All Forum Posts by: Richard Dunlop

Yes all property residential or commercial. Deadlines vary from city to city Detroit is the earliest cut off February 15 other deadlines vary through to latest I think is March 31 of each year. 

The Title says it all:

DETROIT LEADS NATION AS HIGHEST YIELDING APARTMENT MARKET

http://www.rejournals.com/2015/02/11/detroit-leads-nation-as-highest-yielding-apartment-market/

 I've not done Westland before but I'd do it. I've done 8 different cities and most of them are the same. 

Most of the small cities pretend they can't change the assessment but tell you up front that MTT will change it. (Michigan Tax Tribunal) 

You have to appeal it at the local level first in order to appeal it to MTT.

The local city is hoping that you won't take it to MTT.

Set a goal

Buy the biggest most expensive house in your Mother's neighborhood.

Here is the language from the summary of the bill:

Seller Finance Regulation Reduction Act - Amends the S.A.F.E. Mortgage Licensing Act of 2008 to exempt from certain licensing and registration requirements any person (other than a depository institution) who: (1) has less than $25 million in assets; and (2) only originates residential mortgage loans with respect to property owed by the person, and in an amount of $150,000 or less.

This is cut and paste from congress.gov website but the word "owed" above should probably be "owned"

I think it has already died in a previous congress.

How do you find properties earning 1% of value in rent?

Every market is different.

I wouldn't want to find such a property. But I guess if I paid too high, or if I cut rents down to 10% - 20% of market rates. Only then would I be renting properties for 1% of value.

Thanks for the question this thread was becoming a one man rant but I had hoped to answer a lot of questions that are floating around about Detroit.

You have a beautiful city and it has done extremely well for investors over the past 4 years.

I do think the investments in Downtown Detroit are extremely beneficial for all of Metro Detroit in the long run.But I was wondering if the nice communities close in would benefit more or benefit first.

As Dan Gilbert puts more of his 75 or so downtown high-rises on the rental market and attracts more and more businesses back from the suburbs, the benefit to the nice communities will be incredible.

Will thriving nice communities in Detroit slow the flight to the suburbs? Yes it already has somewhat and it will continue slowing. I do think Detroit values will increase far faster than the suburbs for the next 5 years.

If you’re driving Mack to get to the Grosse Pointes, If you’re driving Gratiot to get to St Clair Shores, or Van Dyke to get to North Warren, Grand River to get to Farmington or Fort St to get to Wyandotte, You have to drive through a LOT of garbage. Does that garbage insulate the suburbs from the progress in Detroit?

That said I do believe your community being on the Woodword Ave corridor can bridge the garbage faster than the other communities.

Give me feedback on my rational. And what are you going to do with Highland Park?

The assessed value is supposed to be 1/2 of fair market value.

I appeal all of the properties I buy and have had great success I took one from $78,000 assessed value to $9500 while the actual value was rapidly increasing. My appraiser said there was no way I was going to get anymore reduction when I was at $41,000 assessed value two years ago.

What city are you in?

Ok using your value of $2,000,000 are you going to pay the $20,000,00 per month that the property should rent for? (1%)

Or are you only going to pay a bargain rate for the two years of $10,000.00 per month? (0.5%)