05-11-2006, 05:38 AM
I know what Bystander is talking about and, yes, there are scam oriented slum lords that have been operating here and taking advantage of anyone they can find.
One old proven method is to acquire a parcel and throw up some sorry illegal shack, no power, no water, no septic, no permit. They then find someone to enter a lease/purchase agreement which holds hope of buying the property over time - no money down. The interest rate is high and the small print is hazardous. The victim will make payments - and improvements - until they gradually figure out what a lousy deal they have. They then either abandon the property or fall behind on payments and are evicted. The slumlord then recycles the property again and again. A big disappointment to me is the county's total lack of enforcement in these situations.
Capitalism does have it's downside.
Chairman, Punaweb Committee, MSPA
One old proven method is to acquire a parcel and throw up some sorry illegal shack, no power, no water, no septic, no permit. They then find someone to enter a lease/purchase agreement which holds hope of buying the property over time - no money down. The interest rate is high and the small print is hazardous. The victim will make payments - and improvements - until they gradually figure out what a lousy deal they have. They then either abandon the property or fall behind on payments and are evicted. The slumlord then recycles the property again and again. A big disappointment to me is the county's total lack of enforcement in these situations.
Capitalism does have it's downside.
Chairman, Punaweb Committee, MSPA
Assume the best and ask questions.
Punaweb moderator
Punaweb moderator