So 1 month ago I did a Blog on The Good Real Estate Agent vs. The Bad Real Estate Agent and promised to do a blog on The Bad Real Estate Agent. So this is Part 2. I try to put out blogs weekly on things that happen to me as an active real estate investor so I can educate others on my experiences and hope they do not have to go through the same thing. This Blog will talk about Real Estate Agents that put up listings on the MLS, etc that are not accurate or true. Part 1 of this Blog was about the Real Estate Agent that went above and beyond drawing out maps for me, trekking through 2 feet of snow just to get to the front door of a property she knew i wasn't interested in and the follow up with the county about what I can build on a vacant piece of land-amongst other things.
My wife and I are looking for a weekend house as you might know and have been checking out the Poconos and now focusing on New Paltz, NY. Really great town upstate with tons of things to do in the winter and the summer. We have looked at probably 20 homes over the last month which is not alot but is time consuming and tiring for everyone involved. This weekend was no different. 6 houses to look at and generally I have been negative---as the pictures agents put up look nothing like the house. Almost like they put up pics of another house to be honest. So two houses caught our eye, actually my wife's eye! Both needing a little work over time but can move right in tomorrow, which is what we want. So we weighed the Pros and Cons.
Both on a Major Road-They call them State Routes up in nowhere land, One of them has the NY Throughway in the backyard but a river and 5 acres of land. Do we overlook that? Maybe.... One of them in the town we want (Rosendale) and access to everything within 10 minutes. One is a little farther away but still close enough. This one was what they call mid century modern...One we can rent out when we are not there. Both have wood burning fireplace. You get the hint and last both have REASONABLY LOW TAXES, So we Thought...
This is where The Bad Real Estate Agent comes in. This past Sunday we narrowed it down to the house we think was IT and we get an email from our agent (whom is good BTW). "The taxes are wrong Adam-your not going to be happy about this". One of my biggest issues was to keep taxes low as I will only be here part-time and don't have kids that will be in school. Taxes on this house were about 6K a year which is more than I wanted to spend. The listing stated it down to the penny---$6345.21. But the county and city has seemed to Assess this baby alot higher now so the taxes are at over $9,000yr. Maybe they are wrong-Maybe the county-city made a mistake I kept saying...Probably not as that's what public record said...Or maybe the listing agent is a you know what.....A Bad Agent that is not thorough and fluffs the description of the property. We love those types.
Yes the Good Old Listing Agent not putting accurate info into their own listing-Gets you every time. Maybe I should have checked the taxes in advance, maybe my agent should have, maybe my dog should have. Doesn't matter because it is over $3,000 more in what my max spend was on taxes. Can i afford it, probably-Now it might just be principle....or maybe take my chance and buy the property, try and Grieve the taxes and rent it out on Air BNB...Anyone interested renting out house to pay for our taxes....THE END