All Forum Posts by: Michael DiDonato
Michael DiDonato has started 2 posts and replied 11 times.
Post: Property Tax Fluctuation Every 2 Quarters?
- Jersey City, NJ
- Posts 11
- Votes 0
Originally posted by @Justin K.:
What Chris said is correct in my county. The weird thing in one of the counties I invest in is that the Taxes run Jan 1 to Dec 31, but the bill doesnt come until the beginning of March. My experiences before I started investing in that county was taxes were always 'prepaid', so if the bill was due May 1, the taxes ran May 1 to April 30. Long story short each county can have some minor differences to how they do things. Just make sure you have the whole yearly taxes in your analysis and when they bill them or what periods they cover wont be a huge issue. Missing a school tax for my one property would be a $2000/year mistake. That isnt something you want to miss!
Understanding the property tax system is one of my final frontiers to fully understand for that exact reason. I need to understand how to estimate a municipalities property tax so I can successfully evaluate properties in that area.
Post: Property Tax Fluctuation Every 2 Quarters?
- Jersey City, NJ
- Posts 11
- Votes 0
Originally posted by @Christopher Stanis:
Michael DiDonato , in Pennsylvania and NY states where I invest, taxes come out twice per year. In the spring, we get the city/county taxes, and the school taxes come in the fall.
Looking at your schedule, #1and 2 from 2016 are Probably county/city taxes, and 3 &4 are school taxes. Add 1 and 3 together, that's your total tax bill for the year.
Chris,
I thought that property taxes pay for the municipalities school systems. Are you saying that there is actually a separate tax levied on property that is earmarked explicitly for school systems?
Second question: You say to add Qtr 1 & Qtr 3 together and that would be the total tax bill for the year. Did you mean to add all four quarters together to calculate the total tax bill for the year?
Post: Property Tax Fluctuation Every 2 Quarters?
- Jersey City, NJ
- Posts 11
- Votes 0
Hello All,
As I have been trying to understand property taxes a bit more, I have been confused by the property taxes levied on the building I currently live in. Below is a screenshot of the JC online tax payment system. I was under the impression that Hudson county sets tax rates once annually after municipality budget review. This is why I am confused by the billed property taxes changing every two quarters. I appreciate your insight!
Post: Property Managment Services
- Jersey City, NJ
- Posts 11
- Votes 0
Originally posted by @SC Chu:
Greetings, fellow BPers.
We have some rental properties in JC and are looking to scout out new property managers or management firms. What experiences have you folks had in this area? Good experiences? Bad experiences? All views welcome.
We are looking to build a network of supports for the invesment properties and share insights.
Regards. SCC
SCC,
I am currently a renter in Jersey City and the Joe Delforno company manages the apartment I live in. They are everywhere in this area and I have been wondering what their charge percentage is as I will be investing soon. Does anybody have information on Joe Delforno? As far as being a resident, the maintenance has definitely not been quick but does eventually happen.
Post: USDA Denial FHA Approved House Hack !! Need Suggestions!!
- Jersey City, NJ
- Posts 11
- Votes 0
Originally posted by @Christina Schottenbauer:
You can do a 203k loan which is an FHA rehab loan so you don't have to come out of pocket for renovation funds. As far as looking for houses I would hit some local real estate investment clubs or join the local Meetup group(Meetup app) and see who is wholesaling properties so you fond the best deal.
Christina,
Do you know if there is a similar conventional loan product that allows for low down payments and also provides cash for rehab costs? I am specifically asking for non-FHA insured loans as to avoid the initial MIP cost that isn't required for a conventional low down payment loan. Credit score is not an issue for me.
Post: Bayonne, New Jersey Meet-up/Networking Event
- Jersey City, NJ
- Posts 11
- Votes 0
Originally posted by @Gerold Koch:
@Chris Daliani and I will organize a meetup in Bayonne.
Send me a private message with your email address and which of these dates would work for you:
- March 23
- March 27
The meetup will be in Bayonne. Exact location will be communicated closer to the event.
Also let me know if you can think of anyone else who should participate.
Hi Gerold,
Looks like I got here too late! How was the MeetUp? I currently hold meetings with 3 close friends/aspiring investors and us 4 would like to join the next event.
Post: Underlayment in rentals under laminate
- Jersey City, NJ
- Posts 11
- Votes 0
Originally posted by @Lauren Norman:
Hi, We're renovating a 3rd (top) floor rental unit and using 10mm laminate from Lumber Liquidators. What kind of underlayment does best with rentals in medium end apartments close to Hoboken? I asked LL about Home Depot foam underlayment (which is much cheaper) and they said since its foam it has a tendency to feel unstable because of the air that is trapped below and over time it will become less and less even....not sure if this is just a ploy? Also concerned about noise- the less the tenants complain the better!
Lauren,
In an attempt to learn a bit from your current rehab efforts, could you share how long it has taken from start to finish to replace the floors in the unit? Could you also share the number of rooms? I'm trying to learn as much as possible!
Post: valuation of downtown Jersey City, 3+ bedrooms
- Jersey City, NJ
- Posts 11
- Votes 0
Originally posted by @Account Closed:
@Michael Elfant Taxes are definitely an issue. With property reval coming down the pike, I'm factoring in 2.07% property taxes with every potential listing. Speaking of which, has anyone heard any update on the reval?
Jennie, what do you actually mean when you say that you factor in 2.07% property tax with every potential listing? Does this mean that you are deducting 2.07% of the market value from net revenue during your analysis? If this is the case, how did you arrive at 2.07%?
Post: Private or hard money for first flip?
- Jersey City, NJ
- Posts 11
- Votes 0
Post: Private or hard money for first flip?
- Jersey City, NJ
- Posts 11
- Votes 0