All Forum Posts by: Kyle Lewis
Kyle Lewis has started 5 posts and replied 87 times.
Post: Property Tax - Reassessment
- Real Estate Agent
- Los Gatos, CA
- Posts 88
- Votes 39
The odds are high. It may not be immediate though. I believe Cuyahoga county reassesses properties every 2 years. This doesn't necessarily mean the taxes will go up, just that they'll be reassessed. I typically look into the property tax and transfer records, which are all online to see what the property is currently assessed at. If I see that the property was purchased a few years ago for much less than I plan on paying, than there's a good chance that the county will see that and raise property taxes the next time they reassessed. I would also look to see what exemptions are currently on the property tax bill. Exemptions like the Homestead Exemption will go away once an investor purchase, so definitely bake that into your numbers. I'm no expert, but this has been my process. It seems to me like Cuyahoga County loves taxing investors so I always err on the side of caution with property taxes. Below is a link to the county property tax rates.
https://treasurer.cuyahogacounty.us/pdf_treasurer/en-US/2017LevyImpacts.pdf
Post: Looking to form my Real Estate Team
- Real Estate Agent
- Los Gatos, CA
- Posts 88
- Votes 39
Welcome to BP!
Post: New Member from Northwest Indiana
- Real Estate Agent
- Los Gatos, CA
- Posts 88
- Votes 39
Welcome to BP!
Post: New investor from Boise, Idaho
- Real Estate Agent
- Los Gatos, CA
- Posts 88
- Votes 39
Welcome to BP and best of luck to you!
Post: Newbie from Lexington, Kentucky
- Real Estate Agent
- Los Gatos, CA
- Posts 88
- Votes 39
Welcome to BP! and best of luck to you!
Post: [Calc Review] Help me analyze this deal
- Real Estate Agent
- Los Gatos, CA
- Posts 88
- Votes 39
The water/sewer, garbage and property tax expenses look very high to me.
Post: [Calc Review] Can i get some feedback on this deal?
- Real Estate Agent
- Los Gatos, CA
- Posts 88
- Votes 39
Deal looks great to me. Good luck!
Post: Landlord insurance price
- Real Estate Agent
- Los Gatos, CA
- Posts 88
- Votes 39
Seems reasonable to me
Post: Concrete or asphalt referrals?
- Real Estate Agent
- Los Gatos, CA
- Posts 88
- Votes 39
I've had a good experience with Holland Paving
http://www.hollandpaving.com/
Post: 15 Unit Deal Analysis
- Real Estate Agent
- Los Gatos, CA
- Posts 88
- Votes 39
Looks like a pretty good deal to me. Three other expenses I'd look out for are property manager lease up fees, utilities and CapEx. If the PM charges a full month's rent lease fee and avg tenant duration is 18 months, you're looking at $7,000/year in lease up fees. If these are all SFR, you probably won't need to worry about many utilities but definitely something to confirm by looking at lease agreements. I'm guessing that the maintenance number at $83/door/month doesn't include CapEx, so I'd make sure to factor in about the same amount for CapEx.
Also, if these are SFR, the taxes look really low. I'd look into that further.
Good luck on the deal!