All Forum Posts by: Jon Fults

By way of background, I'm a small-time investor in acquisition mode currently with a portfolio of a duplex and a few single family rentals. The properties I own are primarily in western states that I have more familiarity with. That said, given what's happened with rates and prices, potential new deals in those areas aren't looking as attractive and the cap rates in a lot of the deals we are looking at aren't even clearing our financing cost. So, long story short, I've been investigating other markets where there is a good combination of secular growth & cash flow. 

In my search, ABQ has come up a few times from various sources. Enough to have piqued my interest. To that end, I'm curious from the folks that have properties out there if they could validate that as well as provide some pointers as to what general areas to lean into or avoid (as I am someone who has spent very little time there). Would also love to hear the other side if this is a market I should avoid. 

Thanks in advance. 

I'm under contract right now for a small 3bd/2ba rental property which is a semi-attached home as it shares a wall with one other unit. I've done a little of investigative work and think I may have a good shot at making an offer off-market to the owner of the adjoined unit (who is also using the property as a rental) that I could pursue once this deal is closed. 

Before I go down that path, I'm curious if there is any big benefits for organically "creating" a duplex here outside of scalability (or any disadvantages as well). E.g., at exit would selling a duplex fetch a higher price than a single unit? (I feel like usually I see it the other way around -- I see discounts offered if a buyer takes down both properties). Perhaps some benefit in lending terms if I finance the whole unit as a duplex as opposed to two single family units?  Any other pros or cons I'm missing? 

Hi all - this is my first post on BP. I am just getting into this space and own a couple of properties currently in Utah. I am currently looking at a multi-family property in SE Idaho (would be my first in the state) and after a bit of research I have a few lingering questions about how Idaho state property taxes work. I understand the basic gist which seems to be that a property is assessed every 5 years at the current market value and there is a significant homestead exemption for owner-occupied homes.

However, what I am finding hard to get my head around is that the actual taxes assessed seem (at least at the few properties I've looked at) seem to fluctuate more than I'd expect. And what's more is the basis on most of the properties I've seen are substantially under what market is. I know Idaho has had some heavy appreciation over the past few years, so perhaps the state and counties just haven't had enough time to catch up. In any case, my question is what triggers a property reassessment? Is an assessment triggered at the time of sale or is it truly down on a "best efforts" calendar basis. And how long is it reasonable to expect that I'd pay a tax on the basis that's significantly lower than market. It seems to me like the "safe" underwriting is to assume that taxes increase to market (aka purchase price) on day 1 and anything below that is gravy.  

Also - probably a dumb question - are the Idaho property tax assessments public domain? After a handful of google searches I wasn't able to find a location to find previous years assessments. The only place I have been able to find previous years assessments is on the broker-provided property tear sheets. 

Thanks in advance for any insights and responses.