Is there a formula ya’ll use to come up with the PITI and the insurance costs. Maybe a certain percentage of the ARV? Or do you just call the companies and get quotes? Thanks in advace.
Taxes are different depending on where you live. Example…I am going to be moving, and have been looking in various cities near where I live. Taxes for a similar priced house to the one I live in are all over the board, depending on where I look. There is quite a discrepency from one city/area to the next.
I can’t imagine a percentage or a formula that could tell you how to estimate how much taxes and insurace are because it really depends on where it is. If there is one, I have never seen it. I woulds imagine an experienced investor can get close if the property is in a city he knows well. I’m not sure anything other than experience can tell you, other than to ask and doing due dilligence.
horse,
you should be able to get online and look for your local appraisal district website. from there you just punch in your property and it will tell you the taxes. if you are in texas here is a link for you to find the info you want.
http://www.window.state.tx.us/taxinfo/proptax/adalindex.html
for Pand I calculations you can go to www.bankrate.com and use one of their calculators. as for insurance calculations you can just call and get a quote from an insurance agent over the phone. DON’T let them pull your credit.