All Forum Posts by: Oleg Enik

@Brendan Miller yeah that would be nice. This one did not have one though unfortunately. Thanks for the response!

@Theresa Harris thank for your response. Can you really trust those numbers on the listings? I feel like agents might play with the numbers in order to make it seem like a better deal that it is actually. Property taxes are one of the biggest operating expenses and can either make or break the deal, especially on a smaller one. 

Hey guys, 

I'm trying to get a better sense of calculating property taxes. As an example, I'm looking at a property in Las Vegas. I went to Zillow and scrolled down to the price and tax history. From where I was able to access the county website. The county website tells me two different numbers: the total assessed value and the total taxable value (attaching a screen shot).

Then, I wanted to find the tax rate for the fiscal year 2021-2022 by clicking on the tax district. So in this case the tax rate is 2.9348 and it is multiplied by each $100 of the assessed value results in the property tax amount. 

So I would take the total assessed value for 2021-2022, which is ($38,915* 2.9348)/100=$1142.08/year. So I would pay $95 in property taxes per month? Is that the correct and accurate way to calculate property taxes when underwriting? Or would I use the total taxable value instead of the assessed value which would result in a monthly payment of $271.92? 

Thanks!

@Bonnie Rhodes Thanks Bonnie, I actually interned at a mortgage fund that specialized in hard money loans!

Have you used a hard money lender in the past?

@Jon Schwartz Hey Jon, thanks for the reply! I have another question for you then? Why do you say it is the best to connect with investors? If let's say I am not planning on doing a joint venture with anyone, how would the connections with investors benefit me the most?

Not disagreeing, but just curious to hear your opionion  

Hey BP,

Everybody knows that your connections and networking is the most important thing in real estate. And I totally agree with that! I love connecting with people and getting to know them and what they do.

My questions is, as a person who plans to invest in the near future, but wants to set his foundation right now by getting to know the right people, what kind of people are the most important when it comes to connections? I'll give in an example to clarify my question.

I already can predict what most people are going to say: real estate agents!! While I value what a good real estate agent can bring to the table, I'd love to hear some other responses for 2 reasons. First, I am licensed myself and where I live (Los Angeles), in my experience working in acquisitions, there are not that many real estate agents that can bring me good deals. Most deals that RE agents bring are on market and are over priced. There are many other ways to find deals besides using agents.

So to continue my question, which party would bring the most value to the table? Would it be property managers, contractors, lenders, other investors, etc?

I'd love to hear your guys' opinions and why you think that is the most valuable party that can bring something to the table for an investor. And just to clarify, I am not looking to invest at this exact point of my life, but as soon as I get all the right pieces in place, I'll be ready to utilize all the connections I have made so far. 

Thanks!

Hey everyone,

I am trying to figure out a way to find properties that have paused on the construction process. Does anyone who works in the construction industry, real estate development, or invests in properties know of such a way? 

I know that there is obviously to just drive around and look for such properties, but I am looking to find a list. 

I am located in Los Angeles. 

Any help would be appreciated! Thanks. 

@Mary M. That is true! I do a lot of work for the company where I am interning at sourcing new deals on several listing services like the MLS, Loopnet, and CoStar and a lot of the listings for commercial properties contain that information. So I guess it goes back to calling up the broker and asking him/her questions about it since he/she would know the most about their own listing. Thanks!

@Kevin K. Hey Kevin,

What a great response. You provided very detailed and organized answers to all of my questions. You really demonstrated your knowledge of appraisal! 

I'll def try all of those techniques and strategies. And that is interesting you brought up the band of investment technique. I was just doing some studying for my upcoming real estate license exam and one of the questions was asking about that technique. 

@Jonathan R McLaughlin Thanks Jonathan, I'll def give it a try!