All Forum Posts by: Laci J.

http://kfoxtv.com/news/special-assignments/ghost-lots-how-real-estate-development-gone-wrong-could-affect-el-paso-county-growth

Thank you for all the insight. I have not claimed this in past years however am considering the benefit this year. But I have so much to learn. I appreciate all the great responses and references/links.

Try Jaime at Eagle Construction & Plumbing Repair - local number 820 - 7809

So you're looking for a policy. It's common for insurance companies to require you to have a homeowner's policy with them in order to qualify for a fire policy. So you may end up having to go with whomever holds the policy on your own home. Best wishes. All our homes are insured through USAA. 

@CESAR BEDOLLA --- check out Crystal Stranger. She's an EA and investor. Look up "smallbusinesstax" on Facebook or 1sttax . com

We are military and get tons of discounts on many things. So I can't see how it would be illegal. However I personally do not offer it myself. In fact, I do not even target military tenants. I don't discriminate, and I actually have 2 homes with military tenants in them, but I don't target them. And I would never offer a discount for students. I set my rates on market value. Just my two cents.  Best wishes!

 @Chris O'Connor - Just don't be surprised if they raise the taxes once the sale goes through. We haven't been in that situation here, but have had it happen in two other states. That being said, the valuations in some cities are light years behind. To be on the safe side, for number sake, I would go with the higher number and see if it still makes sense to you to purchase.

We use an umbrella policy. It's cost-effective and easy. I have friends who use (or have used) an LLC and there are mixed reviews. It really is a personal choice and one that takes research on your part. There are plenty of posts on here about it, if you search.

I have used First American Bank in Las Cruces. Henry Apodaca there is pretty versed in investment properties. They do all underwriting in house and then sell to Wells Fargo. If interested in his contact info, send me a PM. Or you can easily find him on Google. Tell him I sent you.

Another one I have not personally used, but a realtor friend of mine swears by, is Tanja at Fairway. Again, if you want contact info, send me a PM.

As far as Title Company, we used Stewart Title and I had zero issues with them. I'd use them again if the opportunity arose.

Do you have a buyer's agent you are working with? I also have one of those in my back pocket. She's a go-getter!

Hope that helps!

We own 2 homes here in EP and currently reside here. We also own 3 in other states.

I agree that the expenses will likely be a bit higher than what is listed on a monthly basis, and then of course some months more than others. But even then, I'd buy it with that sort of cash flow. 

Is this your first investment property? Since it's occupied, how do current leases look? Are they solid? Are you planning to self-manage? Do the tenants have pets, pay pet fees, no restricted breeds with your insurance company? Do you have an umbrella policy, or LLC set up?

IMO two of the most important items for having successful investment properties is to buy smart, and to have a good lease. 

As @Thomas Handy mentioned - if the house is in the EPISD schools, taxes are going up thanks to the new bond that just passed. We are in a neighboring district and pay $5800/yr on a $200k home.

You can look up the taxes here in EP by address at http:// www.epcad.org/ Search. That way you can get idea what the valuation is, and know if you can plan for them to increase. Yes, they "can" increase once the sale goes through if the valuation is much lower than the sale price. Anything is possible. 

Thank you!

I have used John Coppinger twice. He saved us from one headache on a foreclosure that came back with $10k in repairs. We walked away. Then had him inspect another home that we ended up purchasing.

It's not letting me post a phone number or email address (annoying) but you can google him.