All Forum Posts by: Richard Dunlop
Richard Dunlop has started 7 posts and replied 715 times.
Post: Detroit- Foreign Investor
- Investor
- Detroit, MI
- Posts 755
- Votes 462
Originally posted by @Joel Owens:
The definition of insanity is doing the same thing over and over again that is not working and expecting a different result.
Of course tax assessors over charge and of course they make you fight to the end before they do anything because they know most people complain but will quit and not follow through. It's the same with insurance companies. They will deny a claim knowing a certain percentage will give up and then finally take on the persistent people to settle and pay the least amount they can negotiate for. These counties and cities when they are bleeding money and in the negative will try almost anything they can to stay solvent on the backs of property owners whether it is legal or not. Government's solution is to try and get everyone else to pay for something rather than balance the budget of what they have first.
If you are committed to Michigan maybe you meet local investors and get the takes on the good area to invest in that are not in war zones for Detroit. Don't talk yourself into a deal and say if this and this happens then all will be okay and the properties will be a winner. It rarely if ever happens that way.
The situation in Detroit is the assessments are done at the city level then the appeal is done at the city level then the county level. At that level they pretend it's fine; both the city and Wayne county are financially strapped and want to preserve the fake values. When you get to the state level Michigan as a state is not doing as bad and they try to fairly assess the value of the property. It will be lowered at that level.
Post: Detroit- Foreign Investor
- Investor
- Detroit, MI
- Posts 755
- Votes 462
Originally posted by @Sid Franklin:
Has Detroit's high property taxes impacted your investments' profitability?
Yes absolutely, but they are easy to get lowered IF you fight them all the way to Michigan Tax Tribunal.
I have on several occasions gotten taxes cut to less than 1/4 of what they were in one years time.
The value of the property is fairly easy to establish, the problem arises when the assessor is pretending a property is worth $80,000 that today is worth $30,000.
Post: Detroit- Foreign Investor
- Investor
- Detroit, MI
- Posts 755
- Votes 462
Originally posted by @Saul L.:
Hello Fellow BP'ers and especially Detroiters,
Saul
Detroit takes more than just a property manager.
What neighborhood are you invested in?
Post: Credit Inquiries
- Investor
- Detroit, MI
- Posts 755
- Votes 462
When you pull your own Credit Report multiple times
it bumps off the inquires from TU and EQ but not from EX
Little known fact.
Post: DETROIT and MICHIGAN (#1 Defender answers questions)
- Investor
- Detroit, MI
- Posts 755
- Votes 462
I’m hoping to answer more question about Detroit or Michigan. I certainly didn’t intend for this thread to be a one man rant and I will still answer some of the additional points brought up.
But I wanted to give others a change to ask questions also.
Post: Bought a house site unseen
- Investor
- Detroit, MI
- Posts 755
- Votes 462
Originally posted by @Serge S.:
...The neighboring renters always seem to have a radar for vacant property. I have two homes left in this neighborhood and they have vandalism literally the day of move out...
I think it's covered...
Yeah, They see the UHAUL truck in the driveway. Come back the same night. It's not worth the effort to try to have a rental in a neighborhood like that.
Post: Bought a house site unseen
- Investor
- Detroit, MI
- Posts 755
- Votes 462
No problem
You just need to find a "Fire Insurance Company"
that covers "Prior Existing Conditions"
Post: I need to replace a furnace, which brand is "best" value?
- Investor
- Detroit, MI
- Posts 755
- Votes 462
I do like Goodman also but because I have a familiarity with them and have found them easy to work on. They are cheap.
I do not think they are the most dependable!
Post: Foreclosure Sales On Both 1st & 2nd DTs A Week Apart. Now What??
- Investor
- Detroit, MI
- Posts 755
- Votes 462
Originally posted by @LG Summers:
The 1st is 2004 which is pretty old but I've seen many opening bid amounts for foreclosure sales on loans that old that are very close (surprisingly) to the original loan amounts.
You could read the recorded deed of trust to see the terms.
But 2004 does not guarantee much is paid off the note. Unpaid taxes cost of foreclosure could conceivably make the payoff higher than the original note.
ie Was it a 30 year note or 15 year?
Was it a 40 year note or Interest only for the first five years or even negative Amortization. (All three avail in 2004)
Did the lender wait three years before they caught up on foreclosing this property? (As some markets they were way behind)
Post: Gift of Equity proposal- Has anyone done this?
- Investor
- Detroit, MI
- Posts 755
- Votes 462
Yes you will have to qualify.