All Forum Posts by: Oscar Brooks

Assessor came by yesterday, did a very basic walk through for sq footage (did take a few measurements), check no. bedrooms, check no. bathrooms, and general condition. Told me I'd have a reply within two weeks but stressed that even though I provided comps they have to use their system and methods to evaluate.

Submitted my paperwork today, will let you all know how it goes. Thanks for the comments and contribution to the thread @Tim Swierczek @Brian R. @John Woodrich @Tim Joyce @Pavel U. and @Jennifer Rysdam

Hi fellow Minneapolis investors,

Has anyone successfully challenged the assessor's valuation of this property? I'm looking for tips because I bought my owner occupied duplex at the end of May 2017 and my 2018 Estimated Market Value is 23% above what I paid for the place 6 months before the assessment was done. In my experience it is rare to find a property that has an assessor's value higher than that actual market value, let alone a value that so significantly surpasses it. Have pulled a list of comps, have an appraisal from lender done before purchase so I think I've got a good case, but looking for any advice on what else I should include as supporting documentation.

Thanks!

Thanks for the intro @Jason Coyle

Is there a cost for a walkthrough?

@Kyle Baron thanks for posting. I bought my first place this summer and the experience you are going through is my nightmare. 'Minnesota nice' can get you into trouble as appears to be the case at the moment. One thing that others haven't really mentioned on this thread yet is that in MN it is much easier to rent in the summer or fall. The silver lining here is that in addition to the education you are getting, perhaps your next lease won't renew in December so long term you have a better setup for renewals or new tenants.

I'd like to be on that list! Thanks for starting the thread @David Moore

1bd 1bth each unit certainly makes things more difficult. Currently rented? Condition of the mechanicals? Roof and windows ok?

@Daniel Kurkowski very interesting thread, thanks for posting.

My property would benefit from gutters, if you find a cheaper option please share who you use @Kelly Conrad

Thanks!

An FHA 203k loan sounds perfect for you, but has some tradeoffs. Low down payment, repairs are bundled into the loan, only works for house hacking are some benefits. Lifetime PMI, more difficult to get your offer accepted as sellers prefer traditional financing or cash, have to do some extra work up front to price out the repairs are some drawbacks.

Refinancing out in 6-12 months I'll have to defer to someone with more knowledge to give advice on that.

Check out a nice quick post here for more info: https://www.biggerpockets.com/blogs/4380/39975-why-the-fha203k-rehab-loan-is-awesome-and-how-to-pull-it-off