All Forum Posts by: Richard Dunlop
Richard Dunlop has started 7 posts and replied 715 times.
Post: Do These Goals Seem Reasonable? (and other questions)
- Investor
- Detroit, MI
- Posts 755
- Votes 462
Originally posted by @Travis H.:
...It doesn't really help that I naturally distrust anyone and everyone who is selling something. Any pointers on getting around that? More specifically, do you have any thoughts on how to handle the sort of cognitive dissonance that I know I'm going to experience when I start pursuing real estate deals? (IE I hate people selling me things, but I'm going to have to be a salesman of sorts myself if I hope to be successful.)
In a free market transactions are assumed to be "mutually beneficial" ignore the benefit to the seller for the moment. He may be getting rid of a house that he has his unpleasant Mother in law living next door to him and will sell for a loss. Or he may be making a killing even if he sells it for less than market value.
NO ONE but YOU can determine the benefit to you.
This site is good at helping you determine if the future financial benefit will be what you hope.
Post: Cash flow vs appreciation
- Investor
- Detroit, MI
- Posts 755
- Votes 462
WHY CHOOSE?
Buy right and get BOTH!
Post: Am I a jerk for proposing this deal?
- Investor
- Detroit, MI
- Posts 755
- Votes 462
Originally posted by @Greg Downey:
John, the sounds really tempting. to do a FSBO. Did it make it harder to do all of the closing stuff and paperwork? honestly, I think that was the best part about having an agent was having someone else to take care of the paperwork. I was able to find the best homes. I just HATE paperwork.
There is a big difference between selling a house in Kalamazoo MI for maybe $60,000-$90,000 and selling a house in San Diego CA for $330,000. The realtor won't waste your time or theirs showing your house to the 90% of people that can't qualify to buy a house for more than $300,000
Post: "The Dodd-Frank Act"...
- Investor
- Detroit, MI
- Posts 755
- Votes 462
It will affect you if you sell more than 3 properties on terms in a one year period of time.
It affects the properties that you sell to owner occupants.
Post: Would you invest in 401k instead of invest in real estate?
- Investor
- Detroit, MI
- Posts 755
- Votes 462
Originally posted by @David C.:
People will always need somewhere to live so your risk is minimal if you know how to buy right.
This is the kind of advice that encourages the ill prepared to 'go for it'. The 'IF' at the end is summarily ignored - and you never know if you 'bought right' until its too late.
That's like saying you'll never lose money in the stock market if you buy low and sell high.
People needing somewhere to live is not helping the bagholders in detroit, cleveland, etc...
"Bagholder Here" How do you then explain my rental for $650 per month on a house I bought all in for under $900? And by All in I am including everything I have spent on repairs for the entire time I have owned it.
I was attributing it to "People needing somewhere to live"
Repost as my first Quote did not come through correctly
Post: Would you invest in 401k instead of invest in real estate?
- Investor
- Detroit, MI
- Posts 755
- Votes 462
Originally posted by @David C.:
People will always need somewhere to live so your risk is minimal if you know how to buy right...
....
"Bagholder Here" How do you then explain my rental for $650 per month on a house I bought all in for under $900? And by All in I am including everything I have spent on repairs for the entire time I have owned it.
I was attributing it to "People needing somewhere to live"
Post: Dave Ramsey followers and mortgages?
- Investor
- Detroit, MI
- Posts 755
- Votes 462
DR was also borrowing money besides what he was able to borrow on mortgages.
(short term notes that the lender called due)
Post: what to do when the owner of the property thinks the value is double than what it is.
- Investor
- Detroit, MI
- Posts 755
- Votes 462
Find a different house.
Post: If you were just starting out and had $150,000 to invest in real estate where would you begin?
- Investor
- Detroit, MI
- Posts 755
- Votes 462
Originally posted by @Andrew Fingado:
Originally posted by @Derrick Neal:
Metro Detroit might be the most stable market in the US. Price are low,banks don't write out mortgages, that translate into rentals. Yeah u might buy home here for 10k or 20k whatever it might be.It might never appreciate to nothing... but it will always rent for no less then 700per month..
I'm sure there are many investors from the Detroit metro area who clean up real well. Like @Joe Villeneuve said though, it's very tricky and I think it's better left up to the locals.
I became a local because of the opportunities up here.
But I do disagree with fellow Detroiter Derrick I think Detroit will appreciate among the fastest in the nation in the next five years.
Post: If you were just starting out and had $150,000 to invest in real estate where would you begin?
- Investor
- Detroit, MI
- Posts 755
- Votes 462
Originally posted by @Steve B.:
If two people started this same post and one had expectations of making 2k monthly off their 150k investment and one had expectations of making 4k monthly off their 150k investment who do you think would have a greater chance of having real wealth 20 years down the line?
I would bet on the 2k guy - all day.
Where is the cutoff? If I am aiming for $200 instead of $2k does that mean I would be successful beyond your wildest dreams?
Should I refuse the $650 rental(occupied by 3 year tenant) that I purchased for $806 All in because that would be higher than your ideal goal?