All Forum Posts by: Victor Munoz
Victor Munoz has started 1 posts and replied 2 times.
Post: Property Taxes on a Single Family home
- Aurora, IL
- Posts 2
- Votes 1
Hi Everyone,
Hope everyone is doing well. My name is Victor and I live in Buffalo Grove IL. I’m considering purchasing a single-family property that’s below market value due to disrepairs. This will be a home I plan to move into. The property taxes are around the same as properties that are priced at market value. Does anyone know why this would be and is there any way to bring the taxes down to reflect the value of the property? The property I’m interested in is about $275k and similar size properties in the area are going for about 500K.
I’m new to this site and I appreciate any comments anyone might have.
Thank you,
Post: Buying my first property
- Aurora, IL
- Posts 2
- Votes 1
Originally posted by @Christopher Shelby:
There are a few loans that allow little to no down payment such as FHA / USDA / VA loans. I would just start out by listening to all the BP podcasts and taking notes on everything that you find important. There are a few that cover creative financing and using little to no money of your own. Learn about what makes a good deal and the rules you need to follow such as the 2% 50% and 70% rule for starters. I guarantee just listening to the podcasts will answer 99% of your questions.
Hi. What is the 2% and 50%? I know the 70% one. Thanks in advance