All Forum Posts by: Richard Dunlop
Richard Dunlop has started 7 posts and replied 715 times.
Post: Getting an investor for house hacking, possible?
- Investor
- Detroit, MI
- Posts 755
- Votes 462
Originally posted by @Sherry Patterson:
I have found a great investment property. It is going to auction in less than a month. I would give my right arm to live in this house. It is way undervalued ... but is worth over $2M..... Are there any investors that are willing to do something like that?
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%)
Post: LLC needed to invest with a partner?
- Investor
- Detroit, MI
- Posts 755
- Votes 462
If you are dealing in your home market insurance is very cost effective way to provide protection. Individual properties AND an umbrella liability policy.
Post: LLC needed to invest with a partner?
- Investor
- Detroit, MI
- Posts 755
- Votes 462
Originally posted by @Account Closed:
Is an LLC a practical requirement to investing in buy-and-hold with a partner? If so, is there any way to get around the financing issue with buying under an LLC without having to risk the due-on-sale clause?
In my research, I've basically concluded that for a few SFHs, an LLC isn't practical/worth it from an asset protection standpoint if I want to finance, but what if I want to partner with someone? How do I do that and finance as well?
The most important factor not volunteered in your question is:
Do you or your partner have other assets of value? That need to be protected from any possible liability arising out of the new acquisitions?
Post: DETROIT and MICHIGAN (#1 Defender answers questions)
- Investor
- Detroit, MI
- Posts 755
- Votes 462
Originally posted by @Scott K.:
HAHAHAHAHAHA what a joke.
.... LOL the NYer's and Cali guys get a little skittish when I tell them its ok I have my guns with me.
I guess I would "get a little skittish" also if you told me you had your guns with you; you seem a little unstable to me.
But come down I'll treat you to lunch don't bring your guns you won't need them. I'll pay!
I'll show you some parts of Detroit that you have probably not seen before. We'll WALK some of my neighborhoods. Some of which you may have seen 10 years ago some of which you may never have seen.
Post: DETROIT and MICHIGAN (#1 Defender answers questions)
- Investor
- Detroit, MI
- Posts 755
- Votes 462
Originally posted by @Scott K.:
HAHAHAHAHAHA what a joke.
"How many more properties do you have? If you have none than you are clueless as to the real world in Detroit."
I know very little about you. I have never met you. But every time I defend Detroit you blast ME! According to your profile it sounds like you might own your house and one rental that you're letting someone stay in for free. But you hold yourself out as a Detroit expert.
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 do know the "real world in Detroit" but I am still learning.
Post: DETROIT and MICHIGAN (#1 Defender answers questions)
- Investor
- Detroit, MI
- Posts 755
- Votes 462
Here is the Third monthly article by National Geographic
http://www.nationalgeographic.com/taking-back-detroit/see-detroit.html
Post: DETROIT and MICHIGAN (#1 Defender answers questions)
- Investor
- Detroit, MI
- Posts 755
- Votes 462
Originally posted by @Scott K.:
Originally posted by @Richard Dunlop:
@Scott K said:
Scott this one I don't get at all. There are people on this web site that post articles when a company invests $10 million in Detroit.
You don't think it's relevant to the discussion that Dan Gilbert has invested $1,700 million in the past 4 years???????
Or that the Ilitch Family (Little Ceasars Pizza ) and Penske Family have also slightly less recently invested????
Is that not good for Detroit?
No not really. What does that do for the person that invest in the east side. What Gilbert is doing has had no effect on the worse parts of the city. That is what these out of state investors are being told. How does all that money help a property at Davison/Lawton area? How does that help Joy/greenfield. How does that help John R/Nevada area. All that money has done nothing to help any of the neighborhoods I just mentioned...
Dan Gilbert’s investment in Detroit has probably benefited me personally by more than $200,000 in appreciation on the properties I own. It probably has hurt some of the suburbs, so I understand why you are so bitter.
Is it good for Detroit as a whole? Absolutely! Did it fix a burned out house in a bad neighborhood? No I wasn’t expecting it to.
It has done more for Detroit than I could have ever imagined!
Post: 1888-1910 too old for a property?
- Investor
- Detroit, MI
- Posts 755
- Votes 462
1882 no complaints
Post: Pre-Printed Postcards I Can Run Through My Printer?
- Investor
- Detroit, MI
- Posts 755
- Votes 462
Is there some advantage to not printing the text yourself?
Having 5-10 different wordings to use depending on situation.
Post: Can Someone Please Explain How Agents and Brokers are Wholesaling Property?
- Investor
- Detroit, MI
- Posts 755
- Votes 462
Originally posted by @Richard C.:
It is only unethical if you take a listing, and establish a fiduciary relationship. Agents and brokers are free to buy things, as long as they disclose their licensed status. They just need to be very clear that they are acting for themselves, not representing the seller.
If an owner called an agent to the property with the knowledge of their RE license, do they not have a legitimate expectation of there being a fiduciary relationship.
Originally posted by @Ben Leybovich:
It's definitely a very fine line. Especially in Ohio!