All Forum Posts by: Richard Dunlop

Here was my answer to a question asking how to invest $150,000 that I posted as my third post ever on this web site. I post it here again since you are specifically considering moving to Detroit.

"I lived in Orange County California (Tustin) where $150,000 will get you $4000 a month in cash flow easy.

Just one major problem it has a minus sign in front of it!

I now live in Michigan where $150,000 can easily provide $20,000 a month in positive cash flow!"

1 Vote

Originally posted by @Bill Hamilton:

I guess I get the argument that wholesaling is legal but it seems very gray to me. It seems it would open you up to lawsuits by your buyers and prosecution by the local authorities. Not to be critical buy why wouldn't you get your RE license instead? It would remove the doubt from your position and I fail to see a downside. Not that I am not willing to be enlightened on why you wouldn't get licensed.

Neither side is clear cut but the downside you don't see is that as a licensed agent the seller legitimately has an expectation of a fiduciary relationship.

0 Votes

Originally posted by @Diana B.:

After some analysis, I've decided to invest in Detroit suburbs (Warren/Sterling Heights) or possibly further out (Grand Rapids/Ann Arbor).

I will be buying and holding from out of state, but I do want to visit now and then, at least initially as I get set up.

Is there anything I should be mindful of in terms of crime/safety while travelling to these cities? I hesitate to say it, but especially as a woman travelling by herself? E.g. should I avoid flying in from the Detroit?

In my neighborhood I ride my bike and walk after dark all the time. I'm in Detroit( the city not the Metro area). There are areas where I wouldn't want to walk in the daytime.

Come to think of it that's just like Orange County California! where I'm from. Just like any big city. A lot like Vancouver.

Crime in Vancouver

Don't take your personal safety lightly anywhere you are.

(Oh by the way you can fly into Detroit! (DTW is the Main Airport) rent a car, get a hotel, visit any suburb you want to, without ever entering the city of Detroit.)

2 Votes

Originally posted by @Steven Shaina:

Hello. I've been really interested in real estate for a few years now. I've been reading books and researching in hoping to gain a ton of knowledge before making my first deal. I'd like to ask you guys, what can I do with 30k in the Metro Detroit area?

Sterling Heights will get you a down payment and maybe $300 a month positive Cash Flow.

Detroit can get you $3000 a month positive Cash Flow.

1 Vote

Originally posted by @Stephen Joyner:

... Just make sure you protect yourself.

You got off easy

If you were a willing participant to an illicit operation

They could have taken your house as an asset forfeiture

0 Votes

Originally posted by @Petit Morne:

...Two of them have houses on them (that need to be razed) but the homes next door and all around are updated and quite decent.

If nothing else I can clean the lots and sell them to the neighbors for $1,000 a pop so they can make their yards bigger.

Doesn't leave too much for profit if you spend $6000-$7000 to demolish the old house.

(If there are no hazardous materials to be removed first.)

0 Votes

Originally posted by @Deangelo Wade:

Why is it ok for everyone to think its ok to crack on Detroit. The city is on the rise and if you know what you are doing, you can make tons of money. So give Detroit a chance. I'm sure you wouldn't be disappointed.

SHh Shh Quiet

1 Vote

Nothing too major.

I've seen builders/developers on this site talk about the checklist that they failed on a new construction. So move in ready varies by person.

0 Votes

@Pavs Doychev

Originally posted by @Account Closed:

good. but can u be more specific about what you bought if your trying to impress.

Ok maybe he will maybe he won't. But to encourage him to do so could you please tell us what you bought by the time you were 20?

1 Vote

Originally posted by @Belinda Marsaw:

Hi! I am the property manager that all of you are talking about.

Thanks for the ridicule :)

P.S. I offer my sincerest thanks to those of you who use Bigger Pockets to educate, empower and overall help others who may be new to REI.

Welcome to BP!

I voted on your post for your bravery!

I have and will continue to tell people I will be learning for the first 1000 properties.

"I will finish the year with more than 100 houses but I admit I'm still learning and will be for the next 1000."

I would change her rent to the 25th of the month. (Give her a couple of days prorate)

EXPLAIN TO HER: "Just in case it has to be late it will still be paid by the first"

"I've got bills that are due the first and I NEVER want to be late paying ANY of my bills!"

2 Votes

All Forum Posts by: Richard Dunlop

Richard Dunlop has started 7 posts and replied 714 times.

Post: Moving to Detroit

Just one major problem it has a minus sign in front of it!

Post: Wholesaling - Legal or Not? An Attorney's Perspective

Post: Investing in Detroit suburbs - safety issues?

Post: What to do with 30k cash?

Post: Medical Marijuana renter

Post: What are next steps after win Tax Auction in Texas?

Post: Diary of a $3,900 house ... wait, what? $3,900, yes that's right!

Post: Tenant submits a LONG maintenance request list right after moving in.

Post: 20 Years old bought 3 investment home with a full time job of 60+ hours weekly

Post: I AIN'T PAY'N!! Ahhh the joys of landlording