what to do with property - Posted by bill


#1

Posted by bill on April 21, 2011 at 09:16:07:

Hi Lee

Thanks for the reply. This is standard practice in many Wisconsin cities. People challenge all the time but I dont think anyone has ever gotten out of it completely. If was a few hundred or even a few thousand, no big deal but $11,000 in this economy hurts. Hurts bad!


#2

what to do with property - Posted by bill

Posted by bill on April 18, 2011 at 17:16:48:

I have a duplex. Both sides rented out cash flows about $100 a month. Not much at all but I bought it as my first house and lived there for 9 years. It made alot of sense then. Now, its worth about $145,000. I owe about $100,000 and there is another lien on it for $15,000. So far I have been keeping it because its a nice property that hopefully will be worth more someday. Problem is we are getting a new road at the property. Our village bills the road to us, the property owners. Just got my estimate today and it will be over $11,000. And we pay $3500 a year in property tax but thats another issue. Even if I could pay the $11,000 over 5 years, it would make this property worthless cash flow wise. What to do?


#3

Re: what to do with property - Posted by marko Rubel

Posted by marko Rubel on April 20, 2011 at 24:04:44:

Maybe someone else is willing to deal with it if you sold it via
owner financing - take 10%+ down.


#4

Re: what to do with property - Posted by Lee in LA

Posted by Lee in LA on April 19, 2011 at 06:48:30:

Years ago, my city assessed property owners for street repair/ overlay for streets adjacent to their
property. It was something like a couple of hundred dollars, not $11,000. A group of property owners got
together and contested the assessment for the street repair on the grounds that the property owners were
not the exclusive users of the street adjacent to their property, therefore street repair cost should be
paid by the community/ city, parish, state or the feds. They either set case law or used case law, I
don?t recall which.

?Problem is we are getting a new road at the property.?
BTW When roads/ highways take your property they are supposed to pay you!

I think I would/ you should join or start a group to contest the assessment and have someone research
case law, Pronto!

Good luck with it.

Lee


#5

Re: what to do with property - Posted by bill

Posted by bill on April 21, 2011 at 09:14:01:

Have never done owner financing. How would that work? Would I just charge a little more interest than I pay?