Reality is far from the guru speak.As an example, buying a note originated prior to the land mines being tossed out, would be fine, understanding the process which is not difficult but it is the valuation and collateral assessment that needs to be studied and understand that you may not be able to modify that old note, as a new modification or extension of debt can be seen as making a new loan or lending arrangement.

Congrats on an excellent build.....4 months You must have great subs :) Based on sale price that home would pull at least $28k in property taxes around here & we get constant tax objections by RE agents etc when planning a high end new build for resale.What product did you use for the flooring?

How do you assess the value of an apartment building?

I've dwelled on the idea of just going self-employed in a small window tinting business but am worried that would make it difficult when it comes time to sell my house and re-invest in some bigger property especially since I won't have at least 2 years of tax documents for the business.

Rehab:Our construction knowledge is limited and neither my partner nor my self have taken on a full rehab project before.

Self-Motivated - does not need day-to-day supervision. 5.

Jonathan look up the taxes and divide by 12 to get monthly tax costs.Look for the HOA docs to see if there is an assessment and how much.Usually if you find a listing on MLS in that subdivision there will be some houses and it will list association dues monthly or yearly.For instance if taxes are 1,000 and HOA 1,500 then you have about 208.33 a month in costs.If you buy for 4,000 and hold for 2 years you have to get at least 9,000 in 2 years time to break even and even more with closing costs etc.That money will be dead not generating a return for you.You also need to know the soil sample and build ability of the lot.This will be a factor from who buys from you if they want to build a house.On the MLS you can see what developed lots are selling for.Is this lot developed and cleared with pipes sticking out of the ground or does it still have all the trees and uncleared and ungraded in it's natural state??

My work has increased the assessed value of the land to 8.4k per unit compared to the initial purchase appraisal of 3k per unit.

Use comparable sales, not tax assessment values in a declining market. 3.

Hopefully someone smarter than I can chime in and give you a more thorough assessment.