Posted by js-Indianapolis on September 09, 2003 at 24:57:46:
I’ve seen that before, and remember it often as I go throughout my RE activities. There are many who I simply cannot help (foreclosuree with a 125% LTV with a second, and other multiple liens on a house that would never cashflow.) It only takes a minute to give them a little knowledge of how they may help themselves, and some encouragement. Now, whether they do anything with that is up to them. I feel like I’ve at least done something to help them.
Should I try and help elderly Lady? - Posted by Brian
Posted by Brian on September 06, 2003 at 16:59:35:
I have a friend at a RE management company. As I am a general contractor, he asked me to give him a rehab cost on a property in his company’s care that had been condemned. I saw no notices, but he showed me the letter from the city, which gave the owner,(a frail older lady) 6 months to correct the situation or face 300.00 per day in fines. In a fit of unbridled greed, (according to my friend)the company’s president has decided to talk the owner into paying them to rehab the property (Which they are unqualified to do, and she is very trusting), and then charging her a listing fee to dump it. In any case, the owner gets severely taken advantage of (it was the negligence of the mgt. company that allowed the property to be condemned in the first place). Initially my friend was gung ho to do whatever was necessary to prevent this from happening, but has to consider his alliances carefully, I’m sure.
I am inclined to contact the owner (although she has no phone, I have her address) and try to make win/win deal with her (there is about 100k difference between as-is and rehabed values [I can do for about 45K]). Although I risk getting my friend in trouble with his boss, I find it increasingly difficult to allow this to happen (I also happen to know the president)when I know the right thing to do. If nothing, else, I would offer to do the repairs at cost, perhaps, for my own peace of mind. Any seasoned investors, I would greatly appreciate your advice.
Re: Should I try and help elderly Lady? - Posted by roger
Posted by roger on September 07, 2003 at 23:56:07:
my hat is off to you sir.i rather lose a friend then see someone a victum to scum/// a true friend will forgive you instantly,as for his boss who wants to do this show his face on t,v as crook he is agian i applaude you
Posted by Frank Chin on September 07, 2003 at 11:53:59:
Brian:
Its hard to tell from your post the issues and exact solution required.
But you can check to see if there are social services that can help her, legal aid who might speak with the authorities about the fines, and yes, even you in helping with the rehab. I would even talk to the local paper about what happened, and put pressure on the authorities take action on this obvious perfidy.
I have called local papers on occasion, and you can’t imagine how quickly people jump. This sounds like the perfect story for the local action reporter, a helpless old lady, a greedy money grubbing contractor, and a hero REI. Wouldn’t shots of this greedy guy running from the cameras, covering his face, shouting “no comment”, warm your heart.
I think most of us engaged in REI are resourceful and most entreprenurial. It is extremely heartwarming to see someone like you who can extend a helping hand, rather that to see her misfortune as a pot of gold.
This contrasts to a post not far below regarding another elderly lady where the REI’s approach is to bug the authorities hoping the seller will get religion, cave, and quickly sell the house to him. Looks like you’re in a even better position compared to the other poster in putting the screws on this helpless old lady. Thankfully, concience and integrity prevailed here.
Shame on those who take advantage of “little old ladies”.