All Forum Posts by: Richard Dunlop

If you purchase from a TK provider you probably gave away 80-90% of the deal without even knowing it. This board is full of stories of people that got abandoned after the TK guy made his $30,000 markup. He's not quite as on top of it anymore when all he is making is his $80 a month. He's out looking for his next $30,000 pay day.

There are better ways to invest in Michigan

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Laugh at them and walk out.

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Originally posted by @Account Closed:

Originally posted by @Matt R.:

@Jay Hinrichs

Does anyone really think the Detroit investments are outperforming LA investments dollar for dollar? ....

But as always don't buy a $10,000 house from a TK provider for $50,000 based on his speculative cash flow pro forma.

There are better ways to invest in Detroit and Detroit suburbs.

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Originally posted by @Jon Klaus:

Welcome to BP, Lisa. I'd consider Detroit as more of a cash flow market, and Austin more appreciation with its strong job and population growth. Personally, I'd be more comfortable with strong long term economics in place and give up some cash flow to get it. We're glad you've joined us!

Detroit has Cash Flow true, But it also has incredible Appreciation.

(HINT Don't buy from a TK for 4 times the actual available market)

See this Thread Where I'm asked my opinion of a $45,000 potential purchase. The seller had purchased it for $500.

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Originally posted by @Larry Turowski:

@Richard Dunlop My sister's brother-in-law has a bunch of houses like this in Detroit. I couldn't believe how good they looked and how cheap they were.

You are there. You are buying right. You know your tenant base. You have a strong plan. That' the difference.

The house can still be bought for $39,900 if you act fast before they give it to me.

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Originally posted by @Andrew Wilson:

not sure what you mean @Richard Dunlop. Didn't mean to piss you off. Just looking for some input. Thanks

There are better ways to invest in Michigan

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Originally posted by @Jeff Rabinowitz:

I purchased a hoarder house. There are rooms full of usable clothing. Much is in labelled boxes. Much is hanging in dry cleaning bags. Much still has the price tags attached. There are well over one thousand books. The rub--there were cats roaming free in the house for a while and the odor is strong. (We should be able to remedy much of that with an ozone machine.) There are also rodent droppings. Much of the goods have been protected. I am not trying to donate anything that is covered in droppings.

I called a few organizations. Habitat for Humanity will enter the house and will accept usable furniture. Purple Heart will not enter the house. They will accept clothing but it must all be bagged or boxed.

Ideally, I would like to donate to an organization that is willing to enter the house and can use a large quantity of goods. The house is in suburban Detroit (W. Bloomfield). Any suggestions on who to call?

I bought a similar house in a Down River Community, You literally could not get in the house without stepping on two foot of stuff. The burglars had dumped out his boxes and dumped out his dresser drawers while he was living in a retirement home.

I turned it over to a thrift store owner he bagged up 120 bags of trash and took seven pick up truck loads back to his store. All I did was buy him the trash bags.

I can forward his number if you don't find a charity.

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Originally posted by @Saul L.:

Hello @Russell Mitchell,

@Larry Turowski .

I offered $1275 for this house on the condition that all debts are paid (No back taxes No water bills No special assessments) The current tenant was paying $600 per month until the PM started refusing his payment about 10 months ago after it got foreclosed.

He wants to rent it for $600 until he can afford to buy it from me if I get it. I'm betting they sell it to me when the listing expires in six days as this time of year they are trying to get rid of everything before the end of the year. As they know it wont likely sell in January if it didn't sell in August or September.

Brick and stone house with double pane windows and good roof.

I will end the year with more than 100 houses in Detroit and Detroit suburbs. And with a new goal of 400 by the end of 2016.

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Originally posted by @Andrew Wilson:

Looking for a turnkey provider in Michigan. Any recommendations?

Thanks!

Don't do it that way.

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Originally posted by @Tion Henley:

Do rehabbers in Michigan tend to slow business as the winter months approach? I could only imagine it would be difficult to renovate a home in the snow.

Do rehabbers in CALIFORNIA tend to slow business as the SURFING months approach?

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All Forum Posts by: Richard Dunlop

Richard Dunlop has started 7 posts and replied 714 times.

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Post: Rooms full of usable clothing. Who do you donate to?

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