All Forum Posts by: Zack Thiesen

I'm doing a deep dive on PA property taxes and how they work in different areas and came across Dauphin County's millage rates one-sheet for 2020. There is a number in the end column labeled "TOTAL" and an example at the bottom of the sheet that reads:

"Example: Assessment ($1,000) X Millage Rate (1 Mill or .001) = Real Estate Tax Amount ($1)"

Although, the number from the "TOTAL" column can't possibly be the Millage Rate (Tax Rate?), can it??? I'm seeing 25-37...  unless you pay $1300/mo in prop taxes on your $65k property that rents for $900/month then I must be reading this incorrectly. Even some the other numbers you think it could be don't seem correct when entered into that equation. There is also a great sentence that reads "The charges are included in the above Municipal Rates if applied uniformly to every property; however, some municipalities randomly apply such charges of varying rates."

And seeing tax histories on different properties they are completely different from year to year, sometimes doubling or halving. 

Is there a simpler way to understand tax rates by city or county? It's difficult to imagine making an investment somewhere that you wouldn't know whether your costs would double, or triple etc from year to year. But I am probably missing something. 

Any info is appreciated!

@Marco Morkous Simply because some properties cant be financed. Think of it like this: if you dont pay your mortgage/loan, the lender forecloses and is now stuck with the asset. So when people talk about inspections and appraisals etc, that is the bank making sure it's an asset that they would be okay being stuck with. I almost had a bank refuse to lend bc an old uncapped well was discovered on the property, even though the house was fine.

It's understandable you would come to the authorities here at the Biggerpockets Forum first before calling it into the Property Predators Anonymous 24-HR Global Hotline. Great job, you've saved us all from this man working out kinks in his deal. 

@Oren Markowitz From what I have seen this guy serially harasses wholesalers lol, out of some personal axe to grind I guess? Not sure, but I wouldn't take it personally.

@Jeremiah Akindele Keep your $$$ for the real deal, friend! Seriously check out the podcast episodes from biggerpockets, search through the subjects to find the ones you might be especially be interested in, read blog posts from senior members and people with track records and staying active in the forums. It's all here! Good luck

@Allan Smith Networking is certainly critical, I'm really looking forward to building that aspect of my REI endeavor going forward. What has been successful for you in terms of marketing strategy?

@Anthony Wick I really like that idea of approaching the duplex owner with the for rent sign, that's a great idea. And it's the same here in my market for value-add opportunities on the MLS, I dont even try anymore. Snapped up in minutes at well over asking and all-cash. Most of the times the price seems truly foolish.. FOMO is a killer. A lot of people moving here from the SF Bay and to a family trying to find a house it all seems like a steal to them I'm sure.

@Jerry Lucker thanks for the reply. I'm enjoying the variety of answers I'm getting, it's illuminating for sure. I've never considered mobile homes.. what are some of the main ways that you favor them?

@Kalen Jordan I would also be interested to know.. I've gotten a few "cold call" copy/paste wholesaler intros into my inbox too. Not sure how I feel about that. I suppose that's why I asked my initial question because I wanted to at least weed out what others might know to be fruitless paths to good properties. Thanks for the reply

@Micheal Briscoe very useful to know, thank you so much. I had read that wholesalers will often inflate their numbers just as landlords advertising inflated rent rolls in the copy of their listings. I think if I were to find a wholesaler I would ask another investor for a reference. what is the way you've found decent wholesalers?