All Forum Posts by: Richard Dunlop
Richard Dunlop has started 7 posts and replied 715 times.
Post: Hello Everyone
- Investor
- Detroit, MI
- Posts 755
- Votes 462
Welcome to BP Lots of opportunities in Cleveland
I'm not from your area but very similar markets,
Post: Is it OK to buy into a Negative Cash Flow Property?
- Investor
- Detroit, MI
- Posts 755
- Votes 462
Originally posted by @Account Closed:
Originally posted by @Richard Dunlop:
My current market would generate $20,000 a month in POSITIVE cash flow just from the down payment you are talking about. AND appreciation is beating S Cal.
So I give you $250,000 and you'll give me $240,000 over the next year. Wait, I'm still out $10,000. I need more details.
So I'm working for you for free? Obviously, I need more details.
Post: Is it OK to buy into a Negative Cash Flow Property?
- Investor
- Detroit, MI
- Posts 755
- Votes 462
Originally posted by @Kenneth M.:
Hello,
Newbie here!
I'm putting an offer in on a triplex in southern California for about $950k...
If I put 25% down...
Find a different market I relocated from Orange County CA(Tustin) because it was not a place I could productively invest.
I Love Seal Beach but not at negative cash flow
My current market would generate $20,000 a month in POSITIVE cash flow just from the down payment you are talking about. AND appreciation is beating S Cal.
Post: Approved Tenant requires Owner's SSN/Taxpayer ID for 'Reporting' purposes
- Investor
- Detroit, MI
- Posts 755
- Votes 462
There should be a valve on the inlet of the hot water tank.
TURN IT HALFWAY CLOSED!
There is a temperature setting on the burner
TURN IT WAY LOWER!
Post: MREI tomorrow - anyone from BP going?
- Investor
- Detroit, MI
- Posts 755
- Votes 462
I might head up there. How many usually attend?
Post: Cleveland/Detroit house flipping?
- Investor
- Detroit, MI
- Posts 755
- Votes 462
Originally posted by @Stephen Lovett:
Although of all the areas, I would caution folks most about Boston Edison. You can have a 7,500 sq.ft. stunning mansion that backs up to a burned our shell of a house. You have to know which sections of B.S. you're looking in.
Same story in Indian Village Burns /Fischer streets share alley with some of Detroit's best houses on one side and some of the worst on the other.
Post: Can I take your picture for the BiggerPockets homepage? (IF you live here...)
- Investor
- Detroit, MI
- Posts 755
- Votes 462
1 block from I-75 in SE Michigan
Post: Grrr! Still can't find an agent!
- Investor
- Detroit, MI
- Posts 755
- Votes 462
Originally posted by @Angela Montgomery:
What I don't understand is that I hear on the podcasts and such saying they are paying 30% less the sales price. How can sellers be that desperate. I just don't see how realistic that is and how often do you guys pay so much less on properties. All I said to the agent was that I wanted houses that were 140,000 ARV an that were 3 bd/ 2 bd no more than 1500 sq ft. I read the BP house flipping book and I just not grasping how people will be willing t sell a house so cheap.
Apparantly your potential agents agree!
Post: Funding options for a duplex??
- Investor
- Detroit, MI
- Posts 755
- Votes 462
Originally posted by @Adrian Chu:
Originally posted by @Barima Opong-Owusu:
...Instead I ended up getting a 3 bed 1.5 bed ranch in a decent suburb of Detroit for 46,000.
...I've posted it aat $1100 a month and I'm getting quite a bit of interest so hopefully things play out well.
I'll keep you all posted @Adrian Chu
Cash flow seems pretty good where you are at. Best of luck!
Best of BOTH worlds! Best Cash flow AND Best appreciation!
Post: Deal Of A Lifetime?
- Investor
- Detroit, MI
- Posts 755
- Votes 462
How are you taking title? Just one of the things to check.