All Forum Posts by: Frank S.
Frank S. has started 26 posts and replied 54 times.
Post: Remodeled Home Jumped From $240K to $340K, Should I Protest?

- Real Estate Investor
- Houston, TX
- Posts 54
- Votes 7
Yeah, that's what I figured @Carrianne Mucho thanks for everyone's input!
Post: Remodeled Home Jumped From $240K to $340K, Should I Protest?

- Real Estate Investor
- Houston, TX
- Posts 54
- Votes 7
I bought a personal home in February 2016 and spent 8 months remodeling it from the ground up, a total gut job. I moved in December 2016. The 2017 County Tax Appraisal recently came in at $100K higher than last year. What would you recommend I do if my goal is to pay lower property taxes?
I feel stuck because I did spend more that $100K, I spent around $125K. So if I fight it, they may come back with an even higher 2017 appraisal if they dig deeper. But I've heard other investors talk about strategies to lower the tax appraisal value. I've already homesteaded, any other tips or tricks? Hire a property tax law company to fight it for me?
Many thanks, BP community!
Post: Spreadsheets: Should depreciation and taxable income be included?

- Real Estate Investor
- Houston, TX
- Posts 54
- Votes 7
Like many of us, I have created my own spreadsheet calculator to analyze multi-unit properties. I am struggling to understand how depreciation and taxable rental income should be calculated in the spreadsheet.
As I currently understand it: Depreciation of property value (not land) can help reduce taxes on rental income. And estimated taxes owed is total income minus total expenses (cash flow) then multiplied by your current tax rate. Am I right?
Does straight-line depreciation increase each year because of inflation, ARV, or annual property appreciation, switching tax brackets, etc?
Should I add estimated income taxes to my non-operating expenses to get a more accurate analysis of cash on cash return?
Should I include inflation to future income tax expenses?
Does inflation need to be calculated at all anywhere in a spreadsheet calculator?
Sorry for so many questions, I'm so confused... Could anyone provide any feedback, suggestions, thoughts?
Post: How to research tax liens?

- Real Estate Investor
- Houston, TX
- Posts 54
- Votes 7
Post: LLC for each investment property?

- Real Estate Investor
- Houston, TX
- Posts 54
- Votes 7
Post: DEALING WITH SLUMLORD SELLER

- Real Estate Investor
- Houston, TX
- Posts 54
- Votes 7
Post: Payoff Escrow Shortage?

- Real Estate Investor
- Houston, TX
- Posts 54
- Votes 7
Thanks @Christopher Phillips is the $37.18 each month going to acquire interest?
Post: Payoff Escrow Shortage?

- Real Estate Investor
- Houston, TX
- Posts 54
- Votes 7
Received an annual escrow account disclosure statement for my home which I just purchased 7 months ago. Says there's a total escrow shortage of $446.18. I can either pay that amount in full or spread that amount over 12 months and pay an extra $37.18 on my monthly mortgage.
What should I do if my plan is to move from this home in 3-5 years? Thank you in advance for any insight!
Post: Can I fire a contractor after he pulled the building permits?

- Real Estate Investor
- Houston, TX
- Posts 54
- Votes 7
He did not create any contract. Only an estimated invoice. Every week he asks for lumps sums and when I ask where is the money going towards, he states the whole job and does not itemize anything. The best thing about the situation is at least his crew shows up and works. But I feel like I am getting overcharged and given the bait and switch a few times. I've already paid him for the work he has finished or has started and he is asking for more. But I am considering not paying him more for future jobs because I would like to let him go and hire sub-contractors myself to save a ton of money and not worry about price changes. But I feel like I'm stuck because he pulled the building permit. FYI: I'm in the City of Houston.
Post: Can I fire a contractor after he pulled the building permits?

- Real Estate Investor
- Houston, TX
- Posts 54
- Votes 7
I hired a contractor to remodel an old home, a total gut/new floor plan job. We are about half way through, the first round of city inspections should happen soon. However, during the first phase the contractor raised his prices and his original bid was so vague that he adds new cost for specific jobs I assumed was to be included in other jobs he quoted. I have received quotes from other sub-contractors and if I stop using my original contractor I can save about $25,000 or 50% of what he will charge me, not including any "unforeseen cost" if he decides to raise the price a few weeks from now. (even though there should be no unforeseen cost because the entire home was gutted including the underground sewage pipes, everything has been replaced except the roof and exterior walls. If I fire him, what issues will I have because he pulled the city building permit? I was told there are 3 main building inspections: framing/structural, insulation, then final overview after drywall. He should be calling in the first inspection because we are ready for insulation.