All Forum Posts by: Mary Davidson

Thanks for the replies. 

The reassessments just came in at the purchase price. And yes, they were previously owner occupied. But basically the one quadrupled and one doubled because of the current market situation.  Although one was only owned for like 2 years. I guess I’ve always heard that assessments are way under value until they do a county-wide reassessment. Maybe that’s just for those who have been in their homes for 50 years. 

I will have to look at the bank appraisals. If that is how the county does it, then lesson learned.  I just wish I had heard more about how to plan for this before. I’m just wondering what my options are to do now. 

Hello all,

I am wondering what to do.  I purchased 2 rental properties (my first) and didn’t realize how much a tax reassessment would affect my numbers.  I was told by someone in the auditor’s office that a sale wouldn’t trigger a reassessment.  Well, she was wrong.  I finally received the paperwork about a year later and submitted my appeal letter.  I just got the reply, saying it was denied and the assessment stands.  I don’t know that doing anything to appeal it at this point will accomplish anything.

We will just about breaking even on the one house.  The other one will still have some cash flow.  I thought about making a lump sum payment toward the principal, but that just shortens the length of the mortgage, not the monthly payment.  My question is about something I just read about, recasting your mortgage, where you pay a lump sum and they refigure your monthly payment, but the length of the mortgage stays the same.  Has anyone done this?  Is it worth it to be doing better than breaking even each month, or should we just keep our extra funds in the bank ready for emergencies?

Thanks for any advice!!

Thank you all so much for the replies. I really appreciate you taking the time. 

Hello all,

We are in the process of buying our first rental property and I am a little discouraged. We just got our mortgage to sign from the lender my realtor recommended and they are charging us a 6.625% interest rate and a 7.055% APR. For the first time I am hearing that mortgages for investment properties have higher interest rates...?!? Never heard that before. Then in checking with another lender he says that because our mortgage is going to be a "small" amount (70K) there are all these adjustments ?!? (basically it's going to cost us more). Does anyone know of any lenders you can recommend who aren't going to charge me a 7+% interest rate for this situation?

Thanks in advance!

Mary