All Forum Posts by: Richard Dunlop

@Jay Hinrichs

I meant to ask above if there are markets that you think TK if a viable investment vehicle?

(but my question disappeared)

I DO NOT RECOMMEND DETROIT for TK type of investments and I am suspicious of TK everywhere. There are better ways to invest in Detroit and suburbs

@Mark Rauch

"... If there are opportunities to purchase for under $5,000.00, I would expect the company I align with would disclose this."

The turn key provider is buying them and then rehabbing them and selling to you!

See this thread Pg 3 where I stop a Hong Kong lady from buying a TK house for $45,000 that the TK provider had bought for $500 and hadn’t even evicted the deadbeat tenants yet.

He says his problem bought from him on Land Contract. Could you elaborate on the ways you would recommend in that situation.

@Jay Hinrichs is involved it a site called Turn Key Reviews

There are many horror stories about people not having the ability to exit TK purchases even after several years.

My opinion only is that TK companies seem to thrive in the markets that have a big disparity of prices.

Every time I appeal property taxes on houses I bought for $2000 the assessor has comps showing $40,000 within 1 or 2 blocks.

If your Turn Key provider is selling you a house for $45,000 will you have an ability to exit when I have bought 5 or 6 of the houses on your block for under $5000 each?

I didn’t insult you and I’m glad you changed to a strategy that made sense after your first deal.

I called your working strategy “common sense” and your second post supports my label.

Your implication was that I and others were prostituting ourselves because we expect our investments to work for us. I did take offense at that and I don’t understand your offense at my calling your and my plan common sense.

I don’t know much about you or your finances but I’m still betting if you had stuck with your first option your dreams would have died at about 3 properties.

There are a lot of people on BP that pretend that the “smart investor” only invests for appreciation. You played into their hands by referring to yourself in a derogatory term, that I didn’t even feel comfortable repeating.

You and I are in agreement and congratulations on 35 properties that is more than 98% of the people here will do in their lifetime.

Had I listened to the naysayers I would still be in California waiting for my first deal. Instead I’m aiming for 400 doors by 2016, I couldn’t do it in any other market. I’m glad I’m in a market where the appreciation is better than anywhere AND the cash flow is second to none.

Ouch! 

Wanting to make a profit on your RE investing used to be called common sense.  Why would you use such derogatory terms to describe profiting from your endeavors.

There are people that think properties will go up forever (It's called "Irrational exuberance")

I can't predict the crash (3 years maybe, probably farther away than most people think) but it will come and there will be millions of houses on the market where the owner could not sustain the negative cash flow through the down turn.

Pick a market where you get MAXIMUM APPRECIATION AND MAXIMUM CASH FLOW.

Wow pick a better market.

50% is boring

100% is routine

150%  is doable

I relocated from Orange County California (Tustin) because of the opportunities up here.

It has been an amazing and rewarding journey.  I could not have accomplished what I have in any other market.

But beware some people will think you're crazy.

Here's what They'll say  

Is it too late to impeach the judge that created this nightmare.

I've seen similar situations in probate. Where the executor of the estate was left a minority interest in the property but had possession of  what had been her mothers house and never settled the estate.  

$175 but I do about 10 in the same neighborhood at one time.

Somewhere between $2 to $3 Million

JK

It is true I've made somewhere between 2 dollars and 3 million dollars from contacts I made through BP but that is probably not the way you read it.

I also could say I've made between $19- $20,000,000.

 I'll be there for real soon enough I have made lots of good contacts on BP lots of projects in process and new contacts most every week.