All Forum Posts by: Richard Dunlop

@Richard Dunlop Sir, im having a little bit of trouble understand what your saying, let me try to ask this. Ive heard some members around the form say they can edvict the old tenats because they bought the property, im not sure sure if they had cause to do so?is this fact?

Depends on the lease? Is it expired?, are they in compliance? are they month to month?

You CANNOT do ANYTHING that the previous owner could not do.

The leasehold interest that the tenant has in the property is still valid and MUST be honored by the new owner.

You can possibly schedule a long COE and then extend the deadline if one of the leases is expiring in 6 months or so.

0 Votes

@Tereal Wilsonn

@Bill Gulley

Referenced above a previous owner is signing away some of his rights to the use of his property by signing a lease with a tenant.

He CANNOT then sell those same rights to another party. The New owner must honor the lease commitments of the previous owner.

In the example above @Randall George tried unsuccessfully to buy back the rights signed away by the previous owner.

0 Votes

Quick buy another apartment! Tenant already approved...

9 Votes

Originally posted by @Joe Villeneuve:

2 - Michigan, is NOT in Detroit.

They moved it???

5 Votes

Originally posted by @Bill Gulley:

A reverse mortgage is probably better when the owner is younger as the value is discounted to mortality tables, at 92...

I'm sure no expert on reverse mortgages but I think that works to the advantage of an older person.

I assisted (as a friend) a 83 yo person obtain a reverse mortgage and she was able to get $1497 per month. If she had been 65 she would have only gotten about $650 per month on the same house because of her longer life expectancy.

1 Vote

Reverse Mortgage

0 Votes

Originally posted by @Account Closed:

Hello,

... To be honest I have a hard time just saving money because its literally eroding in value.

A lot like Gold lately!

I don't personally thing you timed the bottom right.

Where is the last three and one half years on your chart?

0 Votes

Originally posted by @Bill S.:

@Dustin Zentz I hope it goes well for you my friend. I can't imagine leaving Colorado for Detroit. Even if you are not in Detroit proper, the weather change would be more than I could stand. Have you lived in the area before? If not, pay it a visit in early Sept when the weather is great here in Colorado and then again in December. It's hard to beat our sunshine here.

WOW! I honestly never knew the weather was a selling point for Denver!

Skiing maybe! Summers beautiful! I used to vacation in Telluride & Durango!

I moved to S California for the weather 20 plus years ago.

I moved to Detroit for the opportunities 6 years ago. Now that was a change! but I could not have accomplished what I've accomplished in any other market.

2 Votes

Originally posted by @Account Closed:

Buy drugs, then sell them

Why? The money is better in Real Estate!

1 Vote

Originally posted by @Ben Leybovich:

Funny - @Joe Villeneuve and I didn't have jack when we started, and that didn't stop us.

You guys are confused in thinking that having money has anything to do with anything - change the way you think :)

Good Luck!

I had less!

1 Vote

All Forum Posts by: Richard Dunlop

Richard Dunlop has started 7 posts and replied 714 times.

Post: VA loan waiver exceptions

Post: VA loan waiver exceptions

Post: Application fee refund?

Post: Do you have a system for investing out of state?

Post: Private Money Investor - First Investment Property

Post: Private Money Investor - First Investment Property

Post: Precious Metals for 1st property

Post: Moving to Detroit

Post: What to do with 30k cash?

Post: What to do with 30k cash?