"I have a great new moneymaking scheme for the city of Racine. It might even help them pay for the cascade of lawsuits they are facing.
"OK, here is the deal. We have tons of really stupid property owners in Racine that have no idea that they are sitting on gold mines. Thousands of them are selling their properties, or trying to, for far less than the property is worth.
"The city has decades of experience in the real estate game. And they have an entire department that determines the value of Racine properties. All they need to do is buy the properties at the artificially low asking price and then quickly sell it at the real value, and pocket the difference.
"Here is an example. Some idiot is trying to sell his three story downtown property for $98,000. He doesn't even know that it is worth $225,000, even though the city sends him the results of their expert analysis of its real value every year! The city could buy the property at $98K, then sell it for its real value and walk away with $127K!
"If they did this with all the properties on the market for less than their worth, they could make tens of millions year after year."
Read more: http://freeracine.blogspot.com/2014/02/buy-low-sell-high-racine.html
Seems to me that this scheme requires two idiots: the one selling the property for less than it's worth, and the idiot paying full market value for a property in Racine.
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