Posted by Katherine (Hawaii) on June 18, 2001 at 02:14:25:
Nope, it’s not for mobile homes. In hawaii, we don’t have any. I called and left messages yesterday, but haven’t gotten a response yet.
Looking at a few fanniemae, freddie mac, and Hud homes. Also, checking out what they are worth tomorrow in the Tax Key Map, which lists the annual property tax and the assessed value of the property to get an idea.
newspaper ads - Posted by Katherine (Hawaii)
Posted by Katherine (Hawaii) on June 17, 2001 at 01:55:30:
Today on my lunch break I saw 2 interesting ads that caught my attention:
Govt Repo! “0” Down! Nob Hill $84,000 (FS) Townhouse Luko Realty 555-5555
Ahuimanu Gardens 2bd/1ba. Assume payments No fees 555-5555
I left a message on both numbers right away…Are those investors trying to turn a quick profit like us? I don’t want to be taken in by another investor and be stuck w/ the property. Deals don’t just appear on the paper like that or is it that obvious and simple to spot?
Re: newspaper ads - Posted by Ronald * Starr
Posted by Ronald * Starr on June 17, 2001 at 13:51:52:
Katherine (Hawaii)------------------------
The first ad sounds to me like a real estate agent discussing a VA repo which is available for bids. I often seen several agents advertising the same HUD or VA property for sale. This is legal, as long as the agent makes no claim about having a listing for the property.
The agent will show you the property and, if you like it, will help you submit a bid to the VA dept. If you get the bid, the agent will make a fat commission. The agent is also hoping to get other potential buyers. The agent will work with those potential buyers to hekp them buy properties, even if not the VA one.
I don’t have any insight into the second advertisement.
Good InvestingRon Starr***
Re: newspaper ads - Posted by Kevin Subbert
Posted by Kevin Subbert on June 17, 2001 at 11:08:35:
Are you sure those aren’t for mobile homes?
Kevin Subbert
Re: newspaper ads - Posted by Chip
Posted by Chip on June 17, 2001 at 09:14:21:
I am not from the area, but it looks like this ad says you get a Fee Simple ownership interest, and it is offered by an agent. Not an investor.
Not clear here, but it appears it is not an agent. Worth a phone call! What do they mean ‘assume’?
Part of the business involves running into other investors. Deal with it-- try to make contacts. Maybe you simply used a poor choice of words, but I wonder why you believe you would be ‘taken in’ by another investor? If you mean that you would pay retail, I can understand that. Wouldn’t you find out if they are an investor? Won’t you use due dilligence to find out whether they are offering a bargain or not? In most markets, you can make money on a property even if you buy it for full price, if you know how to market it.
If you are looking for a way to discern whether a property is offered by an investor, there is just no other way I know of other than inquiring. Just make the call and find out the facts! You might get a deal there! Even if it is an investor, they might have bitten off more than they can chew, and be ready to deal!
Best Regards
Chip