Posted by JC on November 24, 2003 at 11:02:09:
Or use Mozilla…
Old lady duped out of mansion by young investor - Posted by snaggle
Posted by snaggle on November 24, 2003 at 05:17:12:
Second article in the same week covering real estate swindles. The first was about flipping and inflating home values. This one about the old lady is a must read though. Enjoy!http://www.recordonline.com/archive/2003/11/23/webbmman.htm
Re: Old lady duped out of mansion by young in - Posted by Jack
Posted by Jack on November 24, 2003 at 19:31:14:
From what I remember from the article she turned down an all cash offer at $180,000 from a third party investor. She probably called that investor a thief, and chose to sell it to her friend that was going to let her live there. Can’t say that I feel that sorry for her.
Re: Old lady duped - Posted by jasonrei
Posted by jasonrei on November 24, 2003 at 12:37:09:
Interesting article. Doesn’t look to be such a great deal for the guy buying, certainly wouldn’t be worth the aggravation to me. Buying for $150k, $40k repairs, not reselling right away, I got the impression ARV is mid $200’s?
When getting into these deals, it’s best to play out different scenarios and consider what will happen if the seller pulls out the “little ole innocent me” card. I have bought a couple of deals where I let the seller stay in the house for a couple of weeks after I bought the house. Turned out to be great deals. I did, however, consider the possibility that they would hunker down and be difficult.
Re: Old lady duped out of mansion by investor - Posted by GP in Seattle
Posted by GP in Seattle on November 24, 2003 at 12:21:02:
Each of us has to decide what there ethics are in this business. I have turned down deals when most investors would have taken them, but I have done deals that some investors would be unwilling to do.
My personal opinion is, if you want to be a real estate investor, please do not build your empire on the backs of elderly widows. I don’t think that the contract was entirely unfair, and we don’t have all the details, but I frown on it anyway. Beyond that, the move to evict the poor lady for minor lease violations is unforgiveable. The investor should let her stay for the two years. Then go ahead and sell the place to a developer like I’m sure he planned to all along.
What’s the judge gonna say ? - Posted by Hank FL
Posted by Hank FL on November 24, 2003 at 09:18:30:
Mr. Sloane should’a asked that to himself before he did this deal.
Well, that’s one of the things he should have thought of. There are others.
Re: Old lady duped out of mansion - Posted by Sean
Posted by Sean on November 24, 2003 at 09:00:46:
Looks to me like a simple matter, whenever you buy a property from an owner, never let them stay on as a tenant… you are doing nothing but asking for trouble. Very few people if any can handle the transition of a property from being “theirs” to being simply a tenant in it.
Tenants are pain enough in general to begin with to have one that used to own the property… well you might as well be masochistic in my opinion.
turn cookies off on browser to read - Posted by snaggle
Posted by snaggle on November 24, 2003 at 05:54:16:
Copy and paste web address to address bar.
Browser security on high to turn off cookies. Only way to view news articles without hassle.