All Forum Posts by: Kyle Agius

A bit of a long story so I am going to structure this by first asking my two most important questions, followed by the situation and a few follow ups.  Any help is much appreciated.

My underlying questions are:  

1.) Will a refinance of my newly built home (6 months post closing) cause the property taxes to increase on the newly increased appraised value?

2.) Will the city come back to us whenever they reassess home and ask for backdated taxes from when the home was sold to us?

My wife and I finished building our home in denver about 6 months ago through Oakwood Homes.  Since closing, we have been paying property taxes based on the value of the land alone (~$130k) as this was the assessed value. I now went to refinance my home bringing my rate from roughly 4.37% to 3.99% and was required to have an appraisal completed.  My mortgage broker running my refinance informed me that my property taxes may increase to cover the new value of the home ($430k). This equates to about a $300 month difference between the current amount paid and the new required amount.  Imagine that the assessors office does not do a reassessment until mid 2021.  The math there would have the city coming back to me and all my neighbors for $7,200- something that i cannot imagine them successfully doing. 

Does any expert out there have answers or any advice into this?  Please ask any follow up questions needed.  Thank you all so much in advance!

@Tim Herman Thanks Tim.  It is in fact one lease with all three of them on it.

Hello,

I had three friends living in a duplex unit in Casper, WY.  In August of last year, they signed a one month lease after requesting just a 9 month lease.  All three have signed with no cosigners.  As I expected, last month, they suddenly needed to vacate after 9 months due to a few sob stories (in reality, they were students and school has just ended).  I have spoken with them and informed them they are still responsible for their rent through the end of August, or until I am able to find a replacement tenant to sign a new lease term, at which point I would be fine with them walking away. 

As of today, June 2nd, two of the three have made their rent payment for the month of June.  The third is non responsive to the other two renters and has not sent any payment.  I have not reached out to her as of yet.  

My question is two parts

1.) She only owes around $350 so I want to take all measures possible to avoid any legal proceedings as its not worth the time and money.  What steps should be taken when reaching out to her to make her feel like she is obligated, but to not break any laws regarding harassment.

2.) If she refuses to pay or ignores, what steps would you guys take without costing myself any time/money/headache to make her feel some of the pressure that i do.  

Thank you! 

Incredible work.  Congrats!

What's going on Korey.  I sent you a message but I would be interested in hearing more info about the deal.  Congrats on your move to real estate and good luck!

@Bill S. Thanks for the response Bill.  I will shop around to see my best price.  The dirt up there is very dry and rocky so I think I may need a piece of equipment to get 5 feet down. I will research the options for replacing the entire pipe. 

@Roger S. How far down was your pipe you dug down to... I assume being in Texas that it was not as deep as ours but this sounds like a much better and cheaper option.  I will research.  

@Kalyb Coats Yes, it does indeed say that on the letter. Im not exactly sure what that entails though.  Could they possibly have caused that leak while doing that?  How can I prove/test for that?

@Deanna McCormick, Thank you for the input.  Thankfully weather warm this time of year in casper, so I will not need to deal with freezing.  Sounds like it could be an expensive issue although I'm hoping not.

@Kalyb Coats I dont know if they were doing any work there, maybe just were checking on meters? Im not really sure.  If you know anyone who can get this done, let me know. 

Still looking for anyone else who has had this issue.

Hello,

I received a letter(attached) from the city of Casper, WY regarding a small leak in a copper water line at my duplex.  Per my conversation with the city, they shut off water and determined that it stopped the leak on my property, only a few feet from the shut off. They turned the water back on because I guess the leak is pretty minor.

I am just writing to find out a few things as I am pretty new to property ownership and this is the first real issue I have faced.  

1.) Is there any method to get the city to help with some of the expenses of fixing the leak?

2.) How much should an issue like this cost my (considering its a small leak in copper piping about 5 feet deep and assuming about 4-5 feet form the curb stop.)?

3.) Just want to make sure I'm not being taken advantage of as a remote property owner.

Any information the BP community can provide me with is greatly appreciated.

Thank you

-Kyle

Hey @Nick Hamar,

I ended up kick just using one of my tenants in the duplex as the manager for both units for a little rent kickback.  How did you make out with finding a manager?  Are you located in Denver?  I am interested in further investment in the Cheyenne/Casper area and would love to talk with some people about it.  

FOLLOW UP.  

Just wanted to let all of you who took the time know what came out of this. I ended up going through with the purchase of the property and closed end of June. I started to receive more responses on the property and was able to get a great couple in the lower unit moving in on August 1st, but still paying the July rent, just rolled over the next 12 months. I got the second tenant in upstairs starting last week. Not having to make my first mortgage payment until August 1st, I was able to avoid any vacancy on this front end. The lower unit is currently renting at $950/month ($1030/month with July payment rolled into the next 12 months) and the upper unit for $850/month. My PITI is exactly $850 so I am happy with the cash flow. Thanks again to all who responded.