All Forum Posts by: Richard Dunlop
Richard Dunlop has started 7 posts and replied 715 times.
Post: I messed up. Gave PoA to agent for closing
- Investor
- Detroit, MI
- Posts 755
- Votes 462
Originally posted by @Russell Brazil:
@Christopher Morin This seems to me then like a clear mistake by the agent....not so much in the signing using the POA process...
@Richard Dunlop suggested the possibly of filing an e&o claim...however I think that would likely be a waste of time in this instance because you gave the agent POA.
As an agent, I have had out of state clients ask to give me POA and I have always said no. I have them designate a local friend or family member to have their POA. I think my liability runs too high signing for a principal where I am the agent in the transaction.
The POA makes the signature valid but does not allow the agent to act contrary to specific instructions.
As you state in the next paragraph your liability is too high so you refuse to be AIF. It probably boils down to are the instructions documented (email or Text) or does the agent admit he made a mistake or is he going to state that he signed the change that he thought the seller had agreed to.
My opinion is the amount is relatively small the broker would probably pay it to avoid filing a claim or losing a client.
Post: Why does everyone hate Michigan so much?
- Investor
- Detroit, MI
- Posts 755
- Votes 462
Originally posted by @Account Closed:
... GM has pulled some factories our unemployment rate is higher than most states...
.
Clarence no longer true, Michigan is below the national average in unemployment. Detroit is only slightly above the National average.
Wayne County Wages are way above the national average.
And the growth in wages is above the national average.
I keep asking myself why anybody invests anywhere else.
Post: Why does everyone hate Michigan so much?
- Investor
- Detroit, MI
- Posts 755
- Votes 462
Originally posted by @Chad Harter:
I'm trying to understand why so many people stay away from investing in Michigan?
...I realize there is no appreciation, ....@Brandon Turner and @Joshua Dorkin
???
???
I invest in Detroit and Detroit suburbs BECAUSE the appreciation is better than ANYWHERE else!
The amazing cash flow is gravy.
Post: Why does everyone hate Michigan so much?
- Investor
- Detroit, MI
- Posts 755
- Votes 462
Originally posted by @Andrew Wong:
@Chad Harter, what type of properties are these? C? D?
Of course these are houses made out of scrap pallets with palm frond or tar paper roofs!
Bought it for $1275 rented it for $600 month to the existing tenant who couldn't figure out why the property management company was refusing his rent when the prior landlord lost the house to foreclosure. Rent should be about $750-$775.
Post: I messed up. Gave PoA to agent for closing
- Investor
- Detroit, MI
- Posts 755
- Votes 462
E&O insurance
Post: Legal definition of "Owner Occupied"
- Investor
- Detroit, MI
- Posts 755
- Votes 462
No requirement that the owner occupy the Master Bedroom.
Post: This map might shock you! INTERACTIVE MAP (Bureau of Labor)
- Investor
- Detroit, MI
- Posts 755
- Votes 462
Where does the County you invest in rate in income and Growth??
(above or below National average)
FOLLOW THIS LINK to the INTERACTIVE MAP Bureau of Labor Statistics
It is from the Bureau of Labor and shows Average Weekly Wage as of 3RD Quarter of 2015 as well as the percentage change from the 3RD Quarter of 2014 to the 3rd Quarter of 2015
Post the figures from your favorite area or Areas that surprised you. I found LOTS of surprises.
Post: Long Term Investor and Real Estate Agent - Denver Area
- Investor
- Detroit, MI
- Posts 755
- Votes 462
Originally posted by @Account Closed:
Why would anyone sell, or buy in a 19% cap rate market?
I'm sure glad I stayed clear of the markets that returned that little.
Post: 6 properties for $33K
- Investor
- Detroit, MI
- Posts 755
- Votes 462
How much is owed in back taxes?
Post: What the heck do all those Abbreviations Stand for?
- Investor
- Detroit, MI
- Posts 755
- Votes 462
Originally posted by @Steven Gesis:
Originally posted by @Richard Dunlop:
ABC Anywhere but Cleveland
ABD Anywhere but Detroit
ABM Anywhere but Memphis (You've heard of the ABM treaty )
Whats up with the Cleveland bash ? Have you been and do you invest there? ...
Notice I mentioned Detroit in the same light and I'm sold on Detroit. take it in the good fun it was intended. Although it does seem that every time someone asks a question about Detroit there are immediately 25 TK providers from Clev pitching their wares. Is that Clev's only industry, TK companies?
Edit to ad TK should be added to the list