All Forum Posts by: Richard Dunlop
Richard Dunlop has started 7 posts and replied 715 times.
Post: ONLINE RENT COLLECTION by COZY - good? bad?
- Investor
- Detroit, MI
- Posts 755
- Votes 462
DO NOT USE QUICK PAY with CHASE.
It lets the tenant cancel a payment that they have approved two weeks prior.
Stupid system must have been designed in the 1920's
A paper written check is about 75 years more advanced than Chase's system.
Post: Just getting to know me and what I would love to get out of BP
- Investor
- Detroit, MI
- Posts 755
- Votes 462
It takes more than a property manager to be successful in Detroit and most of the bargain suburbs of Detroit. (Warren included)
The whole area is an excellent choice for investment as it has higher appreciation than anywhere AND highest cash flow. But handle it different than other markets.
Post: Least llivable place on earth | New member from Vancouver, Canada
- Investor
- Detroit, MI
- Posts 755
- Votes 462
Originally posted by @Peter Crisp:
Hi Tobin,
.... Fourth, don't expect gushers of cashflow immediately. It can happen but it's not the norm, particularly right now. It might be 3 years or even 10 before you see a big payoff. I'm just starting to see this payoff and I'm 5 years in with my first income property. Finally, don't buy cheap (Detroit $1 houses being the extreme example, but there are lots of properties around)....
The last thing I would do is buy a property hoping it would cash flow in 10 Years.
I personally think the high markets will crash before 10 years.
I'm sure glad I chose the market with the highest appreciation AND the highest cash flow.
Post: Buying with credit card......can I borrow money for free, really?
- Investor
- Detroit, MI
- Posts 755
- Votes 462
Originally posted by @Jeremy Jackson:
@Richard Dunlop Awesome! I didn't think about affects on my credit.
What if I didn't pay it off by Aug17....could I transfer to another 0% APR card without being penalized? Do the credit card companies consider that "paid off?"
Just throwing some ideas around.
Yes just be aware it will be harder to get approved for new cards with the high balance, and those 0% offers are normally for the new cards.
Post: Buying with credit card......can I borrow money for free, really?
- Investor
- Detroit, MI
- Posts 755
- Votes 462
Originally posted by @Jeremy Jackson:
@Lee Scarlett Right...Now if I could get my agent up and moving!
@Richard Dunlop Credit score is above 760. How long would it take to recover?
Instantly no permanent damage as soon as the individual card is back to less than 10% utilization.
You would gain back some of the points with each partial pay off:
Down to 50%
Down to 20%
Down to 10%
Down to 0%
Post: Buying with credit card......can I borrow money for free, really?
- Investor
- Detroit, MI
- Posts 755
- Votes 462
Depending on your overall credit report, Maxing out
1 card would likely drop your FICO score 50 points.
Post: Wholesaling foreclosures
- Investor
- Detroit, MI
- Posts 755
- Votes 462
Typically the Bank will require proof of funds before they accept your offer.
Post: DETROIT and MICHIGAN (#1 Defender answers questions)
- Investor
- Detroit, MI
- Posts 755
- Votes 462
Originally posted by @Richard Ball:
Excellent article
Post: Will we ever see another buyers market?
- Investor
- Detroit, MI
- Posts 755
- Votes 462
Originally posted by @Mike Watkins:
I'm not sure where you guys are looking but I'm finding deals all over. I even got a house for a $1. I don't buy unless it's at least a 10cap.
I think I'd want a better than 10 cap rate if i was buying for $1
Post: New podcast question suggestion
- Investor
- Detroit, MI
- Posts 755
- Votes 462
Originally posted by @Lane Kawaoka:
Brandon Turner I want to know who is going call the start of the Detroit bandwagon.
It's already started! I wish it would slow down a bit.
I got in exactly right and it has been way better than I could ever have imagined.
Goal is 300 doors this year mostly SF
Jump on board
Detroit appreciation is better than anywhere AND cash flow is better than anywhere also.
I read these posting where people are trying for years to get started and still doing nothing after planning for years.
In Detroit $20,000 will buy you 8-10 houses with $1000 a month positive cash flow after you split 50/50 with a local partner.