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All Forum Posts by: Richard Dunlop

Richard Dunlop has started 7 posts and replied 714 times.

Post: Judge Awarded X-Girlfriend Part of the House - He wants Out Of It

Richard DunlopPosted
  • Investor
  • Detroit, MI
  • Posts 754
  • Votes 461

Buy the 80% and the next vacancy move in in the middle of the night.

I bet you have a better negotiating position at that time.

Post: Realistic? Or a pipedream?

Richard DunlopPosted
  • Investor
  • Detroit, MI
  • Posts 754
  • Votes 461

HML will typically want to be paid off in 6-18 months, what is your exit strategy?

There are people on here that have financed the entire purchase with a peer-to-peer loan.

Originally posted by @George P.:

well,  hold on...  doesn't it count as if he never provided a forwarding address? they have something like 7 days or so to. provide an address and them they lose it? 

They don't lose the deposit.

They lose the right to sue for treble damages. (Triple)

Post: Seasoned investor wanting to walk away from it all

Richard DunlopPosted
  • Investor
  • Detroit, MI
  • Posts 754
  • Votes 461
Originally posted by @Kyle Bigger:

Hey BP!... 

...It comes down to the sellers. The individuals I buy houses and other types of real estate from. I don't believe I am acting in their best interest....

I'm not sure it is up to you to decide what is in their best interest.

I am sure that in your area there are people that lost their house for taxes they could not pay, people that lost the house to foreclosure for payments they could not make, and people that lost a house to a fire after they quit paying the insurance to get by.

THESE PEOPLE ARE WISHING THAT YOUR WORKER HAD SHOWED UP ON THEIR DOORSTEP AND BOUGHT THEIR HOUSE!

Post: Is this a horrible idea?

Richard DunlopPosted
  • Investor
  • Detroit, MI
  • Posts 754
  • Votes 461

I'm not sure it's the tenants that you have to worry about, you have some control over them. But worry about the tenants neighbors, the ones that watch the U-Haul truck pull away as your tenant moves out and then break in that night and remove your furnace and hot water heater.

In  fact you may not ever have to go to the property yourself you may be hoping to pass off the physical risk of life or limb to your property manager. I'm in Detroit, Detroit has Beverly Hills type homes less than 100 feet from total dumps (Indian Village) I've not seen that elsewhere.

The street and the neighbors make a big difference in the viability of your investment  So ask yourself these questions:

Are your tenants doing the break-ins on your street?

Or are they the victims that will eventually give up?

When a unit is needing repairs will a reputable handyman go there?

Does he need an armed guard for his work truck while he is inside working?

I know more than most about the environment you hope to improve. People try to paint all of Michigan like you portrayed your potential neighborhood. Metro Detroit has problems Yes but it also has SF houses that would sell for $10,000,000.00 in today's down market.

To summarize I would avoid areas in Detroit as you describe your target area to be. But it could make a profit but the risk is not worth it.


@Jay Hinrichs @James Wise @Joe Villeneuve All have extensive first hand experience with the obstacles that you have to hurdle to accomplish your altruistic mission.

I have lots of Great areas to choose from but maybe you don't. Hope that helps.

Post: Please help, all advice needed!

Richard DunlopPosted
  • Investor
  • Detroit, MI
  • Posts 754
  • Votes 461
Originally posted by @Matthew Jones:

@Richard Dunlop

Thanks for that reply.  I guess where I'm not clear is, how do you take out that many loans?   Pardon my ignorance, I'm just not sure how that works.  

Thanks everyone for the replies, I certainly do listen to BP podcast as well as others.  It's all very exciting, I just get lost on some of the smaller details of financing.  How do you continue to aquire properties?   

I'm in a unique market so I can buy for cash outright 10 properties for less than others are putting up as a down payment on One.

I posted some examples in this thread

Some areas of TN I'm sure have properties that you could pick up for below market prices.  But others have pointed out you need to keep learning so you can act fast when the opportunity presents itself or while you're thinking it over someone else is making an offer.

Post: What is the best way to pay off credit card?

Richard DunlopPosted
  • Investor
  • Detroit, MI
  • Posts 754
  • Votes 461
Originally posted by @Tri Nguyen:

Hey everyone, what is simply the best and most strategic way to pay off your credit card?

Let's say you currently have a balance of 1k on your credit card. Is it better to pay off the whole balance at the end of the month, or payment of $200 at the end of each month for 5 months?

I think you are asking for your credit record or FICO score?

It makes no difference your score is only a snapshot of your current situation and only is affected by a payment made more than 30 days late.  It is not affected by how much you paid in the past as long as you made the required payment on time each month.

Post: Please help, all advice needed!

Richard DunlopPosted
  • Investor
  • Detroit, MI
  • Posts 754
  • Votes 461
Originally posted by @Matthew Jones:

Hello everyone, I'm hoping I can get some good advice here as well as help with understanding the basics and creating a plan.  

...Here's my problem, I honestly cannot make a connection in my mind of how to go from where I am now to where they are.  I also do not see how investing in a home for a $300/month cash flow turns into financial freedom.  I basically just cannot see the forest through the trees I guess....  

Signed,

Beaten down and lost

10 of those pays your basic expenses

15 of those replaces your current income

What ever you make in RE can go directly to your savings/investments so it starts to snow ball if you keep working.

I'm not stopping till I have 1000 doors with no debt.

Post: Where would you do your first deal?

Richard DunlopPosted
  • Investor
  • Detroit, MI
  • Posts 754
  • Votes 461
Originally posted by @Saul L.:

@Richard Dunlop thanks for the reference. Hope all going well with you.

Way better than I predicted 5 months ago! How are things going for you?

@Michael Blitshtein

@Michael Blitshtein If 30k is your budget, IMO its going to be pretty difficult and risky to invest effectively as a foreigner. I would suggest you look at crowdfunding opportunities...

I can't seem to understand the attraction to the crowd funding platform. What are the expected returns?

I read over a prospectus from one of the ones mentioned a lot on BP and they were going to lend money on mortgages. Are they getting a 6% return on their loans and then deducting a managing fee from that? I have more money in my pocket than they had total assets.

Post: Where would you do your first deal?

Richard DunlopPosted
  • Investor
  • Detroit, MI
  • Posts 754
  • Votes 461

Can probably give you some insight about investing in the US from Israel.

But I would probably go with a different strategy than his with limited amount of money but there are lots of opportunities.

(I would be very careful about putting a hard money loan in front of your life savings! The HML WILL get paid will you?)