A twist on the simultaneous close... - Posted by Ben (NJ)

Real Estate Investing
#1

Posted by JohnBoy on January 27, 2001 at 18:35:58:

So is this the classic case where Molly leases from owner at $1200 per month and sublets to Ben, the east coast vacationer at $1000 per week??? LOL

Hey, at least you got to stay in the property and didn’t have some owner come home from their vacation and start screaming, “What the h#ll are you doing in MY house???” LOL

There was a scam going on some years back where someone would watch for owners leaving on vacation and then they would turn around and lease the home to a tenant. They would collect security deposits and first month rent from their victims and then disappear. Later the owners would return from their vacation and find strangers living in their home!

BTW, you do have someone watching over your home in NJ while you’re away, right Ben??? LOL

#2

A twist on the simultaneous close… - Posted by Ben (NJ)

Posted by Ben (NJ) on January 27, 2001 at 16:49:18:

as some of you know, I am on vacation in AZ. We found a nice
condo unit for rent on the web and leased it for our 3 week stay from Molly, our “landlord”. Well, the other night a woman came to the door, said she was the owner and was looking for Molly, her TENANT. She was surprised to learn that Molly had turned around and sublet the place to us. I obviously am not privy to Molly’s lease but I assume she has the right to sublet. This seems to be a pretty shrewd move, Molly does some cheap marketing, when she finds a tenant, she leases the place and then immediately sublets, turning a small (I hope) profit. Is this an original and creative idea or is it just new to me?