All Forum Posts by: Richard Dunlop

RUN!!!!!

Away from the way you did it. Make sure NO one ever does it again the way you did it! I just wanted to say it louder than you said it.

I see in your profile that you bought two Turn Key rentals in Detroit. I have been warning people away from Turn Key rentals in Detroit for seven years now. Sorry I didn't say it loud enough or early enough on BP.

When I made my first trips to Detroit after I had already bought properties up here, I ran into former land lords all over that had lost all of their houses to foreclosure and told me I couldn't make any money in Detroit.

I would look at them and ask if I buy for $1000 the same house you paid $80,000 for, do you think the outcome might be different.

This house sold to an investor in The United Kingdom for $83,000

I just bought it from the foreclosure for just over $2000.

Do you think my outcome might be just a little bit different from his?

Thank you for your kind words, most have only mocked the possibilities in Detroit but I'm glad I'm in this market.

Possibly give me a call, I have worked with a few.

You ask an interesting question based on an assumption that the appreciation will be better in Clarkston than in the lower price areas of Michigan.

The facts do not support your assumption.

One Year June 2014 to May 2015 gains in Median Sales Price

Wayne County (Including all of Detroit) 43.1% from $80,000 to $114,500

Oakland County5.9% from $193,600 to $$205,000

Actually Oakland county had the lowest increase of the 4 counties and Wayne had by far the largest.

Source and Link to full article in this thread (Page 3 I Think)

James

As you can see from your chart Gold price today still has WAY TOO much expected inflation built into it.

Supply and demand can be distorted but not defeated.

I think the equilibrium price for Gold is probably about $775-$825 But the artificial high price for the last few years has driven supply way above an equilibrium level.

I would not be surprised to see gold drop way below the equilibrium price as a pendulum swing artificially low for a while.

Look at oil prices production was held low by OPEC and our environmental policies forcing an artificially high price for years. The artificially high price created a supply greater than demand and now we have prices artificially low for a while. If the US produced in full (It won't happen) what they are capable of producing we would have $35 and lower oil for years even though the equilibrium price for oil is probably about $55.

That is a classic!

 Pick a fight bad mouthing my fine city then call in the boss to defend you!

Actually if you read the forums I don't support TK and certainly not in the Detroit market. 

Gold mine so far! 

Where does the money pit fit in here?

@Lindsay Stewart

Actually the best part of Detroit is digging up other people's money pits.

Turn Key sale for $83,000 to investor in England.

I just bought it for $2170. Yes there is only 4 digits in that price!

I have no doubt about it is not even close I

am sure it is the investors in Detroit for 2015.

And will be for at least the next 3 years

Joel

When I'm Rich and Famous like you I'm going to be a Commercial Real Estate Broker in the Peach State just like you!

I haven't seen any Turn Key providers in Detroit that I thought were adding as much value to the deal as their mark up.

I notice the Turn Key providers everywhere seem to gravitate to the markets where there is a large disparity of prices. And Detroit has the largest disparity of any where.

I make lots of money buying up Turn Key Properties after the out of state investor gave up on them!

Previously Sold for $83,000 to a buyer from England.

I just bought it for $2170.