Author Topic: New Real Estate Scam Targeting Israelis/ American Israelis  (Read 11533 times)

Offline Drago

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Re: New Real Estate Scam Targeting Israelis/ American Israelis
« Reply #60 on: June 15, 2013, 02:18:09 PM »

Rent Breakdown:

Yearly rent: $18,000 - $1500p/month
I dont know the first thing about real-estate, but 1.5k monthly rent in many of the areas with dirt-cheap homes seems to be incredibly high.
Is this b/c of government subsidies?

From my experience, in University Heights, Ohio, where you can buy a small'ish home for 130-140k, the rent would go for around 1.2 or 1.3k per month, and that's considered a nice safe neighborhood, with high frum demand.

Offline Fan of Dan

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Re: New Real Estate Scam Targeting Israelis/ American Israelis
« Reply #61 on: June 19, 2013, 01:25:55 AM »
I dont know the first thing about real-estate, but 1.5k monthly rent in many of the areas with dirt-cheap homes seems to be incredibly high.
Is this b/c of government subsidies?

From my experience, in University Heights, Ohio, where you can buy a small'ish home for 130-140k, the rent would go for around 1.2 or 1.3k per month, and that's considered a nice safe neighborhood, with high frum demand.
Had the same question with the calculations. I get thrown so many false rent figures from brokers it's almost funny.

Offline Drago

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Re: New Real Estate Scam Targeting Israelis/ American Israelis
« Reply #62 on: June 19, 2013, 07:56:14 AM »
Had the same question with the calculations. I get thrown so many false rent figures from brokers it's almost funny.
I'd hope they have s/t to back their number up with.
Or that the buyer would be smart enough to investigate the rental amounts.

Offline nikone

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Re: New Real Estate Scam Targeting Israelis/ American Israelis
« Reply #63 on: June 20, 2013, 09:38:23 AM »
I dont know the first thing about real-estate, but 1.5k monthly rent in many of the areas with dirt-cheap homes seems to be incredibly high.
Is this b/c of government subsidies?

Yes it is section 8 or other types of subsidized rent program.

However, I do have regular cash paying tenants that want to live in these area's because there family is nearby and are willing to pay the same market value as section 8 tenants. I have 15% - 20% of tenants that are non-subsidized. (They don't actually pay in cash, its usually money order or check)
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Offline Drago

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Re: New Real Estate Scam Targeting Israelis/ American Israelis
« Reply #64 on: June 20, 2013, 10:15:19 AM »
Yes it is section 8 or other types of subsidized rent program.

However, I do have regular cash paying tenants that want to live in these area's because there family is nearby and are willing to pay the same market value as section 8 tenants. I have 15% - 20% of tenants that are non-subsidized. (They don't actually pay in cash, its usually money order or check)
Wow, at 1.5k rent, they can take out a mortgage and pay half as much :)

Offline Dan

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Re: New Real Estate Scam Targeting Israelis/ American Israelis
« Reply #65 on: June 20, 2013, 10:32:26 AM »
Boggles my mind that you can get 1.5 in the hood non-subsidized when houses in Beachwood can rent for less.
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Offline yaakov s

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Re: New Real Estate Scam Targeting Israelis/ American Israelis
« Reply #66 on: June 20, 2013, 10:35:36 AM »
Boggles my mind that you can get 1.5 in the hood non-subsidized when houses in Beachwood can rent for less.
Its fueled by Uncle Sam paying top dollar , with other people of that "group" wanting to live there for various reasons.

Beachwood is probably primarily self paying people , that keeps the price down

Offline Dan

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Re: New Real Estate Scam Targeting Israelis/ American Israelis
« Reply #67 on: June 20, 2013, 11:16:32 AM »
For 1.5K they can just buy a house in the hood rather than renting :P
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Offline MarkS

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Re: New Real Estate Scam Targeting Israelis/ American Israelis
« Reply #68 on: June 21, 2013, 09:52:18 AM »
http://matzav.com/the-matzav-shmoooze-matzav-exposing-real-estate-scams

If you look at the link in the OP selling houses for $1,000 most of them have terms like this: Buyer responsible for due diligence, buyers responsible for all back taxes, assessments, water/sewer, any city violations and both sides of closing costs that may be associated with this property. All offers to be submitted with pre-approval letter or proof of funds. Property maybe condemned, check with the city building department.

IE the only reason they're selling for so cheap is because there are tens of thousands owed in back taxes...

Offline nikone

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Re: New Real Estate Scam Targeting Israelis/ American Israelis
« Reply #69 on: June 24, 2013, 11:32:55 AM »
http://matzav.com/the-matzav-shmoooze-matzav-exposing-real-estate-scams

If you look at the link in the OP selling houses for $1,000 most of them have terms like this: Buyer responsible for due diligence, buyers responsible for all back taxes, assessments, water/sewer, any city violations and both sides of closing costs that may be associated with this property. All offers to be submitted with pre-approval letter or proof of funds. Property maybe condemned, check with the city building department.

IE the only reason they're selling for so cheap is because there are tens of thousands owed in back taxes...

In my experience you can negotiate with the county and have it reduced to two years back rent in some cases they even waive the late fee and penalty on the two years as long as you pay them right away.

Just chiming in when I can add info =[]
 
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Offline YesThatsMe

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Re: New Real Estate Scam Targeting Israelis/ American Israelis
« Reply #70 on: March 27, 2019, 06:06:15 PM »
Wow I just found this thred (won't disclose my search!)

Well... we also began buying single family homes and condos from around 2010 in secondary markets (though not crime ridden neighborhoods).

We have done very well. Rents are TRIPLE now than what they were 5 years ago in these revitalized downtown. We have refi'ed everything again and again (as rates still don't go up).

I'm sure that noone who invested in these is crying. (Dunno about Euclid or Detroit though).

Offline mendy from lakewood

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Re: New Real Estate Scam Targeting Israelis/ American Israelis
« Reply #71 on: March 27, 2019, 08:41:31 PM »
Love this thread I’ve been doing this for last 2 years
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