All Forum Posts by: Richard Dunlop
Richard Dunlop has started 7 posts and replied 715 times.
Post: Advice needed on analyzing a foreclose deal in helping a friend out of bad credit.

- Investor
- Detroit, MI
- Posts 755
- Votes 462
Originally posted by @Randy Fung:
Originally posted by @Richard Dunlop:
I was just thinking if I buy or find a buyer to buy the property at a short sale price. Then she can be off the hook on the bad CR.
Is this true?
Randy
NO but possibly shorten from a new 10 years to the balance of the old 7.
Post: 203k Loan Officer misrepresentation, need help!

- Investor
- Detroit, MI
- Posts 755
- Votes 462
Why would they fire such an inovative loan officer?
Had to be something more than just the fraud, lying, and falsifying documents listed above.
Post: DETROIT and MICHIGAN (#1 Defender answers questions)

- Investor
- Detroit, MI
- Posts 755
- Votes 462
Here is the second monthly article by National Geographic
Some Bad Some Good
Post: Investor worker profit split

- Investor
- Detroit, MI
- Posts 755
- Votes 462
Originally posted by @Jon A.:
You've left out far too much information. There's a lot more going on than one making an investment and another doing the renovation.
Absolutely! Did one party bring a smoking deal to the table? Did they have time or marketing costs involved in finding it?
Or is this just a so-so deal that you could find 10 more like it tomorrow?
Is one party an expert in some area that benefits this transaction. Or you both trying to figure it out together?
If the money partner were to drop out would others be clamoring for a chance to invest? Or would they look it over and walk away?
Post: Investor worker profit split

- Investor
- Detroit, MI
- Posts 755
- Votes 462
I was not trying to write up your JV agreement for you but just get you to realize there are lots of factors in what you are proposing.
The correct answer is to meet up and understand what each person is expected to do and how it is going to be handled if things don't go as planned.
Then reach an agreement where both sides are happy! Now and After the deal is done!
Post: Investor worker profit split

- Investor
- Detroit, MI
- Posts 755
- Votes 462
Is the investor used to earning 1% or 30%
Who is assuming the risk.
Is the worker working 10 hours or 1000?
There is some value to each contribution before there is any profit!
Post: Advice needed on analyzing a foreclose deal in helping a friend out of bad credit.

- Investor
- Detroit, MI
- Posts 755
- Votes 462
Originally posted by @Randy Fung:
Dear BP,
I am at novice investor. I would need some advices on this case.
I need some advices on analyzing whether I can help a friend out of bad credit for foreclosing a home in Albuquerque, new Mexico.
She has defaulted payments for couple years (1999 days). Here is the #
Original loan: $132,000.
Current Loan + default amount = $189,000
You might be able to keep the Foreclosure off of her CR.
1999 days is 5 1/2 years! If there is no Court action the loan itself would possibly be removed after 7 years from the first delinquency that was never again paid current.
Her credit today is less than Zilch! But a judgment of any kind would add a new negative that would likely remain for 10 years.
Here is where I don't know the part about how a short sale reports and whether it would also disappear at the 7 year mark. (From the original delinquency)
But as Steve says above What did she do with the $80,000?
Post: Investor worker profit split

- Investor
- Detroit, MI
- Posts 755
- Votes 462
Is the investor also being paid interest for the money?
Is the worker being paid for his labor?
Post: putting property under contract while owner is still paying it off

- Investor
- Detroit, MI
- Posts 755
- Votes 462
You can contract to buy any property at any time.
If you explain in detail your situation, you're likely to get helpful advice.
Post: Live and Flip in Raleigh, NC

- Investor
- Detroit, MI
- Posts 755
- Votes 462
Originally posted by @Justin Hackney:
My biggest fear is that he is doesn't put the money where it belongs. And if he is foreclosed on I am up **** creek without a paddle. How can I mitigate this issue?
Foreclosed by who?