Tony, I am in agreement with your assessment of this bill.

The place is assessed by the city for 550k+ I'm thinking about taking a HELOC and using the money as a down payment on the condo and using some of the money to purchase a REO or a foreclosure property that should be less than 50k in an area not too far from me.

Remeber, with condos, you'll NEVER own them free and clear and there will ALWAYS be special assessments.

The annual fees are bad enough, but from time to time you can be hit up for special assessments.

Last tax assessment was in recorded in 92, a little over 310K for land and improvements.

A correct ROR assessment should take into account the possibility of default on the note, and any expectations thereof.

“ In the event of default and termination of the contract by Seller, Purchaser shall forfeit any and all payments made under the terms of this contract including taxes and assessments as liquidated damages, Seller shall be entitled to recover such other damages as they may be due which are caused by the acts or negligence of Purchaser.â€raz

They probably won't care what the tax assessment is.

I'm new at this, but if I see in the trustee's sale ad that someone owes $300,000 on a house that's assessed at $200,000, they're probably not going to be able to sell it to me at a price I can work with.

‘Guru’ isn’t as commonly used and has more or less been bastardized by some unscrupulous marketers.In a perfect world I would say the difference between Gurus and Experts would be that Gurus aren’t only experts but they take the extra steps to take their systems, methods, and experience and form a course to instill the investor ability in others in a more comprehensive and organized fashion.It’s the nature of profit and opportunity that brings out the bad apples who taint the well and it makes it a little harder to separate the good gurus from pseudo-gurus so renowned experts have to market in different ways (if they know what’s good for them) to sidestep that image.