All Forum Posts by: BW Miller

@Kathleen R.

I came across this link on the Rentec Direct website. Its a great starting point as it includes a highly informative, unbiased approach to Property Management Software evaluation.

https://www.rentecdirect.com/blog/management-software/

Thanks for the intel my BiggerPockets friends. In my research I came across this FAQ on BiggerPockets as well.

It's quite extensive, and an excellent source of info on the topic.

https://www.biggerpockets.com/forums/41/topics/68977-foreclosure-auction-sheriff-sale-and-trustee-sale-faq

I'm investigating a possible property purchase through an online auction. A lot of online FAQs and websites talk about possible encumbrances attached to the asset, be it a mortgage, or a judgment or a tax lien. 

For each sale, the auctioneer is required to create a Notice of Encumbrances (Form 2434-B) which lists out what possible encumbrances were found during their research of the asset. While they "can not guarantee its accuracy, it is a good faith search in an effort to provide the bidder with the information".

Can anyone provide more detail on what the encumbrance risks are here?

How could you offset those risks?

Would love to hear from any folks with experience purchasing foreclosures at auction. Thanks

@Rich O'Neill & @Jordan S. -- Thanks so much for your prompt responses and useful insights.. I was thinking about this deal today at work and remembered as well this home was situated on over 5 acres of land. Of course the property taxes would be excessive and would render rental calculations infeasible! 

Jordan your additional insights on West Chester rentals in general are really beneficial for me (or anyone) learning the ropes by analyzing deals in areas outside of more suitable neighborhoods and price ranges. And yes my closing estimates were way low. Thanks again

What really gets me is the sense of community here in the BP forums. This membership looks to be paying off in spades. Thanks for such advantageous responses on my very first post. I really appreciate it

Hi - completely new to the game of rental real estate. Although I'm not targeting this particular area or home type, I'm looking into it because I have an angle on the homeowner. However, I can't make these numbers work even if I lower purchase price by 20-25%.

Is it possible that property taxes can be so high in a particular area it's completely infeasible to turn a profit off a rental home? I'm being conservative with nearly all my numbers and then removing costs for property management (I'll take that on). I still can't get anything close to 12% ROI. I think the rental rate I've estimated is fair for the area. Thx!

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*This link comes directly from our calculators, based on information input by the member who posted.