All Forum Posts by: Matt Kvalheim

Great, thank you Jonna!

Everyone, thank you for the feedback.  I will call tomorrow to find out how that jurisdiction calculated the tax, as Ryan suggests, and then see if my numbers still work using the new purchase price.

Here are a couple pictures.  The picture in the bottom left corner is the view when walking into the kitchen.  The white appliance on the left is the refrigerator and the stove is to the right.

Hello, I have an apartment building under contract and I have just toured the units.  The unts are small - under 500 sq ft - but they are livable, but there is a glaring problem.  The kitchen is fairly small, and the current owners have placed the stove right in front of the sink.  There is about 10 inches separating the counter top where the sink is located from the stove, so a tenant would not be able to stand directly in front of their sink when using it.  They would have to lean over from the side.  

This is more than an oddity to me - it makes the sink and the kitchen essentially dysfunctional.  There are 26 units, so it won't be cheap to relocate either the sink or the stove (there isn't much room to maneuver in there anyway, but I have some ideas).  

What do you think?  Is this a deal breaker?

Hello all Boise/Nampa investors!  I have a question about the desirability of rental properties in downtown Nampa.  I am looking at a property right next to downtown, within walking distance of many amenities.

My question for the locals there is this - is downtown Nampa a desirable place to live?  In your opinion, is it up and coming, stagnating or in decline?  Are there any redevelopment projects planned for the area?

I appreciate any insights you might have.  Thanks!

Hello everyone, this is my question for the community.

I have a multifamily property under contract and I am in the due diligence phase.  This is my first deal larger than a 4-unit property (this one is 26 units) and I have found a potential issue with the property taxes and how they fit into the financial analysis.  The annual taxes for the property that I was given prior to going under contract was based on a very low county assessment - the property had been owned by a family for years and there was a lot of deferred maintenance.  They recently put several hundred thousand dollars into the property just before putting it up for sale, however, the taxes have not been reassessed since then.

My first question is this:  if I purchase the property for significantly higher amount than the basis for the current tax assessment, what can I expect my property tax bill to be on a go forward basis?  Could the taxes double?  I plan to call the county tax assessor to get an idea of what might happen.  Do you have any experience with this, and what happened to your tax bill after purchasing a property for significantly higher price than the current assessment?  Are there any rules of thumb for this, or better yet - how would you deal with it?

My second question is:  if it seems likely that the taxes will increase significantly, is this something you would go back to the seller and point out, and negotiate a price reduction?

Thanks in advance for your advice!

Hello everyone, I am looking for a new tax preparer.  I have a business with a partner (non real estate related) as well as my own portfolio of rental properties, as well as my wife and my W2 stuff.  So, a lot of stuff going on and my current tax guy just isn't cutting it - he's filling out the tax forms for me, but that's about it.  I would like somebody who I can work with to actively reduce my tax bill and to help me with strategies to maximize the deductions I can take within my business.  

I would love to know who you would recommend in the Orange County, CA area (I live in Tustin) and why.

Thanks.

I use William Robison as well for my KC investments and I would highly recommend him to anyone looking to invest in the KC area. 

Hello everyone, I'm very interested to hear your opinions on how I should handle this situation.

I have been investing in buy/hold SFRs and 4 plexes for about 12 years now and my retired father (he's 72 years old) would like to invest in some properties with me, 50/50.  How should we best hold title to the properties?  We bought our first one for cash a few weeks ago, under my name only and we plan to refinance it after 12 months of holding.

At first I thought it would be safer if it just had my name on title, just in case a lawsuit went bad.  I'm relatively young and have time to recover financially, while my father would not.  I also thought it would be easier to refinance down the road with just my name on title.

However, now I am thinking that if something were to happen to me, my father would then have no legal rights to the property if he's not on title.

How should I best deal with this situation?  Should I quitclaim him onto title now as Joint Tenants?

Thanks in advance for your thoughts!

I use William Robison and I have been very happy with his level of service, responsiveness and his expertise and knowledge of the KC market