All Forum Posts by: Mark Gruetzmacher

What have most people seen when it comes to the tax accessed value of a property vs what the market is or what the selling price is. Being new at it I guess I always assumed that the tax accessed is usually a little lower but not too much or in some cases tax accessed is higher.

I guess I ask because I came across a guy selling thing older duplex. I talked with him and his rents are about 1300 combined and he was asking something like $135K. Now he told me the address and I jumped on the county's site and looked up the property and the tax accessed is only like 68K, the last 3 years it is all in the 60's. He bought the property for I think 124K in 2008. All numbers aside, when the tax accessed is half what the selling price is sure seems weird. I am not considering it at all but wondered if that is normal in the business?

Hey @Brandon Turner thanks for the reply. I figured carrying the contract is too bad and I am actually getting more money for each lot than I would normally I think. Also if you figure in the interest it even makes for a better return. I guess my thought if the equity in the land was a better route I would maybe not sell. I am just trying to learn all I can at the moment and want to make the best use out of what I have to hopefully buy something in the future and start my investing. Gotta say I love the Podcast you and @Joshua Dorkin do. I just signed up to BP and have listened to the first 21 podcasts in the last week while working. I downloaded the next 20 and will continue listening. Appreciate all you guys do.

@Darrell Shepherd thanks for the reply as well. Yeah I am getting a little better money on terms and don't necessarily need the cash, well actually I do and could use it but if I can get alot more on terms then I guess I am not out anything at all. If I do both then I will have about an extra $1000 coming in each month to put away so maybe I can invest in something down the road. Maybe if I have contracts on both a bank will look at it as income maybe. My current bank says you have to show 2yrs income on rentals before they count it. I am going to check around.

Thanks again for the reply guys. Have a wonderful weekend.

Hey everyone, I'm new to BP and wanted to get some opinions of all the great people on this place. So here goes.

Here is my situation. The house I live in currently has some equity in it. Approx 69K if comparing to just the tax assessment. The same exact house in the same on the next street over sold recently for over $200K. So I think that is a good thing. Now I also have 2 parcels of land that are free and clear. One of them is assessed at about $20K and the other I think is $38K. I have 2 separate people interested in the lots. The issue is that both want to do owner financing so and so then I would do a CFD. The first lot the buyer will buy it for $25K with approx $6600 down and they are covering the attorney,escrow, closing which is about $1400 total. I would carry the contract for 3yrs @ 7% and get $500 something a month. Now the 2nd lot the buyer wants to buy it for $55K and maybe $60K and will give me $5K down but doesn't want a payment of more than $500-600 a month. So if you play with the interest rate and terms I can keep that payment where they are looking.

I had both pieces listed with a realtor for about a year and they were listed for $30K and $70K, I have sense stopped listing them about a year ago and just advertise a little here and there. I don't mind doing the installment thing and earning the interest either but would this be something you would do?

I was planning on going that route but it got me thinking about if I kept them then I could use the equity in those pieces as well maybe to help fund something to start my investing. But I am open to ideas as well.

Thanks for looking and have a great day.

Mark

Jon, thanks for the message. Yeah mobile homes here are overpriced for what they are. There is also of over stuff 1970's that bring tons of money when fixed up. I know a guy that buys and fixes them up and sells, lots of time involved there, but then sells for 10-15k for these older junk places in my opinion. If I ever do mobile homes they will be newer stuff. I have thought about buying one and putting it on the land I owe and putting in utilities and then renting or trying to sell but I have a buyer for the land and a really good price plus I would make some interest if they do the CFD for a few years. So it is even better for me that way I think. I just want to start with something and work from there.

Hey everyone. I came across BP and decided to join. If anything it is more food for thought I guess. I used to live in WI where I meet my wife and our 1st house was an upstairs/downstairs duplex and then we bought a SFH. We eventually sold both in 2000 and moved to South Dakota where Im from. Life and kids happened and we have no Real Estate other than our current home in which we have about 38% equity on our 185K house. I do have a 1.3 acre and 7 acres pieces of vacant land that I divided off before I sold our previous house and those are free and clear, one of which I might be selling on a CFD for 3 yrs.

We started off on the right foot in the beginning but we have no investments and I am been thinking about getting back into something but where and how to start is the tough one. SFH here are way higher than in WI and returns don't seem worth it. I can pretty much fix most anything or redo anything so a fixer is not an issue either. Around here mobile homes are all over in the small town I live in with the Air Force Base here also. I have thought about doing some mobile home rentals.

That's a little about my situation and if anyone has any comments I sure would love to here them. Just looking to get back on track I guess.