All Forum Posts by: Richard Dunlop
Richard Dunlop has started 7 posts and replied 715 times.
Post: Have you been getting this craigslist spam? What do you do?
- Investor
- Detroit, MI
- Posts 755
- Votes 462
I respond: "Yes call me so we can discuss it."
It usually generates another auto response.
Post: Why is your market the best?
- Investor
- Detroit, MI
- Posts 755
- Votes 462
Originally posted by @Joe Kling:
If someone was going to move from California and learn a market in which to execute the BRRR method, why is your market the best?
Man I hope someone suggests Detroit...
Skip Detroit! We've got that covered.
Glad I left Orange County California to invest here. But hoping everyone else goes somewhere else.
Post: Poof - 2 years of cashflow on 3 houses gone in one day!
- Investor
- Detroit, MI
- Posts 755
- Votes 462
Originally posted by @Jeff Morelock:
I wonder why the gurus skip that topic when they pitch their $1997 courses.
I think it's included in the $41,000.00 course.
Post: Anyone ever found one of these in their fridge???
- Investor
- Detroit, MI
- Posts 755
- Votes 462
Originally posted by @Kyle J.:
I've often found some weird things left behind after tenants move out, but this one might take the cake. I recently asked a tenant to leave due to non-payment of rent, and when they left I noticed the refrigerator wasn't working properly. It was running with nothing obviously wrong with it from the outside, but it wasn't cold.
I had my repair guy come over and we pulled it out from the wall and that's when we noticed it had been SHOT! Yup...that's a bullet hole in the photo below. I couldn't believe it.
I'm charging the tenant for a new fridge because somehow I don't think a bullet hole is considered normal wear-and-tear.
Anyone else have any good stories of things they've found to make me feel better about my wounded fridge?
That's normal wear-and-tear in Detroit
Post: Disbarred Real Estate Agent
- Investor
- Detroit, MI
- Posts 755
- Votes 462
Sounds like a Wholesaler
Post: Look What I Found About an Applicant!
- Investor
- Detroit, MI
- Posts 755
- Votes 462
Originally posted by @Linda Weygant:
Well then... I just decided to google my tenants. What the heck, I thought.
Sunova..... one of them arrested for auto theft in April.
What the heck do I do now?
Keep your car locked in the garage!
Post: DETROIT and MICHIGAN (#1 Defender answers questions)
- Investor
- Detroit, MI
- Posts 755
- Votes 462
Originally posted by @Jennifer Streamer:
Originally posted by @Richard Dunlop:
... because the desirable areas in Detroit are more expensive than the weaker suburbs.
So now we have a new trend - solidly middle class people leaving the suburbs to move to Detroit because it's the cool thing to do or because it's close to work or because they can get a better house.
The lower cost areas, including the better areas of Detroit, will appreciate much faster than Royal Oak, for example.
(Disclosure/Nondisclosure: I have no connection to the property I mention in this post I am not the owner and do not know the owner.)
Your statement was made real to me about eight months ago with this property:
http://www.zillow.com/homes/14235-Reeck-Rd-Southgate-MI-48195_rb/
14235 Reeck Rd Southgate MI 48195
I was returning from Sam's Club and stopped at a yard sale at this house. In conversation I discovered they were selling the possessions of their recently passed mother because they had just sold the house.
A beautiful house on a full acre on the Golf course. I timidly asked the sales price and was shocked to hear $100,000. In a desirable area of Detroit it would have been a $225,000-$275,000 sale. (there are no apples to apples comparisons) I was again shocked when I got home and saw that that sale was in line with the market.
Post: DETROIT and MICHIGAN (#1 Defender answers questions)
- Investor
- Detroit, MI
- Posts 755
- Votes 462
Is Trenton a good example of my earlier question "Do the garbage areas insulate Trenton from the progress in Downtown Detroit?" The Down River communities have to contend with SW Detroit, and then River Rouge and then Ecorse as insulation.
The numbers above do not represent appreciation (related yes) but are an increase in the median sales prices. (one half above / one half below)
The numbers I do want to call attention to is Wayne County Median $114,500.00. That is not a desolate wasteland. (there are definitely sections that are desolate wasteland)
When someone from out of state sees a house for $5000 or $15,000 or even $25,000 ask why.
If a house in a $50,000 neighborhood needs $75,000 to put it back together, how much is it worth? Today?
Post: DETROIT and MICHIGAN (#1 Defender answers questions)
- Investor
- Detroit, MI
- Posts 755
- Votes 462
I was on the run last night when I acknowledged your post but I did want to answer your questions in more detail. I agree with the points you are making and they correlate well with the points I have been making.
The article you posted has the best proof I’ve seen so let me pull out all the numbers to illustrate the points you made and that I have been making.
One Year June 2014 to May 2015 gains in Median Sales Price
Wayne County (Mostly 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
Post: DETROIT and MICHIGAN (#1 Defender answers questions)
- Investor
- Detroit, MI
- Posts 755
- Votes 462
Originally posted by @Bill Bodziak:
Originally posted by @Scott K.:
HAHAHAHAHAHA what a joke.
Detroit is a definitely a beast that need to learn how to work in. I worked for years on the street parking cars in the middle of downtown before Dan Gilbert bought half the buildings on Woodward. It was crazy, I witnessed everything you can imagine over those years. Looking back it was foolish on my part, dodged too many bullets, too many cars stolen, countless fights... young and dumb, but it was fun! Much of what people hear about Detroit is true and there are absolutely safer places to invest in the area. For the experienced risk taker, profits can be made as new money pours into certain areas. I feel sorry for those out of town investors who are just looking at the bs numbers and are paying 10x's or more than what the property is actually worth without working someone they trust here on the ground!!
Bill I hope you take the time to read the whole thread. I have answered point by point most of the objections Scott K made. I have a couple more points I will address but didn't want to be only answering his rants.
Do you agree with my answers?