All Forum Posts by: Samir Patel

@Nadia N. I recommend checking out the I81 Real Estate Investors group on Facebook as @Elsebeth Birman mentioned. Also, I know of an investor agent friend that lives in Winchester and is very active in the investment/property management space. Will DM you his contact info so you can connect. Good luck!

Also interested in the Winchester group :)

@Johnette B. I have a CPA that specializes in real estate and might be able to help out. Feel free to DM me and I can share his contact info if you still need :)

+1 to joining the mastermind. I've been investing for the past 2 years (all out-of-state) but am looking to get actively involved in our local community. Would be happy to join and help however I can :)

@Mike Reynolds that's interesting. I'll definitely look into that since Hagerstown, MD has strict laws in regards to lead based paint. Thanks!

@Gregory M Carlson how did this turn out? I'm facing a similar situation right now and would love to connect to see how your experience has been.

@Danny Jimenez Anytime! I mostly used BP as it is filled with other like-minded folks that speak the same language in terms of investing. I found this to be the most helpful site but I also Googled to see if there were any podcasts that focused on the specific markets we were interested in. There may or may not be one, but you never know until you check!

We eventually decided to focus on the Memphis, TN and Oklahoma City, OK markets. This was mostly due to my criteria which focused on 1. Cash Flow 2. Consistency 3. Fewer Headaches. Being an out of state investor with a 9-5 W2 job, these 3 things were crucial for me. I would start with your criteria, and communicate that to others when you connect to make sure you're on the same page and that they can help make that happen.

@Davartay Miller thanks for tagging me in this.

@Danny Jimenez It's great that you're exploring out of state investing! Based on my experience, it's a great idea to start networking with the folks in the market that you are planning on investing in, as well as other investors that have done it ASAP. This way, you begin learning about the subtitles of the area that you might not be exposed to as an out of state investor and wouldn't find easily find from Googling. I would being with real estate agents that are investor friendly and property management companies with a proven track record. Of course, be sure to do your own due diligence to validate all information provided. Best of luck to you on your investing journey!

Feel free to reach out if you have any questions or want to chat :)

@Tyler Exum welcome to BP! I’m also a local investor in the DMV area. Let me know if you want to have a call sometime soon to connect and discuss real estate 

Makes sense. Thanks for confirming!

I know in some areas you can appeal the tax increase but it doesn't make much sense if they have recently sold comps to justify the increased amount. This is what I figure, but of course I may be entirely wrong about that. Do you guys have any experience with the appeal process?

Hi BP,

I have a question regarding property taxes. When calculating a BRRRR deal, I usually use the current year's property tax information as the annual tax amount. However, I'm wondering if the annual tax amount should actually be based on the projected ARV since that is what the county/city will be assessing when determining future property taxes.

I recently purchased a property (non-brrrr) where I used the previous year's tax amounts while analyzing, and then the the county reassessed the property taxes based on the new purchase price. This resulted in the annual taxes increasing dramatically and the deal not making sense anymore. Trying to avoid this type of surprise going forward so just want to know how everyone else is doing their analysis. Thanks in advance :)