All Forum Posts by: Lokesh W.

@NA Burkart , I have missed the deadline last year for my personal residence and so the city assessment is under review for this year. Yes, I am careful this time not to miss the deadline.

@Sam Erickson , Thanks. No plans of selling these properties in the near future....

Good Morning,

My properties’ city assessments (Milwaukee, WI) are increasing and I guess this will be followed by an increase in tax. This includes my primary residence. I don’t plan on selling them anytime soon so I will dispute the city assessments to reduce my taxes. I do plan to refinance to obtain lower interest rates. One of the properties is rental and was purchased about a month back for much less than the city assessment value. I will add this to make my case.

Here’s what I want to know - What are the disadvantages of reducing city assessments? During refinancing, I know a new appraisal will be ordered. How critical is city assessment value for refinancing?

Any suggestions are greatly appreciated!

Thanks

@Kimberly T.

Thanks again for the info!

LOL!

@Brie Schmidt

Thanks for the tip. I looked up Speed Queen and Maytag so far.

@Bill S.

That's a good point. I looked up some on-demand water heaters. That will do for a 5-unit laundry. Also, I am thinking of purchasing front loan washers since they use less water.

@Ryan M.

This never had a laundry.

OK. Milwaukee investors! @Ramon Jenkins

@Ramon Jenkins , The numbers are good, after paying P + T + I + insurance + property management fee and saving 12% of rent for repairs and vacancies, I am left with around $700 per month to begin with. heat/ electric is paid by the tenants. Water is paid by me. Common area expenses not so much. Since I bought this from a bank, they do have a lot of info.

Out of 5 units, 4 are occupied. The vacant will bring in $650 rent. The bank that owned this financed me. CLosing cost are not a whole lot since the bank partners with a title company, the bank pays for some of the closing. This is commercial loan. The bank looked at credit score and other income (I am a fulltime computer consultant).

@Dawn Anastasi

Yes, commercial financing. Building is near Garfield ave and Buffum. THanks for suggestion on laundry equipment. Are you suggesting that I buy the equipment from this company? Are used coin operated equipment good in this case?