the NY Metro and Long Island, NY area.  I want to put a solid team in place before I actually look to close on a deal.  I am in search of a good General Contractor to help with any renovations I decide to take on.

Any recommendations would be greatly appreciated!

Thank You,

Jared