All Forum Posts by: Shaun Weekes

Hi BP! So I’ve tried several avenues already and I’m actually shocked I haven’t been able to find this info anywhere yet, so I’m turning to the trusty BP community.  (Disclaimer: I’m not asking for tax advice, just for someone to point me to an official source.  Hopefully from LA county or city websites)

Does anybody know how to estimate (calculate) what my tax bill will be for a particular property that I’m looking at making an offer on in LA county? How do you estimate/account for taxes in your deals in LA county or is there a common way to do it?

So far I’ve:

• 1) Looked a prior tax history for the property.  However, because of Prop 13 the seller’s tax basis could be MUCH lower than the sale price and my taxes would jump up when the property was sold and the tax basis was reassessed so I’m not sure how much the tax history tells me.   
• 2) Looked all over the Assessor’s website for a property tax calculator and come up empty.  Other counties (outside of CA) have online calculators where you can input the address, if it’s a primary residence, the new sale value, etc and it’ll tell you almost exactly what tax bill to expect.
• 3) Asked my friend who recently bought a condo here in the south bay.  He told me he honestly didn’t know exactly what his property tax bill would be before making the offer and closing and he didn't know how to estimate it either.
• 4) Asked a real estate agent who I recently started talking to.  She’s been in the business for 10 years but didn’t know either and also didn’t know of anywhere I could find that info.  She did tell me that it varies between cities in LA county and off the top of her head, told me to estimate 1.5% of the purchase price.

I saw on forums/online somewhere a while ago that 1.25% is a good ballpark but I’d really rather have a more official source.  A $2k difference in yearly taxes (the difference between 1.25% vs 1.5% on a $800k property) would have a significant effect on my cash flow that I’d like to understand when I’m running numbers on potential deals. 

Thanks for your help or any sources you can point me to!

Thank you @Shaun Weekes I spoke with the lender and she said 401k would likely be faster than a HELOC so we are going to try that route tomorrow morning to see if that will work.

Hey guys, was wondering if anyone could help us out with some advice. We have 25K in our account that we got from a personal loan and now we're 2 days from closing and our lender is saying that they can't count that money because its from a loan. They need us to show at least 18k in our account and it can't come as a "gift".

Any lenders out there that might be able to help us?? 

Hi BP'ers,

So i purchased a duplex all cash and i went to my local lender at chase to get a ReFi and was told that they cant do it since my holding period is less than 12 months. Are there any alternative ways/lenders that you know that allows homeowners to pull out equity under a year of ownership, preferably at market value?

Thanks!

Hi BP community, I just wanted to get the feedback and advice from investors/realtors/lenders on this forum.  I'm currently under contract to purchase a SF house in the Riverside county area.  

I was curious - what's everyone experience right now on removing loan contingencies before the close of the sale?  Is this a normal practice? I understand that when you remove all contingencies from the contract, if we do not finalize the loan on time or the lender does not fund - then the seller can keep our Ernest money.  

Background - we were searching for months in the area and continued to get beat out by multiple all cash offers that were ~$45-55K over listing price.  Many of the houses we viewed were listed for 1-2 days before locking into contract. We saw a significant increase to listing prices since Nov '20 (not surprising as this is similar in the rest of CA).

We thought we landed on a gem b/c this property had fallen out of escrow due to last buyer's inability to close the loan.  We came in with a pre-approved loan letter, half of the Ernest money as down payment.  We had a 30 day loan contingency and an estimated 40 day close (4/19) listed in the contract. We've hit our 30days today 4/10.  The seller is pushing us to remove all contingencies.  She's not being flexible and will not sign an extension. Our lender/ escrow/title is estimating ~4/16 to close.  From everyone we've talked to, it's completely normal for things to shift by a week or so and typically a seller will extend the contingency. With her past history, she won't budge.  

The seller is the listing agent.  Seller told our agent that she continued to get all cash offers much higher than ours, after we locked into contract. She kept her listings up for a week after we locked into contract and my agent's office had to push her to tag it as under contract. Our agent thinks the seller is trying to keep the Ernest money, back out of the contract, and go with the all cash offers  :(  Shady! 

Any ideas on how to handle or mitigate risks on our end? 

Thanks in advance for your advice!

Lena

Hello BP Family, 

I am currently searching for a Atlanta realtor who knows the Buck Head area well. I am looking to invest in a condo. It would also be a plus if the realtor knew Condominium’s that were Airbnb friendly. 

Hey BP,

I am trying to look for the migration patterns within California but I can't seem to find much. All I really find is that everyone and their mom is moving out of here! I am specifically looking at the Inland Empire area. The only information I found is that people are moving out of Riverside. Does anyone on here have any tips or resources where I can find this type of information? Any realtors in the area that could give some insight?

Thank you in advance!

Hey everyone. I'm running into a hurtle I was hoping someone could help me with.

I'm using a broker/lender referred to me by my realtor. He's trying to get me a hard money loan, then I want to BRRRR the house. After submitting my information, he's telling me that he can't get me approved for the hard money loan or exit strategy of a refinance because my debt to income ratio is 102%. After digging deeper, we determined that the depreciation is what's holding me back. How do I get around this hurtle and continue with getting this property? Please help. Thank you.

Particularly around the pomona/ontario area?

thank you!