All Forum Posts by: Ross Rauschenbach

The 10% cap will be applied to the current value. The previous owner's exemption does not apply. 

Quote from @Andrew Freed:

@Josh McAuliffe - Ouch, that increase should be criminal. They more than doubled your taxes. If I were you, it might make more sense to hire professional help since they do this all the time rather than attempting this yourself. Reducing this tax burden could save you some serious dollars hence I would more focus on getting the highest quality professional as opposed to nitpicking over a few hundred dollars per vendor. 

 I know that some people prefer to do it themselves, but the amount of time and effort it can take is pretty burdensome for the average property owner. Unless you're planning on a very low-effort protest, you can expect to spend hours digging up your evidence, analyzing the district's evidence, preparing an argument, and waiting in the lobby. It's usually worth paying a pro to avoid the headache, having to take time off from work, etc. I would also recommend finding an agent that does not include flat fees, minimums, etc. in their fee structure. 

I was an insurance agent for a while and I always checked harriscountyfemt.org before I sold a flood policy. You have to give it a second to load but its interactive, which is cool.

I just moved out of a rented townhouse in eado that I lived in for 5 years. I noticed during my last couple of years there that other rentals nearby were staying vacant for several months before getting leased. Rent in that area got to be high enough that we decided to moved to a luxury apartment in West U. Same price but with way better amenities and a much nicer neighborhood. it seems to me like the Eado ship has sailed but Third ward, east end, northside village look reasonable. I've found some ~8 caps that have significant appreciation potential if you can wait it out for 10 years or so.

any updates?

Has anyone had experience with VA land loans?

Fannie Mae refinance guidelines state that refi funds can't be used to pay off a land contract. Are VA land loans excluded from that rule? There are some exclusions mentioned but I haven't found anything about VA loans so far.

My idea is to 1) buy a lot with a VA land loan, 2) build a 3 or 4 plex with private money, 3) move into one unit and lease the others, 4) refinance to traditional fixed ratelong term financing using rental income to help qualify for the refi.

What is the seasoning period of Rate and Term vs. Limited Cash Out vs. Cash Out refinancing? I haven't found anything in the Fannie Mae refinance guidelines regarding seasoning of primary residences or investment properties.

Thanks

Has anyone had experience with these? 

Fannie Mae refinance guidelines state that refi funds can't be used to pay off a land contract. Are VA land loans excluded from that rule? There are some exclusions mentioned but I haven't found anything about VA loans so far.

My idea is to 1) buy a lot with a VA land loan, 2) build a 3 or 4 plex with private money, 3) move into one unit and lease the others, 4) refinance to traditional fixed ratelong term financing using rental income to help qualify for the refi.

What is the seasoning period of Rate and Term vs. Limited Cash Out vs. Cash Out refinancing? I haven't found anything in the Fannie Mae refinance guidelines regarding seasoning of primary residences or investment properties.

Thanks

the problem with a traditional loan is that I don't have any up front capital. the only reason I even started looking into making a purchase is because I found the veterans down payment assistance program in Texas. I figured Id use hard money because im hoping i can find a smoking deal on a lot. Right now I'm considering all options, but I would prefer to buy a 2 to 4 units residential property. I'm trying to create a situation for myself where I live rent/mortgage free.

@Steve Olsen, yes I would like to chat.

I don't have 25% to put down for a new project but if your units are leased I could probably qualify for the purchase money through the FHA

Does anyone have experience with building a multi family withe hard money and refinancing to long term mortgage after project completion? I'm a first time home buyer in Houston Texas and a veteran if that makes a difference