All Forum Posts by: Vince Lucas

Great Euclid Rental Opportunity! 2% Rule! Rent Ready!

Presented by NEO Real Estate Holdings LLC

Asking: $42,000

Estimated Rent: $850/month

Exceeds the 2% Rule!

Rent Ready

2 Bedroom, 1 Bath

Younger roof, windows and driveway

Call, text or email Vince for more information – 216-249-7276 or [email protected]

*wholesale deal: presenter is a licensed realtor in the state of Ohio and is proffering rights to purchase agreement via assignment of contract. Presenter is in no way acting as an agent or fiduciary for the current owner or end purchaser of this property. Buyer’s due diligence is assumed.

*Buyer is responsible for sellers closing costs which include all title company fees and title insurance

@Terry Lao I am not sure anyone can answer the question about WHY property taxes are so high in some cities in the greater Cleveland area but there is a list that breaks down the property tax percentage for each city in the area. Feel free to PM me if you would like that information. Also, for 3234 Euclid Heights, the county has the market value at $113,100. Once this property is purchased it should be changed with the county, if not you will have to dispute this with the county.

@George H. Feel free to PM me. I have one that I am sure you will be happy with. 

@Miguel Nava I can understand the frustration with high property tax especially when the county has the assessment too high. Each city has a different tax rate based on assessed value. Cleveland Heights is 4.09%. So if assessment was $100,000 the property taxes would be $4,090. Sometimes if they do not change value to where you think/it should be, you can provide an unbiased appraisal that support the market value of the property. I have a PDF of what each city in Cuyahoga and Lake county charges for property tax, feel free to reach out if you would like something like that or have any other questions about the Cleveland market.

@Henry Wang Feel free to PM me, I have one that fits what you are looking for. 

@Federico Gutierrez All the properties you have purchased automatically reduced to the amount you purchased for or all you had to do was show purchase contract and hud and property was reduced to that amount without any issues? If so, you must have gotten lucky as that has not been my experience. 

Also, I have been to the cuyahoga county board of revision a few times. They always toell me that it was a distressed/non arms length sale and that true market value is greater than purchase price. I would like to hear other people experience in the cleveland area (cuyahoga county or lake county). 

@Antoine Martel What I am saying is that when you file a dispute with the county you can provide an appraisal which will make dispute a lot more creditable or you can provide your "bias" comps to them and then they review them and most of the time they do not accurately lower value to where it should be. Also, for those who buy rentals, having an appraisal done as soon as you purchase will also have a lot of benefits (not having to worry about property being occupied or being in the middle of any repairs that are being done, etc). I suggest everyone who has rental properties or even there personal property to see where the county values their property. Hope this helps. 

This is just a reminder that the dead line to file a complaint in cuyahoga county against the valuation of your property is 04/02/2018. Also, if you are looking to purchase any rental properties, you might want to consider having an appraisal done on the property as soon as you purchase the property. Reminder that taxes are a large expense and if able to reduce it will help cash flow and cap rate. If anyone has any appraisal questions in the greater cleveland area, feel free to reach out.

@David Lauka I would recommend @Paul Vincent. He is an investor friendly real estate attorney.