The smartest thing that should be on everyone's mind right now should be to invest in different streams of income that are not dependent on the government. Especially with the current economic crisis around the world. This is still a good time to invest in gold, silver, and digital currencies (BTC ETH...).
Mrs Olivia is the strategic trader that manager my account. She's really a professional i earn my first investing profit of €55k and she does not fail.
We just purchased a home in SoCal High Desert 92392 and when we were shopping I was checking the current property taxes for each home we liked-just to see what the extra taxes were. I knew the General Levy would increase to the new purchase price; so I was adjusting my home mortgage budget to that number. The NEW property tax for all the homes would be around $4k; and I almost messed up. We toured another home and I had not checked the taxes. I told my Realtor to submit the offer. Luckly she had not submitted the offer when I decided to just make sure about the taxes. This home had $2,000 extra in taxes because it was near a newly built elementary school. My heart was pounding while I was calling my Realtor to NOT submit the offer. We didn't buy that house. ALWAYS check PROPERTY TAXES!
I am currently in this same exact situation. Unfortunately, I have a tenant who hasn't been paying rent so I'm in a bind. I did not know about the possibility of stretching the escrow payments. Thank you for that information.
I'm really sorry to hear that about the tenant. Me and my wife do medium term rentals on our place to avoid ever having a squatter where we live. But yes, call your mortgage company. They will help you out.
@ThirtyThreeHipHop you definitely made me want to look into this after watching the video. I'm currently in the eviction process, so if all goes well, medium-term rentals, here I come!
Thank you for this video, very informative! As a new homeowner I learned the hard way. lol I ended paying the shortage in my escrow twice. I now make an additional payment into my escrow with my monthly mortgage payment. And over the past two years, instead of it being a shortage. When my analysis has been conducted there has been an overage.
I used to work in underwriting in the wholesale division. The loan was supposed to be approved using the future tax amount. So I want to know if the lender knew the loan was being converted to a 2 family.
I only bought 2 1/2 years ago and my property taxes have almost doubled!!! I’m in New Jersey too not too far from Newark. It’s ridiculous here right now. I would’nt have bought a house if I knew that would happen. I thought it was only supposed to be a 2% increase. I’ve changed nothing with my house yet. Also, I checked the taxes and they were relatively the same for 10 years before. The last owner was an investor and had connections with the community. As soon as I buy it it doubles in two years come on that’s fishy!!
A significant increase in property taxes within a single year can result from several factors: Reassessment: Local governments periodically reassess property values, which can lead to higher property taxes. If your area has recently undergone a reassessment and property values have risen, it could result in increased taxes. Tax Rate Changes: Local governments may decide to raise property tax rates to generate more revenue. Even if the assessed value of your property remains the same, a higher tax rate will result in increased taxes. Improvements or Additions: If you've made significant improvements or additions to your property, its assessed value may increase, leading to higher property taxes. Market Appreciation: In a rapidly appreciating real estate market, property values can increase significantly in a short time. Even without changes to the property itself, your home's assessed value may go up, affecting your property taxes.
I currently do this on 2 properties. I waived this on the 2nd property before I closed and the monies I would have paying the mortgage company I simply take a certain amount.. I cushion it each month after collecting rent and investing...so when the annual tax bill comes around I have the bill amount and more.
Identify what your good at and get an LLC, figure the rest out as you go along. My second year working for myself and my company doubled in sales compared to last year. I make a little more than i would working for the man 40 hours a week but my work week on average is 10 to 12 hours
Newark in general is Being Gentrified by all the new properties like lofts and condos being Built In the Downtown area. I definitely would expect property taxes to double the way it did
The smartest thing that should be on everyone's mind right now should be to invest in different streams of income that are not dependent on the government. Especially with the current economic crisis around the world. This is still a good time to invest in gold, silver, and digital currencies (BTC ETH...).
Even with the current dip in the market I'm still glad I can smile 😊 back at my portfolio of $19750 built from my weekly trading with Mrs Olivia.
Mrs Olivia is the strategic trader that manager my account. She's really a professional i earn my first investing profit of €55k and she does not fail.
