All Forum Posts by: Richard Dunlop

Probably help the cash flow to not have the $15,000 minimum TK markup included in the mix.

Maybe partnering up with local people that have a continuing interest in seeing the property succeed...

And hoping to sell another TK to the same sucker person DOES NOT count as a "continuing interest in seeing the property succeed..."

I have repeated said with regards to the my market if you purchased from a TK provider you probably gave away 80%-90% of the deal without even knowing it!

Even if the LTV is as stated, I think you will have a hard time marketing the note for the UPB or face without a qualifying buyer on the first. But that is outside my realm. What rate are you writing it at and make sure you don't compromise your first position. (Don't Subordinate)

@Bob E.

Is the buyer putting $350,000 down?

Why are they not obtaining a loan?

Read the HUD probably more

Write the offer to include "all commissions including brokerage fees" to be paid by seller and I bet it disappears.

Were any of the other members of the household on the lease?

Were any of the other members of the household adult?

This was a garnishment from a person that tried to convince me they were struggling to pay $5 a week toward the unpaid rent.

I almost broke through the floor jumping up and down when I opened  the letter from the Credit Union.  Imagine my surprise when I saw the amount in a one time garnishment.

It takes more than a PM to be successful in Detroit.

And the $400k in the high desert of San Bern/Riverside does not get you much quality of life. Haven't seen the gang areas of Oakland recently but I'm guessing the same $400k leaves you wishing life had more quality to it.

I loved San Diego and now I could afford to live there if I choose. California has some great areas but unless you've owned a house or houses for 20-30 years the average person cannot accomplish much quality of life. 

So are you suggesting that one of @Joe Villeneuve 's neighbors living in a comfortable house with a value of $40,000 should sell and take their $40,000 and move to SF for the quality of life.

Ok do they spend their $40,000 on rent for 8 months or do they try to borrow(gift) $350,000 more from their rich relatives as down payment so their mortgage on the $400,000 additional still financed does not exceed their annual income.

My quality of life is 10 x what I ever would have been able to establish anywhere in California. I lived and worked in all three major markets of California, San Diego, OC Tustin, Bay area Santa Clara had I not left California I would still be looking at REI from the outside.

Yes, I am suggesting that one of your neighbors that owes a mortgage payment of $3000 even though they have $350,000 equity should take the equity, leave the rat race, and buy enough properties in SE Michigan"(see I didnt say Detroit)" to retire with an annual  income exceeding the best 5 years they've ever done all put together.

And since they are now retired they could come back and visit you for all of January.

Come to think of it they could spend January anywhere in the world that they want to.

Property preservation.

Yes it's needed can you make enough contacts? 

Here is a screen shot from the post above!

Please note where I live and invest.  It amuses both @Joe Villeneuve and me that people confuse Detroit and Michigan and that people think we live in a 3rd world country.

Metro Detroit has problems? Yes but it also has single family homes that would sell for $10,000,000.00 in today's down market.

Detroit itself is experiencing appreciation faster than any other market AND has better Cash flow than most anywhere. I could not have accomplished half of what I have in any other market.

Here is my answers to question asked about Detroit and or Michigan