All Forum Posts by: Vivek V.
Vivek V. has started 1 posts and replied 3 times.
@Linda Osborn, I appreciate the insight! I will reach out via PM.
Thanks for the advice Ryan. Really appreciate you taking the time advice someone starting out!
Originally posted by @Ryan Blake:
@Vivek V. Welcome to BP. You will be overwhelmed with the amount of info easily available.
Getting a home is probably not a bad idea. I would definitely search for something that is going to do a bit above break-even just in case there is a downturn in the economy. You don't want it to turn into a cash drain.
Definitely agree. Not looking to get a fixer upper for this specific reason.
See my comments below:
What I’m concerned about -
- Property taxes - Given that Im going to be out of state for atleast a few years, I understand that there isnt a cap on the property taxes. But realistically, what percentages should I be accounting for?
They are capped. There is a % that each county (I believe) sets so that they don't run out of control. To combat this, you can contest the valuation at a hearing or have someone do it for you for a fee. You must do this. The deadline in Tarrant County changed from 5/31 to 5/15 this current year.
In north Texas our taxes can range from 2.2% all the way up to 3% depending on all the taxing districts you are in (i.e. school district, medical district, community college district, city/county, etc.)
Could you point me to where I can find this limit? I couldn't find anything that suggests such a limit other than for homesteading reasons, which wouldn't apply to rental properties.
--> NEWB MISTAKE - I Meant to say "looking for" rather than soliciting, but it looks like post titles cant be edited :-( <--
I'm an absolutely n00b to the world of REI, I happen to have found my way to biggerpockets thanks to the interwebs and would love your advice.
Here’s what I’m considering investing in -
- A SFH 3+, 2+ bath in the N Austin,TX area.
- Keeping the overall cost under ~ 250 K mark.
What I’m hoping to get from the deal.
- A rental investment for the first few years, that I could potentially move into in a few years.
- Not expecting a large CAP rate or much cash flow initially but hoping that will change in the medium term (~ 3 years). At least initially, I'm hoping that the house pays for itself( ie. mortgage, property management, HOA, property taxes and other expenses.
- Appreciation.
What I’m concerned about -
- Property taxes - Given that Im going to be out of state for atleast a few years, I understand that there isnt a cap on the property taxes. But realistically, what percentages should I be accounting for?
- If I end up holding the unit purely as a rental investment. Are there any other hidden costs that I’m missing here?
I appreciate any other feedback/advice you may have
Thanks!