Same here, I earn $19,500 a week. God bless Mrs Olivia, she has been a blessing to i and family.
Oh please, how can someone get in touch with Mrs Olivia!!?
I will leave her number just below this comment
We just purchased a home in SoCal High Desert 92392 and when we were shopping I was checking the current property taxes for each home we liked-just to see what the extra taxes were. I knew the General Levy would increase to the new purchase price; so I was adjusting my home mortgage budget to that number. The NEW property tax for all the homes would be around $4k; and I almost messed up. We toured another home and I had not checked the taxes. I told my Realtor to submit the offer. Luckly she had not submitted the offer when I decided to just make sure about the taxes. This home had $2,000 extra in taxes because it was near a newly built elementary school. My heart was pounding while I was calling my Realtor to NOT submit the offer. We didn't buy that house. ALWAYS check PROPERTY TAXES!
Hello Matt .is it better to waive escrow and just pay property taxes and insurance annually
Yeah after the first year it's an option not to mention that the mortgage companies charge more using the term " it's a cushion to charge more"
I am currently in this same exact situation. Unfortunately, I have a tenant who hasn't been paying rent so I'm in a bind. I did not know about the possibility of stretching the escrow payments. Thank you for that information.
I'm really sorry to hear that about the tenant. Me and my wife do medium term rentals on our place to avoid ever having a squatter where we live. But yes, call your mortgage company. They will help you out.
@ThirtyThreeHipHop you definitely made me want to look into this after watching the video. I'm currently in the eviction process, so if all goes well, medium-term rentals, here I come!
Thank you for this video, very informative! As a new homeowner I learned the hard way. lol I ended paying the shortage in my escrow twice. I now make an additional payment into my escrow with my monthly mortgage payment. And over the past two years, instead of it being a shortage. When my analysis has been conducted there has been an overage.
This can happen with a house but this guy recommends you buy. Bad advice.
I used to work in underwriting in the wholesale division.
The loan was supposed to be approved using the future tax amount. So I want to know if the lender knew the loan was being converted to a 2 family.
I only bought 2 1/2 years ago and my property taxes have almost doubled!!! I’m in New Jersey too not too far from Newark. It’s ridiculous here right now. I would’nt have bought a house if I knew that would happen. I thought it was only supposed to be a 2% increase. I’ve changed nothing with my house yet. Also, I checked the taxes and they were relatively the same for 10 years before. The last owner was an investor and had connections with the community. As soon as I buy it it doubles in two years come on that’s fishy!!
Sorry this gentlemen's property taxes doubled.
That's a lot ..
Yes, the gentleman is sorry too 😂. Thanks.
A significant increase in property taxes within a single year can result from several factors:
Reassessment: Local governments periodically reassess property values, which can lead to higher property taxes. If your area has recently undergone a reassessment and property values have risen, it could result in increased taxes.
Tax Rate Changes: Local governments may decide to raise property tax rates to generate more revenue. Even if the assessed value of your property remains the same, a higher tax rate will result in increased taxes.
Improvements or Additions: If you've made significant improvements or additions to your property, its assessed value may increase, leading to higher property taxes.
Market Appreciation: In a rapidly appreciating real estate market, property values can increase significantly in a short time. Even without changes to the property itself, your home's assessed value may go up, affecting your property taxes.
I currently do this on 2 properties. I waived this on the 2nd property before I closed and the monies I would have paying the mortgage company I simply take a certain amount.. I cushion it each month after collecting rent and investing...so when the annual tax bill comes around I have the bill amount and more.
Identify what your good at and get an LLC, figure the rest out as you go along.
My second year working for myself and my company doubled in sales compared to last year. I make a little more than i would working for the man 40 hours a week but my work week on average is 10 to 12 hours
Newark in general is Being Gentrified by all the new properties like lofts and condos being Built In the Downtown area. I definitely would expect property taxes to double the way it did
would love to connect on helping real estate agents sell homes in flood zones
Thanks for answering my question MG! I had to double back to my records. It actually went up 121%
You're welcome 🙏🏽