Newly Weds need help w/ TAX killer!!?? - Posted by Alex

Posted by Clint on May 16, 2006 at 19:26:33:

You can’t avoid the taxes. Just because you purchase at a bargain doesn’t mean that the county will assess it for less, they are in business to collect taxes. It’s how it works, if you can afford this 500K house and pick it up for $300-400K excellent. The money you save will make up for the taxes you’ll pay yearly.

However a mortgage on that 300-400K will run you around $2000 per month give or take a few hundred; depending on what you put down.

Now, some people work up to these types of houses. If you can’t afford it; don’t buy it, however, if you can flip it and make 30K, better still, until you can buy the house or the others that you will fall in love with over time… Don’t fall in love with the property, fall in love with a deal.

My .02


Newly Weds need help w/ TAX killer!!?? - Posted by Alex

Posted by Alex on May 16, 2006 at 15:19:14:

I am a 25yr old real estate Investor just married. I am interested in purchasing an older house on a lake/ with every ammenity imaginable tennis court/sauna/pool etc. The price I can get it is probublt 1-200k below market. The problem is that it is the “Biggest Boy on the block” 5 bed 4bath area homes 3/2 1500-2700 sqft. The taxes have gone through the roof in my area around $12k a year for the house based on a $5ook purchase. How can I get around this/record a less amount-qt deed then get loan/ refi. Please help/ it is our dream house, but the TAXES are killing the deal. Thank you kindly in advance.

Resist the Impulse - Posted by Jimmy

Posted by Jimmy on May 17, 2006 at 06:47:44:

forget the trophy home. But a smaller one, and use the extra money to buy some rental properties. Take a lesson from “The Millionairre Next Door” or “Rich Dad, Poor Dad.”