Roshe Run Print Black And White

Roshe Run Print Black And White

Roshe Run Print Black And White

Since we have gotten the disclaimer out of the way, let's look at the deal:

I should warn you that the method we used is in the gray area of legality in my opinion. You should probably consult with an attorney before using it and honestly it may not even work in your area due to the different way that your local and state government may be set up.

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Most of our property taxes (home and land) tend to be around $600 per property. This is a great benefit in investing in cheaper properties, which does not cripple cash flow like my personal residence would if I convert it into a rental.

So the question becomes: "What can you do?"

About 6 months later, the tenant buyer left the home due to financial issues and we sold the home to another tenant buyer. We repo'ed the home at the DMV (again very easy to do) but kept the property taxes in our previous tenant buyer's name. (The local county and DMV Nike Roshe Junior Grey

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This sounds great but if you find a great deal on a newer home, then this strategy won't be as effective. I'll give you an example of our second land home deal and what we did to counteract the high taxes:

Roshe Run Print Black And White

´╗┐How Mobile Homes Being Bought And Sold Like Cars Can Be Great For Your Business's Bottom Line

I may be stating the obvious but just to give another representation: the county collects a nearly identical amount of taxes for a $100,000 rental and a $500,000 owner occupied home for homes in a similar part of town. I could be wrong, but I don't think I will find anybody on BiggerPockets who will say that that is fair.

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With that said, in my state, they are considered personal property and are treated like cars where the transfer of the title takes place at the Department of Motor Vehicles (DMV). It costs us $15 for each title transfer (very cheap, especially if you only invest in mobile homes.)

The main strategy is the asset class we are involved in. Because mobile homes are treated like cars, the tax assessed value of the mobile home goes down each year. For our homes that are over 20 years old, the property tax on just the home tends to be under $100.

For us we still have to go through a closing with an attorney first (South Carolina does not allow title companies) because we are buying the land as well as the mobile home so our transfer costs are typically between $400 and $700. The previous owner had moved out of state and apparently couldn keep up with the mortgage. Keep in mind that they were no longer claiming this home as their personal residence. The property taxes for the previous owner in 2011 Roshe Run Print Black And White were around $2,900 with a tax assessed value around $110,000.

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We purchased a 2008 3 bedroom mobile home on 1 acre in a town that we like to invest in (same county Blue Nike Roshe Run Mens

I would be happy to hear and respond to your questions and comments.

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We Have a Few Strategies

Roshe Run Print Black And White

The first word of a "mobile home" is not a very accurate description of these homes. In fact, to move a mobile home, have it set up, utilities hooked up to the home, stairs moved/built, and skirting installed, you are looking at upwards of $5,000 and that's just for a single wide. In other words, they can be "mobile" but not until a lot of money and hassle has been put in.

was reduced to $105,000 (doing virtually nothing to the tax bill) and my property tax bill with the personal residence claim for 2012 was around $600. This wide variation in taxing between owner occupied and non owner occupied greatly affects the investors in my area.

We decided to put just the mobile home title in our tenant buyer's name (quick transfer at the DMV as already discussed) and this quickly lowered the amount of the mobile home taxes to under $100. We have continued to pay the taxes and agreed to discount the tenant buyer's next month of rent for helping us.

Roshe Run Print Black And White

When I moved in, I declared the home as my personal residence and fought the assessed value. The assessed value Nike Roshe Run Blue Black

We have been fearful of putting the title in all of our tenant buyer's names because of issues when evicting (the tenant buyer may be able to argue that they have partial ownership to the home) and issues with income taxes, especially in regards to the dealer classification by the IRS. However, we have justified this strategy when the taxes have been quite high.

do not communicate in our area and must be notified individually when a change has been made.)

Roshe Run Print Black And White

but different town from my personal residence). Our property taxes on this home (non owner occupied) for 2012 were set to be around $900 for just the home with the land taxes around $300.

I should mention that some mobile homes you might encounter will be detitled, which means that the home and the land are considered together on the deed, identical to any site built home. In order to incorporate this strategy into your business, you will need to retitle the mobile home.

Roshe Run Print Black And White

Roshe Run Print Black And White

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