All Forum Posts by: Richard Dunlop
Richard Dunlop has started 7 posts and replied 715 times.
Post: DETROIT and MICHIGAN (#1 Defender answers questions)
- Investor
- Detroit, MI
- Posts 755
- Votes 462
Originally posted by @Richard Dunlop:
...There is not some magic neighborhood in Detroit where there are amazing $600 tenants happily living in $1,200 houses that we can just assume will never have vacancy."
I wasn't trying to pretend there is. This was an "off Market deal" it is not a $1200 house.
It is worth about $18,000-$20,000 today and I expect it to appreciate at about 20% per year for the next 3 years.
The $600 rent is about typical and a TK provider would be trying to sell it to an out of state or out of country buyer for $45,000 to $55,000 based on the possibility of getting $700 a month.
I have bought houses that the real estate agent was trying to sell to his friends after he convinced the bank to list it low.
I have bought houses after the bank cut the agent's BPO in half to make sure it sold in less than 72 hours.
I have bought houses for less than $1000 after the listing expired for $30,000.
Post: DETROIT and MICHIGAN (#1 Defender answers questions)
- Investor
- Detroit, MI
- Posts 755
- Votes 462
Originally posted by @CK Hwang:
@Richard Dunlop, since you are quoting me above, I want to clarify that I am not knocking Detroit. I think it is probably an excellent market to invest in, however, the original poster in the original thread is not from Detroit and what I was trying to explain to him is that blindly investing in a market simply to get 15% without knowing the lay of the land is risky. This blind risk is acceptable to some and unacceptable to others. I'm not knocking your market.
I didn't see your post as a knock on Detroit,,but I did want to correct the figures you use to evaluate your risk vs reward scenario.
I would not be investing in Detroit if the return was only going to be 15%-25%. (The figure you used)
I do not buy anything unless I expect the first year return to be 300% OR GREATER.
Post: What would you do with $150k
- Investor
- Detroit, MI
- Posts 755
- Votes 462
There are lots of markets that would provide a decent cash flow.
Post: Phony "bidding war" - ethical or legal?
- Investor
- Detroit, MI
- Posts 755
- Votes 462
IF you had submitted a full price offer the
Seller was probably able to do a quick possession.
If your offer is less than they had expected or hoped to get I would expect them to evaluate the possibility that more exposure might bring a better offer
Post: how a real estate agent can find off market deals for investors
- Investor
- Detroit, MI
- Posts 755
- Votes 462
Originally posted by @Jason Johnson:
@Richard Dunlop how? I'm marketing myself to distressed property owners who are motivated to sell. They are not going to get fmv for their property and they are going to be aware of that.
Your whole first post has the tone can I convince the seller to not put in on MLS lest we accidentally get a serious competitive buyer that interferes with my plans to channel it to my chosen buyer at a lower price.
Post: Who believes that Gold will hit $1400/ounce in 2016?
- Investor
- Detroit, MI
- Posts 755
- Votes 462
Way over priced now even after the massive declines in recent years.
It will probably hit $900 this year but really should go much lower.
The real question is will it reach $700 or $2000 first in the years ahead?
Post: Who believes that Gold will hit $1400/ounce in 2016
- Investor
- Detroit, MI
- Posts 755
- Votes 462
Post: MICHIGAN the State most moved FROM in 2015?
- Investor
- Detroit, MI
- Posts 755
- Votes 462
Originally posted by @Matt R.:
@Jay Hinrichs Serious...I did not even know but that is funny. No ones used yet as far as I know but that is classic.
I've seen Lake Superior with 5 foot surf when are you expanding up here.
Post: how a real estate agent can find off market deals for investors
- Investor
- Detroit, MI
- Posts 755
- Votes 462
Originally posted by @Jason Johnson:
I know how a wholesaler would go about marketing for these kinds of properties. I am a realtor and I'm talking to some investors and I am new to this so if anyone has any info on how I should go about this please help me. Can i find my off market properties and disclose that I am a real estate agent working with a team of buyers? Put them in a dual agency agreement and hopefully my end buyer can close on the property before I have to submit it to the MLS? Can I suggest to the owner to not list it on the MLS? any info would be appreciated it would help me a lot..
You as a real estate agent have a fiduciary duty to your client!
It sounds suspiciously like you are asking how to avoid providing the services you are being paid to provide!
Post: MICHIGAN the State most moved FROM in 2015?
- Investor
- Detroit, MI
- Posts 755
- Votes 462
Originally posted by @Matt R.:
@Richard Dunlop I always thought Cali was on top of the move out list. This must be net net migration? I guess that includes foreign migration. Domestically, I think almost more folks left Cali past 10 years than live in MI.
With the exception of Silicon Valley your worry about:
@Jay Hinrichs "Vis a vi how many residence's the economy can support.. or how many folks the government can support via welfare programs."
applies to major parts of CA as well.
LA's Section 8 people are getting a subsidy approaching $2000.00
When will the productive people (Atlas) Shrug?