This offer too good to be true? - Posted by Jeannie
Posted by Jeannie on June 16, 2000 at 23:12:11:
I have been reading the messages here and researching creative real estate for the last few months now and one thing that I’ve learned is to keep my eyes open to deals that other people usually turn down because of skepticism. However, I do realize that some of these deals are in fact scams so I decided to post excerpts from the latest ad that I found here, in this forum and see what the seasoned investors think.
It really does seem too good to be true. Here it is:
“52.4 Acres. Raw Land. Overlooking the lake. Incredible view of lake
and valley. 30 mile view. Land is can be subdivided into 10 acre
parcels. The assessed value is $595,000. So I’m asking only 3.9%
of the assessed value. A high income individual could purchase
this land for just $23,000, donate it to a charity, and take
a $595,000 tax write off. It would put you in the 3.9% tax
bracket, so to speak Or it could be developed to make in
incredible view estate. There is about 300 feet of road access
along highway. The view
of the lake is incredible. I’m selling this land at a very low
price because I need to raise cash quickly.”
Am I too much of a novice to recognize a scam when I see it, or is there potential here? I emailed this guy to ask him more about his situation. If this deal is legit, and seems like a great investment opportunity, how should I go about creating the deal? What pitfalls or dangers should I be aware of? How should I protect myself against a scam? Get a lawyer right away? Get the land appraised first? What kind of research should I be conducting?
I offer any advice. Just wondering what all of you would do?