All Forum Posts by: Richard Dunlop

 I always use the agent that brings me the deal.

If I find the deal myself I always use the listing agent!

 Number four is right beside you in Idaho make it three out of the top four.

I agree with  @Cory Mccarthy more smarts than luck.

Michigan and especially Detroit started falling earlier than the crash and thus fell farther than the other markets.  That created an unparalleled opportunity here.

Downtown Detroit has a lower residential vacancy rate than NY city or SF by some of the figures I've seen and massive new construction going on. But people are still reading 4 year old newspaper stories.

I would not be surprised to see Michigan join the MOVE-IN list in the next year or so while most people are still thinking it is topping the MOVE-OUT list. 

 I agree with @George P. the listing agent is motivated to convince seller your deal is best.

 Harvard Endowment earns 5.8% most recent year

But I agree the tenants ARE long term in most cemeteries!

Register Jeff Roberts as a business name or LLC

Depends how you're buying them. Appreciation is better in Detroit than ANYWHERE.

43.1% gain for Wayne County

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

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

Macomb County 9.6% from $123,000 to $134,825

Livingston County8.6% from $197,950 to $215,000

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

In the article linked above it shows the rise in Median price for 4 counties in the area of SE Michigan.  The counties North of Detroit have pretty good rise and the people on BP like to point out these areas have nice small towns and higher values etc.

But Wayne County is incredible appreciation and I do way better than their number!

It is a recent purchase it is not too far from Typical. My average acquisition cost over the last 6 months is $1825.

A big part that was not typical was the tenant in it with good income and since the PM started refusing the rent when the previous owner lost it to foreclosure, the tenant was relieved that the new buyer would still rent it without raising the rent and would allow him to buy it.

We discussed $8000 down payment and he said he would have it in one year so we signed a 1 year lease.

The other part that was not typical is the house was in excellent shape! All they needed was 1 gallon of paint and some new metal posts for the adjustable shelves in the kitchen cabinets as a couple of the plastic ones had broken with her heavy mixing bowls.

And a small area where a previous handyman (maybe them) had done an ugly job on a plaster repair.

It is a grand slam home run most of mine are only triples

No sales pitch. I am a pro member and have posted a total of only 1 ad ever:

HERE And I got way more response than I anticipated BP Works!

and the point of the post is I defend Detroit when it is used in a pejorative way.

When posters say or imply "That only Stupid people invest in Detroit" I respond by implication "that only Stupid people don't"

But to avoid hijacking this thread I will answer your questions in detail in the:

Defending Detroit Thread HERE

I do believe he recommends himself.

I don't know him and have no reason to say anything negative about his operation.

I just don't think Turn Key is the way to go in Detroit.

It takes more than a property manager to be successful in Detroit.

Thanks for your participation in this thread!

Read through this thread I wish Detroit progress would slow way way way down, I live in Detroit and it is coming back way too fast.

Let me point out the critics in this thread's early pages are gone from the scene and I presume are no longer investing in RE.  I'm still here! The ones that told me there was no way to make money in Detroit.

But yes I'm glad you hate Detroit!

I will keep making lots of money as long as you and others hate Detroit.