All Forum Posts by: Mark Bradford

Nice. Love to hear those stories. We love talking and listening to REI!!!!!

Welcome to BP and welcome to an Indiana investor! Im fairlly new on BP as well but I have learned so much in just a few weeks. Hope you have the same experience.

Great answer @Sam W. I second that approach.

I argree with the mass. Timeline? Number of workers? And any figures ( if you are willing on this part)?

@Sean is correct. This is also gets into property managing for other owners. Basically if you dont own it and you want to sell, manage or.... You might want to look farther into the law. We delt with this when we lauched our property management company

This deal is still under way with contingencies that seller pays all taxes owed uo to date of sale. Even if the religious exemption gets removed. All keep you all posted. We are still off on numbers but we are getting closer

Good thought. So look into not closing till after May 1st and make sure the religious excemption stays on. The following year it will be reassessed at the current value not as a church building. I think that is what you are saying.

Needing help to close a deal. Trying to buy a property that is no longer being used by a church for the last few years it has been empty. I'm in Indiana and so only know about our state and county tax.  And here is how this property is laid out; current tax assessment of land and building is 318k with a religious tax exemption. So current tax bill by the church (owner) is 50$ per year. Now a couple things you should know. My deal is contingent on the property getting the rezoning of residential classification.  So i plan to close on the property and have the rezoning already done. The owner is currently trying to get the property reassessed at a value of 200k. But religious tax exemptions get reattached or removed on May 1st of each year. I asked in my first offer that the seller pay a 9500$ tax payment at closing. This is in expectation that the religious tax exempt would be removed may 1st due to rezoning to residential and non church ownership when I buy it. Also the county assessor has informed me that even if I don't buy it the religious exemption will  be  removed anyway due to the fact that they have no church operating there anymore. They said no to my offer with the tax payment at closing. I would like to counter their offer but don't want to get stuck with a residential property worth about 100 k on tax assessment  but be taxed for 2014 taxes at 318k value. Any ideas what I should do to protect myself on this buy. Sorry for the long story and the bad writing LOL  I do better with face to face or by phone. Not an English major. 

Will do @Adam Gerig I love talking about RE. I also would like to hear how you got to 90 properties. At the small number we manage Iwonder why we do that part of the business.

Wow looks like I need to talk with that Suzie lady some more! She is in the know. Good thing she handles the finances. Lol. Ok. I was wondered if anyone would jump on the utilities have to be paid by me. That was a big concern by us. I hate to pay for anything "I" dont use. Well I think we have let this deal go not beccause it was a bad deal but it just didnt fit our portfolio. I guess we learn from every deal or not deal. But as you own more properties you can decide what might be a deal for you might not always be a deal for the overall business