All Forum Posts by: Ryan Antista

BP’ers,

I’m putting together a counter-offer on what could be my first rental property and I’m very excited.

It's a fourplex but while trying to confirm the property tax amount (current and post purchase) I discovered the property is recorded with the county as a two-story duplex. After speaking with the assessors office I was able to confirm that it is zoned for multi-family but the unusually low tax amount is due to it being listed as a duplex. They gave me an estimate on what the taxes would be if it was a fourplex and it went from $600 to around $3,000/yr. I went to their website and I only see two permits related to power upgrades on both panels (story 1 and 2). I don’t see anything related to new kitchens or structural changes etc. My concern is that the conversion from two units to four was not permitted and that I would really be buying a duplex. If that is the case, I think I would have to try to get the permits retroactively, which I heard is a hassle, along with spending more money and more time to make things right.

Can you make recommendations on next steps or things to research?

Should I back out or ask for a discount, given the expenses I would incur for permitting if I choose to move forward?

Who would I turn to to figure out a rough cost of making this a legitimate fourplex?

could benefit from your input :) Thanks!!

Great post! @Thomas S. can you elaborate on that? Are you referring to paying down the mortgage out of your own pockets vs. the tenant paying it down?

Correct, Zillow. 

Thanks Patrick and Mike!

Thank you all!

@Patrick Liska When I divide $7068 (tax assessment) by 12 it's close to the $567 (property tax) listed, which led me to believe it was year/month. I've attached the Tax history chart from zillow.

Thanks all the for helpful links!

Thanks for the quick reply! The property I'm analyzing now is in KCMO. The purchase price is $250K and this is what I'm seeing on Zillow (and on similar sites).

Property tax = $567  &  Tax assessment = $7,068.

I'm not sure the what the difference are in those figures.I'm looking to get a best guess on:

- Property tax last year

- Estimate on what the property tax will cost me next year, after change of ownership. 

Thanks!

I'm looking for a reliable online resource to identity the property taxes on specific properties in different states. What websites (paid or free) are people using to look up the property tax history on a project? Since this will be reassessed after change of ownership, how do you factor that in to your estimate of what this cost will be for your new rental property?

Example paid service:
https://usrealtyrecords.com/realEstateLookup?gclid...

Congrats Laura! I'm working on putting together my first deal as well and appreciate the post and inspiration!

@Lee Ripma I think that's a good recommendation. I also live in CA and have been looking at OOS investments. 5-6 doors sounds smart and would like to ask you a few questions. Please PM me if you are open to sharing.

Thanks!

I'm also in a similar position. I've done a bit of due diligence and have researched a few TKs that seem solid, others that did not. @Eric Hyde message me if you want to share notes on providers. I live in CA and also interested in TN, FL, and others.

Helpful post, thanks @James Rader

Great thread. Lots of interesting comments and engagements. Thanks for getting this started @Tyler Jahnke.