All Forum Posts by: Richard Dunlop

I bought this house this week for $1000, I also assumed the 2015 taxes of $500.

It is occupied, I have not yet knocked on the door, but the house appears extremely well cared for from the outside appearance.

My favorite play is taking over the houses that the Turn Key buyers abandon.

Don't buy Turn Key properties in Detroit, if you do you probably gave away 90% of the deal without even knowing it. 

It actually looks nicer than the quick photo, I'll take a better photo after I knock on the door.

@Joe Henry: What are you waiting for?

In Michigan it is generally a six month redemption period.

Just getting started!

Well I guess no one else wants to spend your million dollars for you so you are stuck with @Logan Hicks.  

Start the eviction yesterday!

@Logan Hicks @John Arendsen

This is an interesting thread so I'll play along to keep it alive a little longer.

I am not a commodity trader or a currency trader. I am a real estate investor that started with nothing and now have about $750,000 in equity in 6 years.

Since I earn better than 100% per year with out leverage on my RE, the investments discussed above hold absolutely no interest to me and thus I will not spend time researching them.

But let me as an outsider point out a couple of flaws in your strategies.

GOLD is DOWN about $700 an ounce in the past four years! IF you are trying to pick the bottom of the free fall to jump in it is not now. Gold today is WAY over priced and should be about $800 an ounce. BUT since it swung way high it will also swing way low at the other side of the pendulum swing. We might see $500 before we reach an equilibrium. Most other precious metals are produced at far greater rate than the demand because of the artificially high prices. (Lithium not included.)

Currencies make no money but only change relative to other currencies. The bigger you make your basket the more impossible it is to make any profit and some of the currencies you have chosen are doomed to far greater losses than any possible offset from the gains on others.

With Commodities you have to pay someone to store it for you and hope the gains more than make up for the cost of storage.

Real Estate pays you while you hold it.

I'm glad I chose Detroit and Suburbs where the appreciation AND cash flow beat anywhere else.

Even a very very small investment in Detroit can beat the entire return now earned on the Money Market Account described above.

In basic terms:

(there are exceptions)

A "delivered" deed changes the actual ownership of the property.

Above I stated:

"In most cities the record will not change until the new owner files the PTA."

Filing the Property Transfer Affidavit is a (required) formality that may or may not get done that changes the record of the assessor. Most will not pick up the "recorded deeds" and none will pick up a "non recorded deed" or the various other ways the owner may have transferred his ownership interest to another.

The mailing may be worth a try, but there are better ways to invest in Michigan.

"Forfeited" to the county means absolutely nothing in Michigan.

Even after the "Foreclosure" the counties are still hoping the owner will come in and work out a payment plan.

I've seen properties that said "forfeited" four years in a row and  the county never did the "foreclosure" even though nothing was paid on any of the "forfeiture" years.

In most cities the record will not change until the new owner files the PTA.

The original poster is complaining that his $1,000,000.00 invested as he is now only earns him less than $10k a year in income. If he were to triple that(He might do better) That would still be less than $30k a year.  You would give up your citizenship to avoid part of the taxes on a less than $30k income.

Diversifying as you suggested I doubt he would earn even 3% on his money.

No 2% rule in Georgia

No 1% rule in Georgia

No 1/2% rule in Georgia

Glad I'm not trying to make a living in Georgia!