All Forum Posts by: Jeff C.

In Missouri you have an "assessment rate" that you multiply the market value by in order to get your assessed value. You'd still plug your contract price in for "market value", and then let the rest of the calculations work themselves out.

Look at the property tax bill. You'll see the rates. Plug your contract price in.. et voila!

Exactly. I won't presume to know the laws in every county of every state, but everywhere I've ever operated you're getting reassessed to purchase price upon transfer.

At any rate, it would have almost certainly been reassessed after you closed on it. The current owner's property tax liability is irrelevant. What should have gone into your calculations was what YOUR tax bill was going to be going forward.

https://www.ftc.gov/news-events/press-releases/2019/11/ftc-acts-shut-down-companies-operating-real-estate-seminar-scheme

https://www.ftc.gov/news-events/press-releases/2019/10/ftc-acts-against-company-using-celebrity-endorsements-bogus

This business model is a scourge on society. Most seminars popping up all over the country can be traced back to a couple of companies offering this canned business model to anyone with a monetizable name.

Good lord that's a one sided contract. I've got to get into selling turnkeys. I don't know why I've been accepting appraised value, paying for the title insurance policy, transfer tax, and half of the escrow fees as a seller on every deal for so many years!

My my.. there sure are a lot of opinions on this thread that don't seem to be based on much more than feelings.

If you have not both obtained a business degree and become a successful real estate investor (a qualification, in my view, which requires you to have made at least a couple of million bucks through REI) then you really can't opine on how much the first did or did not help you with the second.

Did I "NEED" my degree in order to be able to get into this business? I guess not. Do I find myself applying the concepts learned in the process of getting the degree to my business today? Yes. ALL the time. I find hit highly unlikely that teenage / early 20's me would have been sitting around reading books on accounting or statistical analysis if left to my own devices.

That said, no degree is going to GUARANTEE you success, but what it CAN do is tilt the odds just a bit more in your favor. If you keep making life decisions that tilt the odds a bit more in your favor, eventually you'll find that a lot of things just start going right. College grads make more money than non college grads, on average. A lot more. It's just a statistical fact. We can argue correlation / causation / etc, but the fact is that if you keep placing yourself into populations that have statistically high rates of success, your own odds of success go way way up. 

Finishing a degree you're already halfway done with, for free, is a no brainer. At this point, the OP lacks not just experience, but credibility. Proving that he can stick something out until the end is important.. be it to a potential employer, or a potential business partner. Even to himself. Would you go into business with someone who's left everything they've ever tried to do halfway through? Would you loan someone with that track record money to start a new business?

On a related note, my life long best buddy just landed a job as controller at a publicly traded company.. a job that there is absolutely 0.00% chance he would have gotten without a degree.

@Roc Pilon If the work is unpermitted, and it sounds like it likely is, the city doesn't "have it wrong"". They have it right. You may open a can of worms notifying them that you have an unpermitted structure. It may or may not be permittable, and it may take anywhere from a little work to get it permitted, to (absolute worst case scenario) being forced to demolish the unpermitted addition. Given that any unpermitted work did not undergo required inspections, the city can't know that the any aspect of the construction has been done properly. There would be destructive testing to be done.

@Roc Pilon It's possible that there were unpermitted additions made to the property, and that's why the city shows the house as a 2/1. Appraisers will generally not assign value to unpermitted additions. Bedrooms below grade may not be legal bedrooms if they don't have 2 means of egress. This of course is variable by local building codes and I have no idea what they are where you are. I've definitely seen inaccuracies on appraisals, but there's no way your appraiser simply "missed" 3 bedrooms and a bathroom.