All Forum Posts by: Karla Kahmeyer

Thanks  @Alex Olson. I ended up not setting it up to auto revert this time, since we filled the vacancy very quickly, but an still keeping my mind open to what might work best over the long run. I'm only a few months into being a property owner with renters, so am trying to figure out my long-term processes. 

@Nic S. It is in Jackson County. I've been starting to get up to speed on the story. What are your plans? Will you dispute, or assume its a 1x thing and absorb it in your expenses?

Thank you all. I appreciate the perspectives tremendously. This is a generally lower income suburb of Kansas City Mo, so it was very surprising to me (and there has been quite the scandal about how the county has approached the increases in parts of the mid-to low income areas, and barely increased anything in other areas). 

I did have an appraisal completed - I'll take a look at that. 

I definitely appreciate the wisdom. This community is such a blessing. 

All the best

Karla

Karla

Good to know, Thanks. The other part that is a bit of a bummer is that I won't get to depreciate as much of the property on my taxes. So I will probably end up with less in my pocket from taxes on that end too. 

Thanks again for the direction.

Thanks for the suggestion @Theresa Harris. I've been reading articles, watching news clips this morning about how some parts of this county (the poorest parts) have had their property taxes increased to the full legal limit the state allows without an assessor needing to visit the property. Across the entire county. I'm now thinking this falls into that scenario. I'll look at the surrounding neighborhood next. 

If they've all been raised in that manner - do I even have recourse then - seems like I couldn't use your suggestion very effectively if this is the case. 

I'm still digging.

Hello BP community!

I was visiting the county assessor site for my first property because I was trying to learn how to determine depreciation. I saw something I need help with. 

In case this is germane to the explanation - The property is a small 2bd/1 ba duplex (1200 sqft total), purchased for $97,500 in late Sept.

When I look at the assessed value table, I see the following values:

• Tax Year 2016: Land Value: $9,357 Residential Value: $27,837
• Tax Year 2017: Land Value: $5,207 Residential Value: $32,943
• Tax year 2018,  Land Value: $5,207 Residential Value: $32,943
• Tax Year 2019: Land Value: $42,250 Residential Value: $36,125

At the risk of sounding like a total noob - I am confused. I thought land couldn't appreciate that quickly - And I assumed that it was more often than not lower in value than the dwelling. All the examples I research always have it worth 25 - 30 % of the property, not more than 50% of the total value.  It's not like there is a big project coming into this area to justify it. If anyone else has experienced this large of a jump, I'd love to hear your thoughts on what may have driven it. I'm very concerned I'm not saving enough aside for taxes. AND how that unplannned tax increase is going to affect my very new CF.

 I am researching how to fight the assessment and am also wondering if there are any helpful hints on how to make my argument about the assessment when I challenge it? 

Thanks everyone

Karla K

ps... I will now make sure I check county assessor BEFORE I purchase so I know to adjust my analysis. I looked at the history of taxes paid for last couple years for the calculator, but I didn't look to see this year's assessment. 

Thanks to you both. Given KC has a tendency it get cold in the winter, (cold enough for frozen pipes) I think I'm going with the revert approach - but wanted to gather input from others.

Appreciate the assist!

Karla

Hello BP community!

I'm excited that I'm closing on my first duplex next week in Grandview, MO (a suburb of KC).

I have two questions related to utilities.

First: Does anyone know if the Landlord is required to pay trash in Grandview? I've been out to the city website and couldn't find any information, but my real estate agent told me that it is. I looked at the lease for the tenant that is currently in place, and it isn't mentioned in their lease - so thought I would crowd source the question to folks out here that might know for sure. 

Second: My property manager recommended that I only transfer the utilities into my name instead of setting them up to auto-revert. What say the community - anyone out there feel passionately one way or the other about what makes sense?

Thanks in advance for your input!

Karla

@Geordy Rostad - Thanks for the swift kick in the backside! :)

Definitely need to get that first one. Good news for me is that I am in the process of getting started. Have an offmarket deal in process right now. 

The question was prompted after I listened to one of the podcasts on the way home from work today about building a marketing machine so you can scale fast, and I wondered how someone has approached it when they didn't want to scale fast. 

I like your approach about working one approach until it doesn't work. 

Thanks again for giving it to me straight.

Karla

Hello BP Nation - 

My business plan is currently built on a measured acquisition approach of purchasing only 2-3 properties a year (and planning to use BRRRR when possible). In the opinion of the more experienced than I, what's the best approach for deal location when I'm not looking to scale fast? Do I plan for 2-3 direct marketing campaigns a year to try and find those deals, or should I use wholesalers, bird dogs, auctions, MLS (or something I'm not even considering) since its such a small number? of targets

Thoughts?