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All Forum Posts by: Richard Dunlop

Richard Dunlop has started 7 posts and replied 714 times.

Don't rent to them even if they are  borrowing the deposit. 

Never let them pay it later. 

Post: Should Our Businesses Have Political Ideals

Richard DunlopPosted
  • Investor
  • Detroit, MI
  • Posts 754
  • Votes 461
Originally posted by @Thomas Garza:

Over the past year there have been a lot of political hot button topics making their way to the public eye... Do you think it is wise to separate your personal political ideals, or do they have a place in your business? 

Since you're talking about political issues,

you could play politician and tell one group one thing

and another group the opposite. 

Post: Should Our Businesses Have Political Ideals

Richard DunlopPosted
  • Investor
  • Detroit, MI
  • Posts 754
  • Votes 461
Originally posted by @Ryan Brantley:
  • Chick-fil-A operates with Christian principles, which is their prerogative.  They are not open on Sunday and contribute money to groups that adhere to similar principles....

Is this good or bad for Chick-fil-A?  

Interesting Note Chick-fil-A has the highest per store sales of any fast food type restaurant.

Originally posted by @Joe Villeneuve:
Originally posted by @Prag Patel:

As someone who grew up in the metro detroit area for 20+ years, this article seems pretty worthless to me.... 

 How long have you been away from Detroit?

 Joe's question seems relevant.

I spent 4 years in college in South Carolina And I've heard a lot of bad things happening in Charleston in the news lately. But since I haven't been back in a long time I would not feel qualified to critique an article on @Prag Patel's home turf.

Post: Is there a thing as a fraudulent investor?

Richard DunlopPosted
  • Investor
  • Detroit, MI
  • Posts 754
  • Votes 461
Originally posted by @Stephanie Beard:
 

...And I find myself going..

What kind of scammer would SEND you money? Rather than ask to RECEIVE money?... 

That is the way they all start out!  She has sent you nothing!  She never will!

But they then have 1000 reasons why they need a small amount of money from you so that they can send you a large amount right back.

Ask a simple question? You will get a "cut and paste" response back that does not fit your question.

Post: Is there a thing as a fraudulent investor?

Richard DunlopPosted
  • Investor
  • Detroit, MI
  • Posts 754
  • Votes 461

One of the ways it works is they send you too much money by Cashiers Check and you deposit it. 

Then they have you pay a bill for them in cash only to find out that the CC was counterfeit.

A common one was an out of the country person transferring her car back to USA. Would pay rent 6 months in advance and $3000 extra. Her "Father" was the one paying for everything and FedExING you the CC.

Always an excuse why they can't talk on the phone. 

By the time the CC comes back on your account you've already paid the $3000 to the "company" that is arranging the overseas shipping of her car. 

Her referencing you assisting with a couple of things is typical 

Post: List Price vs. Assessed Valuation

Richard DunlopPosted
  • Investor
  • Detroit, MI
  • Posts 754
  • Votes 461
Originally posted by @Dan Mackin:

For negotiating it is useless. If it is less than the actual value then that is great for you as an owner since the taxes are lower than they could be. 

Depend on your local, they may set it higher based on your sale price, so check before you count on the lower taxes.

Post: Hello from (currently) Los Angeles!

Richard DunlopPosted
  • Investor
  • Detroit, MI
  • Posts 754
  • Votes 461
Originally posted by @Jackson Foo:

Do you guys know how to mention someone in the thread and have it show up?

@? should bring up someone that has posted in the thread

@ first 3 letters of name brings up someone you are a colleague with 

Post: Detroit Multi-Family Rentals

Richard DunlopPosted
  • Investor
  • Detroit, MI
  • Posts 754
  • Votes 461
Originally posted by @Ryan Del Mastro:

Hi,

Right now I'm just learning and playing with numbers. I found a large (32 unit) multi-family complex in Detroit for $815000 before closing costs, taxes, etc.
http://www.realtor.com/realestateandhomes-detail/1...

I used the analyzer on the site and one from http://www.finestexpert.com/Investment-Property/Fo... to crunch the numbers and see if I was using the tools correctly.

Note: This is only for my education. I am not about to spend $815000 on a complex in Detroit.

Does anyone think that this would be something manageable for a new investor and am I on the right track? Also, what are people's opinions on long distance investing? Is it something worth looking into if you can find multiple trustworthy property managers and can check out the property a few times per quarter?

You need more than a property manager to invest in Detroit!

I respond: "Yes call me so we can discuss it."

It usually generates another auto response.