Posted by Lee on September 21, 2004 at 22:59:25:
Ins. for my rentals went up 100 percent in the past one year. Your guess is better than mine as to what it will be next year.
No comment on mtg ins.
Some of the property tax assessments in our area went up… up to 1000% this year. (Eg: Waterfront lot that was assessed at $35,000 is now assessed at $350,000. (Law suites everywhere, mabe even class action). Check YOUR “new” property tax rate on that property. Do NOT let the taxing body tell you ?we don’t know yet what the next years rate will be?. Tell them to give you a letter stating what your assessment, hence, tax, will be IF you buy the property. Demand it!
If you don’t calculate the “new” property tax rate, in your deal you will be at risk of doing a deal that you thought would cash flow, but won’t now, because of a higher assessed and or mileage (property tax)rate.
Listen to Dave on the radio or @ DaveRamsey.com (a wise man)
An “Old Hand” (40 somethin)