Posted by GL(ON) on December 31, 2006 at 16:36:30:
The assessment is the property tax assessment. Every property has a certain assessed value for tax purposes. Every year they take the assessed value, multiply by the mil rate and that is how much tax you have to pay.
The 1st mortgage means there is a mortgage on the property and it is assumable. So if you don’t have $2,360,000 cash in your purse (who has LOL) you are going to have to get a mortgage to buy it. Well it’s already there, $1,200,000 and you can assume it which means they can put the mortgage in your name without you having to go to the bank and qualify.
You need a mortgage table book. This is a book with lists of payments for every size of mortgage. According to my book the payment on a $1.2 million mortgage @5.5% interest is $7324.68 per month. You can also use a financial calculator or computer program to figure these things out.
I suggest you start with something smaller than a 25 unit apartment house if you are a beginning investor.
The first thing you need to do is figure out what you want to accomplish. Where do you see yourself a year from now, 5 years, 10 years? How does real estate fit in with your goals?
Real estate is so versatile you can use it to accomplish many different financial goals.
If your goals include owning rental property I will try to help you. On this site you will find many different types of investor who can advise you on all types of real estate investments.