All Forum Posts by: Richard Dunlop

I don't know the laws or processes.  I've offered I've not purchased any. 

Most short sale situations require some sort of proof by the seller of reduced value of the property perhaps by affidavit. The seller cannot benefit in anyway!

I've seen some where the buyer becomes a party to this reduced valuation and could be accused of participating in the fraud if trying to aid the buyer in establishing a false value. 

 More than you can imagine, you can start in the Detroit market with the same numbers that you are used to. 

Buy the $1 houses to start then when you are ready move into the really big time $500 houses.

I am joking of course but some on this board picture Detroit this way.

I love the big old houses in Grosse Pointe area.

Welcome to BP Jump in with both feet! You're in an interesting market. 

I don't know about Honolulu, but $180,000 doesn't get much in "California coast"

I used to live in Orange County California (Tustin) and $180,000 will get you a down payment and a cash flow of NEGATIVE $1500-2000 a month.

I now live in Michigan where $180,000 could get you $20,000 cash flow per month!

Tenant has been there for almost 4 years,   I haven't. I have only owned it for 5 months.

When I walked through the house I asked her what see would like to have done.  She pointed out a couple of things. When I tried to schedule a handyman she said her father works construction and was going to do them.

Because the previous owner didn't like being upside down in the mortgage doesn't prevent me from making a profit on my cash purchase.  She bought above the peak and could not see paying 10 more years to have the value and balance reach an equilibrium.

Nothing wrong if buyer only

If you are a licensed agent then that would be considered inappropriate

You're making a lot of stupid assumptions in your post and you should know better.

I bought property with a 3 year tenant in place. (You're assuming I should have been spending money starting before I bought it.)

Just passed section 8 inspection. My One and only residential rental and you're calling me a slumlord. 

Does Corktown meet with your approval? I own more than 10,000 sq ft

@Osama Bin mostafaa  tosses out Detroit as a dirty word.  Why don't you tell him that Downtown Detroit has one of the highest occupancy rates in the whole US (I'm sure you know this since this was the area you mentioned)

In other threads you tell people they can never make money in Detroit; In this thread you take the attitude of course a Billionaire  can make money but a small investor can't.  The Billionaire can make money anywhere but chooses to do it in Detroit because he makes more here.

Detroit IS the main place where a small investor CAN make money. I KNOW I started with $150.  Can anybody do it today? IDK my main complaint is Detroit is coming back way too fast!

 Richer Smarter people than you like Detroit! Google "Dan Gilbert" (Bought 71 commercial and High rise buildings in Detroit in past 4 years)

I still haven't spent any money on maintenance on my $650 a month rental that I bought for $806 All in Three year tenant in place. 

You need to do multiple things at the same time. Installment loan (credit union) and Credit card and Auto loan. If previous loans show on your credit reports but are too distant to score then obtaining a score is simple. 

FICO requires something like 2 credit obligations of 6 months duration in the last 2 years to create a FICO score. 

Does he need $40,000.00 for the personal mentoring after he takes your $999.00 course?