An occasional commenter here on ThePaepae.com, known as ‘Xav’ here and at PropertyTalk, did some homework on ‘bargain’ US properties being assiduously hawked by property spruiker Dean Letfus to his database and via the internet …
From Dean Letfus’s list of Atlanta properties:
Address . . . . . . . . . . . . . . . .Price. . . . . Rent. . . . Yield (after costs)
4881 Amsler Rd, Ellenwood . . $85,000 . $1,100 . . 10.01%
Thanks for the opportunity Dean, but I don’t think so .
If this is taken at face value: a USD$60,000 margin between what the property is selling for on Realtor.com (two listings at USD$25,000) versus Dean Letfus’s ‘hot off the press’ ‘Atlanta list’ @ USD $85,000 — it surely demolishes Dean Letfus’s supposed status as a ‘bargain property’ finder … that’s an amazing markup.
Do you think that $60,000 margin would go towards the ‘oh-no-that’s-not-a sales-commission-they’re-just-proprietary-fees‘ we discussed earlier?
[Looks like you can take the boy out of Richmastery but you can’t take Richmastery out of the boy. Jeez.]
I was struck by this tweet in my timeline tonight….
I download Dean Letfus’s ‘Atlanta list’ from his sales site to look for myself. In one case, as Xav highlighted, it apparently offers a house at USD $85,000 — USD $60,000 more than the USD$25,000 asking price for the same property elsewhere — but he describes the list like this:
“This is hot off the press so apologies for the formatting, but the numbers are all correct.”
Oops, it’s an Excel document … Fiction?
If there’s been a misunderstanding or misinterpretation of the details of this property, let me know please. Otherwise, 340% seems like a HUGE mark-up, don’t you think?