All Forum Posts by: Brian Esser

@John Princinsky I was born in Saginaw. The lowest lender I found when I was there was frankenmuth credit union. They write mortgages for down to 20k. 80% LTV....atkesst when i was there. Good luck. Message me if you want some insight on good and bad neighborhoods

What is the appeal of those specific cities?

MI TAXES

Michigan has some of the most complicated property taxes in the US.

First, Michigan uses the State Equalized Value (SEV) to determine INITIAL Taxable Value. The SEV is supposed to be 50% of the market value. Many people mistakenly believe the SEV is 50% of the purchase price, but it is supposed to be the market value.

Most cities have an Assessor that determines how much values have changed each year. Since they can't do each property individually, they use comparables to make broad generalizations to determine percent changes. Then these are applied to all properties in that city. Property owners get an annual update with their winter property tax bill.

Most Michigan properties receive TWO annual tax bills - one from the city and one from the county. Many banks handling tax escrow accounts for mortgages have mistakenly thought there was one tax due twice/year or totally missed one of the taxes.

Okay, so once you have your SEV, you then have to research your Taxable Value. Back in 1994(?) Michigan passed the Hedleed Amendment (http://www.legislature.mi.gov/...) that capped increases to the SEV annually to the lower of 5% or the state's Cost of Libving increase. This was done to protect senior citizens on fixed incomes from being forced to sell their homes due to unaffordable property tax increases.

So now, the city assessor tracks the SEV, but homeowners are taxed based upon the Taxable Value. These two numbers diverge over time as market values increase, but tax increases are capped. The Taxable Value is uncapped and equated to the SEV upon a sale or other transfer of property ownership, with limited exceptions.

Once you know the Taxable Value, you can look up the property tax millage rates, which each city & county sets separately (with voter approval).

It is very possible for property taxes listed in the sale ad to double or triple upon purchase, if the seller has owned the property for quite some time.

been a landlord for 20 plus years in saginaw if ya need help please email me

thnkas steve

Hello Allan Brock,

I live and work in the Saginaw, MI market.

I would highly suggest the 48602, 48604, and 48609 markets. The 48601 market is stricken with below average schooling, lack of local attractions, and a high crime rate. Let me know if you have more questions about this area as I am very familiar and would love to help.

Gabrielle

@Brian Esser - let me know if I can work up some figures for you.

@Brian Esser What part of Ohio...most solid lenders are lending nationally and pretty competitive with rates...the one variable you should take advantage of is local banks...small banks...we us LCNB locally. These guys are usually pretty hungry for business...looking to grow and expand. 

 I would reach out to @Chris Wharton for lending in Ohio. He is the best one I know!

@Brian Esser - we are happy to quote on any 5+ or 2-4 deals for you.  Feel free to run any loan scenarios by us:  [email protected]