Looking for direction

General Real Estate Investing
21

i completely agree
is it possible to have it reassed to lower it, then fix it up and not have it reassed?
or would i be hearing from the IRS in a few years for tax fraud?

22

You can request a reassessment, but I think most places also have sceduled reassessments every few years or so. I’ve heard of “drive-by” assessments where they just look at the outside.
I don’t think there would be any tax fraud here because you obviously can’t tell them what to assess the property for. That’s considerably different than cheating on your personal tax return by omitting income.

23

sounds good thanks for the suggestions

24

Hello all,

Happy Easter!!!

I just wanted to give a status update and ask for advice…

The house I described in earlier posts, has now gone from 84,900 to 65,000.
I have called and written several e-mails to the listing agent, but have had no responses.
It is an REO, so I’m wondering if there are many offers on the table,
even though the price has steadily dropped since mid January.

Any comments, questions, or suggestions would be great.

Thanks,
Lwright87

Happy investing

25

Obviously there are no offers or it would have been sold. If you really have to have this property this is what I would do. I would go to the city assessors office and try to get it reassessed contingent on you buying the house for your residence. Then I would go to the bank that owns this property and find the person in charge that can say yes or no. It will take some doing ,but worth it. I would show that person your business plan for that house. I would try to negotiate a cheap price and a mortgage with no money down. Remember that the bank is paying more than a 1000 dollars a month as long as it is on the books. I would close on the house and follow your business plan. Then go back to the bank and ask if they have more of those deals.
Redhawk

26

lwwright87,

My daughter and fiance just bought a foreclosure house. It had been sitting there for months and months. The Realtor helping them with the deal was amazingly persistent, and finally got through to the listing agent.

I’m sure every other Realtor had given up by then. That’s what it might take–persistence.

If you need a mentor, why not PM (personal email message) msneachta, a new member. He/She has been doing student rentals for 15 years and knows exactly how to do it. Look for the “Student Rental” thread on this site.

Good luck with your plan–I think it’s great to specialize in something you know–students and their housing needs.

Furnishedowner

27

Thank you to redhawk and furnishedowner

I’m very thankful for both of your suggestions and will start them both this week.

Thanks again and happy investing!!!

Lwright87

28

Good luck!

29

Thanks for the encouragement and luck!!!