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Updated about 12 years ago, 10/08/2012
Why does this look so scammish?
First, to introduce myself. I am really new here and soaking up a lot of information. I currently have 2 rentals, only because my parents raised me to never sell a home after I bought it...to just rent it out. One of them breaks even each month after PM and the other is about $400 over expenses including PM (not even close to 50% on a 1400/mo rent based on what I've been reading), which I thought was great for a SFR until reading about the 50% rule on this forum.
Oh well. Learning a lot, and have been scanning CL looking at the various postings to see that most would never fit the 2%/50% rule.
And then I find one like http://kansascity.craigslist.org/reo/3154117441.html. If the link is blocked, search Kansas City CL for posting 3154117441. This guy has a full duplex listed for 25k and is talking about how it is, and I quote, a "CASH FLOW MONSTER".
First thought that comes to mind is, if that is the case, why isn't he keeping it? All sorts of sirens go off in my head. I'm not looking to buy right now, just learn, and this one screams scam to me.
Do all good deals look like scams? Or are there just that many people trying to pull a fast one to get out of big repairs coming up?
Would appreciate insight from the awesome educators who participate here. What a great forum.
Regards,
-C