All Forum Posts by: Richard Dunlop

Not sure I'm understanding your question.

It was worth about $20,000 when I bought it for $806 (that is not that unusual l turn down similar houses for $2000-$2500 because I can only buy so many)

It is worth about $25,000 today so up about 25% in one year.

It is still rented to the same lady for $650 per month.

Does that answer your question.

I'd buy 1000 houses in Detroit and suburbs!

Would they all perform as well as the one I bought for $806 all in last December that was rented to a 3 1/2 year tenant for $650 per month? Probably not but it would still be an investment with returns you could duplicate NO WHERE else for the for seeable future. In BOTH appreciation AND cash flow.

RE Investing should provide Cash Flow AND Appreciation.

Find a market that does that!

If you want to avoid the hold up I would close on the properly titled property with the title insurance and buy the separate lot in a different transaction. There are benefits and negatives to both ways of doing it. The orphaned lot is 10 times easier to get the assessed value lowered on for property tax purposes than if it becomes part of your more valuable property. Then combine them at a later date into one parcel if you choose to do so.

Thanks but I got started about 6 years ago! I expect to close out the year with more than 100 houses. About 75 on my own and about 25 with partners or backers or JV.

I think some of the experienced investors are rightly trying to educate new members that "No Money Down" strategies are not as easy as they're sold to be.

You may tell me that a cow jumped over the moon and you know it to be true because your mother read it to you from a book when you were little. I would probably express doubt about the accuracy of the story.

No one here is saying that "No Money Down" deals never happen! They are correctly pointing out that a new investor is better served be spending time and energy in other ways than searching for the 1 in 5000 deal that they may not be able to close if it was presented to them.

Have you been to Detroit? I live IN Detroit and hopefully your investments involve "boots on the ground partners"

It takes more than a property manager to invest in Detroit!

She said it all!

I left Orange County CA (Tustin) My coin toss was Atlanta, Chicago, Detroit.

I'm glad I chose Detroit!