All Forum Posts by: Sammie J. Bell

I am currently researching a triplex to decide how much I should offer. The property is listed at $155,000. I did looked on the tax assessor site and saw that total value for this property (building and land) is about $45,000. The property is in a decent area, and I was going to offer 140-145k, maybe as low as 130k for the triplex.

Just to be sure since this is my first time referencing the tax assessor site for additional information, I also looked up my current rental and another property that I am interested in. Both of these properties are assessed close to their current value. Which makes me wonder if the triplex that I'm interested in is grossly overpriced. 

I haven't seen the inside of the triplex yet since this is a long distance purchase, but I am pretty familiar with the area. My real estate agent is going to be my eyes and ears and take lots of pictures. 

My question is: What role does the tax assessment play in determining the cost of a property? And can I use the assessed value of the property to offer a much lower price? 

@Stephen Brown first I check out how the other homes and yards in the neighborhood look. Basically, do the homeowners take pride in the appearance of their homes? This can give you an overall idea of the mentality of the neighborhood since neatness and communal pride isn't exclusive to upper class neighborhoods. The house I just rented is in a B neighborhood with housing values ranging from 70k to 150k. Some blocks of the neighborhood were better than others, but the was a sense of community. Although there was occasional crime (i.e. break-ins, and a shooting once or twice), the residents of the neighborhood were generally good people and there was an active neighborhood association.   

Which brings me to my second point, ideally you would want a neighborhood with an active neighborhood association. This is an indication that you have like-minded individuals who want to protect their investment just as much as you want to protect yours. 

Next, I observe how many loiterers there are just hanging around at different times of the day, especially at night. In my opinion, a lot of people just "hanging around" during the day is an indicator that there may a high level of legal unemployment in the neighborhood which is a bad, bad sign. If you're looking at B and C neighborhoods, quiet streets during the day is a pretty good sign.  

I am a single woman and I generally don't look at places that I wouldn't feel comfortable living myself. So in a nutshell when I'm checking out neighborhoods, I ask myself if I would want to live in that area around those neighbors.    

I hope this helps!

I am eager to purchase my next real estate investment. I am currently living in my first investment property; all of the renovations/remodeling is done so I am reading to move out and start renting this. I am open to purchasing a multi family and house hacking for the next property. The problem is that I don’t know if I should purchase my next investment in Shreveport, LA or take the plunge and move to a city that is more expansive. What markers should I use to determine what city/area to invest in? The population of Shreveport has decreased in the last few years. Although I am very familiar with the area, I don’t know how to determine potential. Any advice?

@Paul Defngin No, the seller doesn't want to fix anything, and I was/am willing to purchase the property "as is."

@Austin Youmans, I'll ask you the same question that I posted in my previous response. I have no problem walking away from a property that is a bad deal, but at the same time I don't want to lose a good deal based on a misinformed judgement. I'm thinking about standing my ground and insisting that financing via a VA loan not be excluded from the contract based on the realtor's opinion.

@Richard Nix, so should I inquire with my credit union which third party lender will appraise the property and get an understanding of their criteria (because based on what I'm hearing the appraisal is subjective)? The realtor that is representing the seller insist that the property will not pass a VA inspection, and has even restricted my finance options in his counter to conventional or cash purchase. His claim is that he worked as a mortgage lender previously, so he "knows" without a doubt that it wouldn't pass an appraisal.

@Bryan O., should I insist that the realtor should not exclude VA as a financing option based on his experience?

What qualifies a property to be approved for an FHA or VA loan? My loan officer told me that it is up to the realtor to decide if a property qualifies for either. The buyer's realtor says that the property won't qualify for VA, my realtor says that it would. It only needs minor cosmetic repairs. Does anyone have any experience in purchasing VA or FHA properties? If so, can you shed some light on your experience?

Someone recently told me about Habitat for Humanity Stores where they sell donated building materials for a fraction of the cost. It's like a Goodwill for building materials. For example, if a contractor has extra cans of paint, light fixtures, etc. after completing a project, they would donate it HfH. Look online to see if there is a store near you. Hope this helps.

Welcome to BP Janice!

I second what @Clint Galliano said. I watched a BP webinar one day, and Brandon was so convincing that I signed up for a Pro Membership--which is well worth the money if you want to learn about REI. I watch a lot of webinars, listen to podcasts, read blogs and forum posts, and connect with members. I've learned so much that I am ready to dive into REI with confidence once I find that first great deal!