All Forum Posts by: Richard Dunlop
Richard Dunlop has started 7 posts and replied 715 times.
Post: Multi units Wanted seller financing 0 down
- Investor
- Detroit, MI
- Posts 755
- Votes 462
When I buy a property I talk to neighbors first.
I walk and drive the neighborhood
I don't buy in War Zones!
But $15K does not mean a war zone (It could be but not necessarily so)
See my thread where I'm attempting to answer in detail all questions people have about Detroit and suburbs.
Post: Multi units Wanted seller financing 0 down
- Investor
- Detroit, MI
- Posts 755
- Votes 462
Originally posted by @Joseph King:
Originally posted by @Richard Dunlop:
Originally posted by @Joseph King:
Originally posted by @Darren Budahn:
What kind of condition and what kind of neighborhood is a 17 unit apartment building that is only selling for 125k? Just curious.
It's a Detroit property, all units rented with on site property management. $3,200 monthly income.
All units rented. Are all paying or are they professional tenants?
Nothing rents for $200 in Detroit. Look on Craig's List.
Stay out of the war zone!
Yes they are all paying. I see you invest in Detroit. What are your thoughts of the war zones. For example the 15k houses
This is the $16,000 house I lived in.
Post: Multi units Wanted seller financing 0 down
- Investor
- Detroit, MI
- Posts 755
- Votes 462
Originally posted by @Joseph King:
Originally posted by @Darren Budahn:
What kind of condition and what kind of neighborhood is a 17 unit apartment building that is only selling for 125k? Just curious.
It's a Detroit property, all units rented with on site property management. $3,200 monthly income.
All units rented. Are all paying or are they professional tenants?
Nothing rents for $200 in Detroit. Look on Craig's List.
Stay out of the war zone!
Post: opportunity you all wont believe!
- Investor
- Detroit, MI
- Posts 755
- Votes 462
Originally posted by @Danielle Hammond:
lol !! @richard... I feel ya!!! Somehow us yoopers make it work though and once you are used to it, you wouldnt have it any other way... well id take 10 degrees :)
I relocated from Southern California where 40 degrees is cold!
I survived minus 46 degrees wind chill factor. I went out and stood on my porch for 10 minutes without a coat.
Good luck on acquiring your dream deal.
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:
The lower cost areas, including the better areas of Detroit, will appreciate much faster than Royal Oak, for example. There was a good article in Crain's about appreciation in the area:
http://www.crainsdetroit.com/article/20150615/NEWS...
Wayne county is appreciating the fastest and Oakland County is appreciating the slowest.
Thank you That is an excellent article! And it makes the points I've been making since I started posting on BP
Wayne County (Mostly Detroit) 43.1 % Appreciation in past year
Post: opportunity you all wont believe!
- Investor
- Detroit, MI
- Posts 755
- Votes 462
Nice community. Nice pictures.
But you need 10 more degrees of global warming to make it livable!
Love the UP
Post: Wayne county property tax
- Investor
- Detroit, MI
- Posts 755
- Votes 462
Originally posted by @George P.:
Originally posted by @Richard Dunlop:
got another for 68k. they estimated at 150k since there is no house like that within miles of it. we were able to lower it ourselves to 125k. the tax guy was like "there's no way to save money on this house"... so, i am totally confused of how the process works.
Your success with that one proves your Lawyer tax advisor was wrong. It is worth trying even if the experts say it can't be done.
I sent you a PM with a couple more tips There are many more
Post: Wayne county property tax
- Investor
- Detroit, MI
- Posts 755
- Votes 462
Originally posted by @George P.:
my question is, if they could not do ANYTHING for me, how do these lawyers make any money? how do they pay their bills?
A couple of questions/ answers: Maybe they want the easy ones that they can cut to one third and aren't wanting to work on your property because they might only get a reduction of $5000 in the assessed value.
Are the values fair in your estimation?
Are you buying below market?
Your market is much more stable and appraisable than the markets I'm having great success in. The more in Flux a market is the more the appraisal value is nebulous.
My appraiser lives in Livonia I'll PM you some more tips.
Post: What to do with a tenant who was just jumped and robbed?
- Investor
- Detroit, MI
- Posts 755
- Votes 462
Do not accept cash for a rental!
Money Order can be recovered if stolen.
Direct deposit or auto withdrawal
Post: Wayne county property tax
- Investor
- Detroit, MI
- Posts 755
- Votes 462
Originally posted by @George P.:
i tried westland and livonia. i even spoke to the tax lawyers that apparently make money off this process. they all said said:
At the City level they all say NO!
Except Detroit, Detroit will give a little hoping you wont take it farther.