All Forum Posts by: Carolina Mejia

If you can't get financing try asking the seller if they used financing, and if not give back some of the price reduction and see if they will carry the terms for you.

I would work on lining up financing/ funding before negotiating deals as it is less than ideal to be in a deal you could never fund.

Hey Chris! They will not carry the financing, I sent over the offer at full price for seller financing but they just want the lump sum. I shot my shot since it has been on the market for 232 days. I am reaching out here for knowledge on this specific investment class. Thanks!

0 Votes

Atlanta, Georgia

Ok, I got my first counter offer. I was able to get $35k off of the asking price. $165k is what we ended up on. It's a group of 4 trailers built in 2017 sitting on .70 acres of land in a rural part of GA. 1bed/1bath single wide trailers with HVAC and city sewer & water. They are all move in ready. I called a lender and they do not offer financing for the trailers since they are single wide. I'm going to keep calling but I am reaching out here to see if anyone knows any lenders - this is for investment purposes and i won't be living there. Any ideas?

1 Vote

Atlanta, Georgia

Quote from @Michael Wallimann:

@Carolina Mejia I love this story! I remember an episode where they were talking about this back in the earlier days of the podcasts. Way to keep recycling that BP knowledge and continue the cycle of Bigger Pockets and the gift that keeps on giving!!

Thank you! :)

0 Votes

Atlanta, Georgia

Quote from @Bill B.:

It’s probably a typo, but even if it’s not, expect your taxes to be reassessed when you purchase it. Either because you don’t qualify for the discount the current owner does, they are always based on last sale price, or because an error will be caught. Since we agree the property isn’t the reason the taxes are being reported low they will change at sale. Feel free to walk in to your local county tax assessor and ask them what the taxes will be if you purchased it for $xxxx. After you get the answer you can ask why they think they’re so low currently. Good luck.

Ps. It looks like all the savings are in school taxes. Maybe they’re outside the school district?

thank you I didn't know you can call to get an estimate for future taxes. I will definitely be calling

0 Votes

Atlanta, Georgia

Quote from @Kevin Sobilo:

@Carolina Mejia, it looks like the current owner is eligible for some kind of tax break. You should call the assessor and ask them what its about.

For example in my state there is a program called "Clean & Green" where if you have 10+acres and are using the land productively to farm or even to grow trees and eventually timber they will base the property taxes on the use of the land instead of comparable sales thereby reducing the taxable value substantially.

That is just an example, the program this property is under might be completely different and for a different purpose.

You want to investigate because if you buy it you may not be eligible for that tax break and depending on the program there may even be a cost to remove it from the program.

Yes of course thank you!

1 Vote

Atlanta, Georgia

Ok, i found a townhouse that i am looking to purchase to do a live in BRRRR. I am running the numbers and see the property taxes listed on zillow is $320/year. I live in the is town and know its LOW. I look it up on the county website and yes its been $320 for over 10 years. The neighbors in the area are $3000-$4000/year. Why could it be so low? Is there somekind of error or if someone is a veteran, political figure i dont know something crazy like that that they would get a 90% discount? I would like to submit and offer and the taxes make a big difference of the numbers and looking at the breakdown it looks like they aren't being charged certain taxes?. If anyone has insight on why or how please let me know. see attached image for breakdown- this is a townhouse if that matters

0 Votes

Atlanta, Georgia

Following this- any one find out how to do it?

0 Votes

Quote from @Andy Verge:

This is an amazing story on learning and passing it forward. 5 star review from this guy.

Thank you Andy! I hope to get this done and will come back and ring the victory bell when the submetering is LIVE!

1 Vote

Atlanta, Georgia

I had a seasoned investor reach out on one of the direct mail campaigns i did. We started meeting and I offered to help him organize his portfolio (he keeps track of everything on paper no software and about 80 properties) In a meeting he got to talking about his mobile home park and told me during the winter the water bill can be $7,000. I was like do you bill them back? He said no & that he had tried to get them separately metered by the county but it was $5000 each and its a 50 home park so it was too expensive for him.... So since I listen to the BP Podcast I know he can SUBMETER the water using those wifi devices and save himself aprox. $35,000 a year in water expenses. He said he didn't even know it existed. I reached out to get some quotes from some providers... I just wanted to share that KNOWLEDGE is POWER and that BP has brought me value and has enabled me to bring value to others. I am very happy! Now who has a contact for water submetering in Cumming, GA?

2 Votes

Atlanta, Georgia

Quote from @Alan DeRossett:

look into transferring it into an LLC and taking a 10% partner then refinance maybe.

How so? Can you elaborate on "take 10% partner'?

0 Votes

All Forum Posts by: Carolina Mejia

Carolina Mejia has started 23 posts and replied 64 times.

Post: Financing for investment 4 single wide trailers

Post: Financing for investment 4 single wide trailers

Post: Water Submetering- Putting some knowledge to use!

Post: Possible property tax error?

Post: Possible property tax error?

Post: Possible property tax error?

Post: Finding a list of Multifamily Properties and Owner information

Post: Water Submetering- Putting some knowledge to use!

Post: Water Submetering- Putting some knowledge to use!

Post: HELOC W/ LOW CREDIT