All Forum Posts by: Account Closed

How do I appeal the taxes go to the Meriden city hall into the tax department? Is this something that can happen in my monthly payment immediately or well take a few months?

The previous owner was paying 600 a month in insurance so I don't know why I am being quoted so much either, taxes were based on the mill rate of 30.59 and it says the land 33,800. the building is 67,600 so total of 101,577 so that is how they were calculated from what I have.

I checked out the area and it was an improvement from the city over. Here is some things I have noticed..

1) less vacant and abandoned buildings, not much at all infact most looked like their were people living there

2) Less for rent signs only drove by a couple in this area, but other city had alot of for sale/ and some for rent signs

3) location seems better right off a highway and has a bus stop right near the house.

4) I personally think this house is good for a new investor as not much rehab is needed and I can basically do small things like connect the guitars and repaint and tile a kitchen ( after passing an inspection of course)

5) taxes were also 3200 in this area as opposed to 6000 in the other one

6) other house was 44k needed about 20k in rehab but it was a 3 family and I could have gotten about 2000 a month in rents, but is also 35 minutes from my house and as a new investor I didn't want to use a PM company so distanced matters

I have looked on other topics and basically 500$ of rent for a 25k property is good so I would please like some more information on how my deal is any different from 1300 potential rent on 50k.

House was at 170k 2.5 years ago I don't see how it isn't a good deal? Basically needs no rehab but I am getting It inspected. A property that is 50k with 1300 month potential in rents isn't good? Utilities are separate so they pay that and all i pay is water/sewer bill. Taxes are high compared
To other areas of country but 3200 is good for
This area

I just emailed her back it is definitely wrong and will get the numbers at 619 it seems still like a decent deal though and would meet the 50% and 2% rules

Yea that did seem lower than. I thought too with the taxes at 3200 I am going to email the lady back because I didn't think that was accurate. I am trying to put down as little as possible I just know they want at least 25% on investment

I plan on closing costs being around 4-5k so i will factor that in. I am also going to be screening every tenant for the 2nd unit and since the tenant now is month to month I will go over what I expect with him and get my attorney to make a lease for him and the other unit since I want to cover the laws. I have read up a bunch on landlording and believe in being strict. I also have about 2k set aside for cosmetic work to the unit to make it have fresh paint and such. Have an inspector ready for 400 which includes termite

Ok 2 family house potential income 1300 month both units rented out

breakdown cost 50k
25% down 12,500
loan 37,500
taxes 3200
insurance 1300-1500

bank of america pre approved me at 40k with taxes on 30 year loan with interest of 5.5% for investment as 370-380
The insurance I figure will make that about 520 a month tops.

I will put away 200 of my cash flow towards maintence every month and plan on screening my tenant for the first floor. I also plan to manage the property myself but have factored in PM costs.

The other expense that the owner pays is the water/sewer bill which last year was 600 so the unit is still occupied by a tenant on a month to month I am having the owner fax over receipts of when rent was paid over the last two years to verify he was on time. How does this deal look?

Ok, now going up here there is a tenant in place how do I approach him? I think he will be there when I go so I am little nervous about what he will think since his current landlord is in Cali and doesn't know what to do