All Forum Posts by: Michael Faudoa

@Kyle J.@Dan H. Thank you so much guys, your comments really revolutionized this process for me. So instead of even bothering to look up current property taxes, I can just find out what my area's base property tax rate is? Do you know how to go about that? 

Also, so is prop 13 a good thing...? Since homes tend to be under assessed, which means less tax?

I found it! Not an easy search at all, but I got it. It's the 1718 property taxes, for a total of about $2,900. But I noticed something else... 

On the same report, it says that the property was assessed at $241,835, but the listing is for nearly $360k. Does that mean that the property appreciated over $100k in a single year? Or does the seller just have no idea what the value is? Or none of the above? If it is assessed at $350k after purchase, wouldn't that make my property taxes increase substantially too? Meaning I should plug in a super conservative number into the BP rental calculator, such as $3,900 instead of $2,900? 

@Caleb Heimsoth 

Would it be smart to go to the county assessor in person? If I asked them what the property taxes on a certain address were, would they be able to tell me? 

I am a new investor, and my agent sent me a duplex that shows some promise. I want to plug the numbers into the BP rental calculator, but I can't find the property tax. The listing is not public so I can't use realtor.com, Zillow, etc.

I tried going to my county assessor's website, but it is extremely cumbersome to navigate. I am wondering if there are other ways I can locate the property tax bill on my duplex? 

Thanks so much! 

Thanks Matt, sounds like I need a strict screening process for prospective tenants and to make sure that I contribute a certain percentage each month to maintenance, repairs, etc. 

I'm sorry that my question provoked you enough that you had to reply in such a sarcastic manner- I may ask a lot of dumb questions because I have no clue what I'm doing, just looking for help. 

I have a feeling you wouldn't be so demeaning in person, computers tend to make people a little more ballsy... but maybe its just your personality. 

Thanks for the reply! I'll try to ask better questions in the future. 

Hi BP members, I have a scenario that I would love feedback on. 

Lets say that I just bought a beautiful duplex or triplex. I ran the numbers and they showed great cashflow and investment opportunity. The house has no tenants. What do I do now? I'm a 22 year old and buying a house seems daunting but exciting. If I were to pull the trigger and buy a duplex/triplex, what comes next? Lets pretend that it does not need any major work, just minor repairs. 

Hi all- I am wondering what criteria I should be considering when hunting for a prospective rental property. What should I be looking for when I'm browsing sites such as Realtor.com? I understand that you want it to cashflow positively, but how exactly do you look for deals? Is it just picking random houses and plugging in the numbers into the BP calculators? Thanks so much in advance, I am more than eager to read al of your replies and discuss real estate. 

Hi all, my name is Michael and I am a new member here on BP. 

I have a question that I am hoping someone can answer- 

Why do some people advocate that you never pay a loan down because a loan is a wealth generator? I know that a benefit of paying off a loan is increased cash flow, but I am curious how not paying down a loan can also generate cash. 

In Brandon Turner's book "The Book on Rental Property Investing", he states that you have your tenants paying your mortgage for you, and that he could work a minimum wage job for the rest of his life and still retire a millionaire because of the tenants paying down the loan. I don't understand though?