All Forum Posts by: Carrianne Mucho

Originally posted by @Patrick Boutin:

@Kellee Dankiewicz, I would be interested in your REI group in Manteca. I am looking at investing in the Sac/Stockton/Tracy area, given that those areas seem to be among the few with reasonable prices.

@Carrianne Mucho, yes I thought maybe some closer here would still be doing things in the outer areas. Regardless, I am still interested in meeting some local investors as well. As you say, going there a few times may still be useful.

Do you have the Roseville meetup link so I can look them up and register?

Let me know if you decide to go in January and I can look for you there! 

Assessor's offices typically work about 6 months "behind." So it can take anywhere from 3-12 months after a purchase for the property to be reassessed. In most cases, especially if the property was marketed in MLS and is an arm's length transaction, the new assessed value would be the purchase price.

@Patrick Boutin - There probably are some meetups closer to you and I know that some of those folks are investing in Sacramento, but if you want to meet some local contacts with local experience, it might be worth it to make the drive at least a couple of times.  @David Oldenburg has a meetup in Roseville; next meeting is January 10th. Also, I was just talking with someone today who had good things to say about the NorCal REIA group and Capital City Wealth Builders.

Maybe I'll meet you at one of these!? 

@Yia Her - I am excited for you since I know that you will find SO much valuable information here.  

A couple of tips to get you started: 

1. Adding a profile picture will encourage others to interact with you more.  (just like you would have on your agent card or website). 

2. You can find the Ultimate Beginner's Guide here.

 I'm curious why you want to get out of selling RE and not just diversify...are you mainly a listing agent or buyer's agent?  I would think that your personal experience could add value to buyers who want to become investors.  

I'm located nearby so I'd be happy to connect if you have any financing questions.  

@Michael Clayborne - Let us know what you learn!  

Dennis Cobos -you have many questions and I have many answers. I hesitate to post details publicly since your situation is unique and I don't want to inadvertently "advertise" but I am a lender in the Sacramento area and will be happy to educate you about some of your options. I guess I answered your question "how do I find a lender that specializes in these types of loans"?: post a question on BP! :D Please private message me or you can find my email on my profile.

@Dennis Cobos - While I would love to offer advice on your question I admittedly don't have the legal expertise nor a crystal ball to advise how you should proceed with this delicate situation.  I am curious though what area of Sacramento you will be purchasing and what type of property?  Are you relocating to this area? or will this be an investment property?  Happy to help if you have any financing questions.  

Originally posted by @Michael Clayborne:

Hello BP!

I am currently working on improving my ability to analyze prospective deals. I've been through the Ultimate Beginners Guide here on BP and it explained a lot! Also reading through the forums and blogs has provided me with a greater ability to find information and formulate actual data vs. pro formula found on Zillow and Realtor.com. 

But I am having trouble interpreting the property taxes from the County Records Cards provided for properties, mainly property tax assessments and assessment percentage. 

Is this property tax (Taxable) reported as a yearly amount? And do I just take that amount and divide by 12 to get the monthly amount? 

What is gross and net assessed value, and how do they compare to taxable and market valuations?

Also how normal is it for the Market valuation on the county's books to be out of date?

Thank you for all your time and assistance in helping a newbie off the ground!

Best,

Michael 

I can't speak to how property taxes are handled in OK but I am very familiar with California's property tax system so I will speak to that and perhaps it will help you as a starting point for your research. In California, it is very common that the assessed value has no relation to market value, mostly depending on how long the property has been owned. Generally, and I think this applies to most locations, when a property changes hands, it will be re-assessed (appraised by the assessor) at fair market value and taxes for the new owner would be based on that amount. 

A gross value is likely the base assessment before any discounts.  In California, the most common "discount" is a homeowner's exemption which decreases the (gross) assessed value by $7,000 (for a net assessed value) saving the taxpayer about $70 per year.  

You might try searching your County's website for assessment information.  Some counties near me have a lot of useful information online.  Or, you might even try calling or visiting your local assessor's office.  They might be surprisingly helpful.  

Just as you should never assume that a Zillow estimate is correct market value, you should never assume that the assessed value is indicative of market value.  Even in a county that regularly updates their assessments, that property may not have been physically inspected and appraised in many years.  

Originally posted by @Calvin Kwan:

How about this?  I moved the stove further down so it wouldn't get in the way of the dishwasher opening.  I also selected an 18" dishwasher instead of a 24", so it's more narrow and bang into the drawer handles as it opens.

Do you guys see any issues here?  Does it make more sense to get fewer big cabinets, or more small ones to fill space?  For example, does it make more sense to get (1) 30" cab or (2) 15" cabs?

 This is exactly where my thought process was going as I was reading the prior posts.  Without adding an island, this probably is your best option given the window location.  I might even move the stove over a bit more to place more space between appliances...swap the 30" and 24."   Although it would be ideal to have the fridge farther from the sink, I agree that viewing the side from the living room may make the space seem smaller.  

@Bryan O. & @Aaron Barrett -  a 203k is for a primary residence only.  If this is an investment property, @Stephanie Medellin made a good suggestion with FNMA Homestyle which is a renovation loan that can be used for investment properties.  Generally, it will be challenging to get a mortgage for less than $40,000-$50,000 as there are certain fixed costs that would make it unprofitable for a lender if the loan amount was less than that.  From a borrower's standpoint, there are also fixed costs such as appraisal and title fees that reduce the practicality of a smaller loan amount.