All Forum Posts by: Ron H.

At 35 and living at home I would go back to school, work on a career and save for financial freedom.  That should be the top priority. You can look for a girl at the same time. 

What do your loan papers say? No one can accurately answer that question without reading your loan terms.  I believe most HELOCs change interest rates monthly on whatever the  total outstanding balance is.

Roofer sent out a young guy to repair leak in just installed roof on 3 level townhouse.  Wife thinks she hears a thud and goes outside.  Roofer still on roof so all ok.  Several hours later, getting dark and realizes roofer's truck still out front and goes outside to check.  Guy still sitting on roof.  Wife walks to the back and sees ladder on the ground.  Guy didn't have cell phone on him and was too embarrassed to ask for help.  Wonder if he was planning to spent the night up there?

If you buy at a good price and renovated it the FMV can be higher than purchase price. Last house i purchased was appraised by county at about 35% higher than purchase price. Couldn't really fight it since comps supported the higher price. To appeal they wanted an interior inspection, which if course had been renovated before Jan 1. Was more concerned that an appeal would result in an even higher appraisal at that point.

@Matt Ashbrook A lot of incorrect info above. Your mortgage type (FHA) has nothing to do with homestead. Nor do you have to own the property 2 years. You must be domanciled in the property and declare homestead by Jan 1 to be considered homesteaded for the next years taxes.

Regardless if homesteaded or not, the first year you purchase the house value resets to a new appraised value. Future year property value increases for most taxes are then limited to no more than 3% for homesteaded or 10% for nonhomesteaded properties.  You will not see a doubling of taxes after 1st year.  The most i have seen in a year is 15% total increase in amount due, after 1st year hit.

@Matt Ashbrook

It might be too late to appeal.  You would need to check on the date with the county tax office.  The original estimated taxes due/assessment  was sent out over 6 weeks ago in FL if I remember correctly and taxes start to become due on 11/30 (to get full payment discount).  For SFHs, the assessed value can only increase 10% per year for a current non-homesteaded owner so future increases will be limited.  I would think that this would be the same for a tri-plex.

 Note:  Total taxes can increase more than this since only some of the taxes due is limited to 10% assessed value increase, plus any actual tax rate increase.) 

Currently many Florida insurers are cancelling policies due to too many claims in the state.  I've  had two policies cancelled already and expect a third cancellation soon (never a claim). I had to go to citizens insurance (state insurer of last resort) on one of them.  If you have a tab roof over 15 years old expect to use citizens.  Last cancellation notice was on a 32 year old CBS house not in a wind or flood zone with an almost new architectural shingle roof with secondary water barrier.  Haven't looked for a new policy for that  one yet though but hopefully will not have to go to citizens.  Insurers in the state do not like properties over 30 years old. 

Required by insurer for houses over 30 years old here  is a 4-point inspection along with a wind mitigation report before they will even quote.  Cost about $175 total for both reports.

Hard no.  If I thought a property would work as airbb I would do it myself.  There will always be more risk and wear on a short term rental with unknown weekly tenants and potential profit must match the risk

I vet my tenants very thoroughly. Something you can't do with someone else running an airbb on your property

As had been said earlier.  Every house contact I have viewed has a clause stating that house must be in the same condition as closing as when the contract was signed.  If the roof collapsed after the contract was signed, either the owner must repair, negotiate or cancel the contract, depending on the contract's wording.  Your agent should be aware of this very basic condition of the contract.  If not, immediately talk to your agent's broker.  There should not be an issue getting out of the contract.

I once had a contract on a house when a hurricane damaged the house.  My agent (first and only time using him) insisted that the owners were only going to repair a portion of the damage and were not responsible.  A less experienced buyer probably would have believed the agent and lost out.  

I regularly use a HELOC to purchase BRRRR properties. Best advice is to make sure you get as high a credit limit as you would ever need. I signed up for too low of a limit. With rising house pricing I need a higher limit. The only way to do this is to reapply for full amount i need and pay mortgage taxes again on the total.