All Forum Posts by: Account Closed

sending a PM your way James

@Ron Dayley As someone who would one day like to have their own gym franchise, I love this concept. How did you first get started running gyms?

@Nicole O. I'm sure it wouldn't be a problem to have the tenants and owner sign. I'm looking at a 5 unit right now and 4 out of the 5 are currently leased. This is definitely a document I'd want signed, you can never be too cautious with existing tenants!

@Nicole O. Great suggestions, thank you! And yes, I meant for making an offer (I should have clarified that). I was just reading about estoppel agreements for tenants that are currently in place. Have you dealt with using them at all in the past?

Hello BP!

I'm putting together a checklist to attach to the inside of prospective property's folders and I wanted to know how you all put yours together. I've got the basics like taxes, insurance, property info sheets, but I want to make sure I'm covering all my bases. I'd love to hear feedback as to what formats other people use that help them stay organized and gather all the information needed.

Thanks in advance!

@Christopher Phillips So while we're on the topic of tax assessments, I do have one slightly off topic question. I was going over a tax bill on a prospective property and noticed that the city tax amount looked awfully high. After digging into them a little further, I found out that there are amounts included for a DPW relevy & a sewer water relevy this year and last year. What exactly do those mean in terms of city tax bills? This is the first of many properties that I've analyzed in that city to have this.

@Christopher Phillips Thank you for explaining that. It makes more sense now, and I can see why property assessments go unchanged for years. When you say "substantial work", is there typically a limit that they will overlook so to say, (5k, 10k, 15k?) when filing for permits before they'll adjust the assessment value?

How do tax assessed values on commercial/residential properties go up or down?

I'm looking at a commercial property that has been assessed at the same amount, $94,400, since 2007. It's a 5 unit property in a decent neighborhood. My question is this: how can that amount change (for better or for worse)? I know improving the property is obviously going to make it worth more, but how has this property's assessed value has remained the same for 9 years? When you file your permit with the town they know how much value you're adding so I'm assuming they update the value on the spot. However, does having an appraisal done on the property affect the number determined by the tax assessor at all? I guess what I'm trying to ask there is if the appraiser has to disclose any new property appraisal values to the city/town?

I'm hoping that some of you fellow BP'ers out there can help me out with this.

I have found the Lis Pendens list for my county that's updated daily. Now that I have my hands on it, I'm feeling very overwhelmed on what my next step should be. I want to start reaching out to these people but with so many of them in my area, I wanted to hear thoughts on different strategies that people have used in the past to target these individuals and what NOT to do in the process.

Any help on this is much appreciated!

@Meredith Tabscott You may be able to call your local land records office and ask them if they can help you find out the information you need. I don't see why they wouldn't be able to either answer your question or guide you to someone who can.

If the 20% down is a problem for you right now, I would find out if the current owners of those properties you're looking at, own the property out right and if they do, see if they'd consider seller financing. If they're dead set on not wanting to and would rather have all the money now should they be willing to sell, try asking what they plan to do with it. If they're just going to put it in a savings account, bring up the fact that they'd only get, on average, .5% annually with it sitting in a bank. With seller financing, you could offer them full asking price (say $25K at 4% for 20 years). That's $151.50/mo you'd be paying to them. It would be similar payment amounts to the bank per month if you were to do a 30yr at 4% and had good credit but the point of this would be to convince the seller to do it with a couple thousand down vs the $5K you'd need with a bank at 20% down. Get creative with your offer based on what suits your needs the best. The worst they'll say is no.