During today's Tip Tuesday I reveal, what I think, is a BIG blind spot when it comes to running your numbers on multifamily and commercial properties.
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"You can invest 10,000 hours and become an expert or learn from those who have already made that investment." - Jack
Welcome to the REI Mastermind Network where host Jack Hoss gathers amazing stories from leaders in real estate investing.
In each episode, our guests will tell you what they're doing that works what they've tried that failed, and best of all, you'll learn actionable steps to take your real estate investing.
To the next level now, here's Jack with another value packed episode.
Hey everyone, it's Jack with another tip Tuesday and this week we're going to be talking about.
The tax assessed value of your multifamily and commercial properties.
Anything over 5 units and larger is what I'm talking about here, and I think this is one of the biggest blind spots when it comes to a lot of multifamily and commercial.
Investing that I've seen.
And it's probably one of the most important ones, so here's the deal.
Before acquiring that type of property, I would strongly recommend you calling your local assessor of that property county assessor.
There's got to be somebody that you can reach out to, because what typically happens, especially in smaller communities, those properties.
Get reassessed every time it changes hands.
Hence, because of that, sales event is typically acquired at a higher value and the government, to be honest, doesn't really have a great way of assessing that property value.
So, they really rely usually pretty heavily on what it was paid for.
So, what does this mean? The taxes you pay because you paid more than the previous owner.
Your taxes are going to go up and likely quite a bit, so you really want to get a good handle on what that new possible assessed value could be.
And run those your numbers on that.
Well, if you found any value in what I've said here today, would you do me a quick favor and share this with another investor?
Somebody who might find some value.
In this, but I really appreciate your time and we'll see you next time.
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