All Forum Posts by: Richard Dunlop

I agree Richard. Who knows at this point what the opening bid with be on the 2nd. Just considering the 1st, as you probably know it's impossible to call the 1st up and get a pay-off amount. The orig loan was for 55k and I would not consider investing that much in it. The opening bid on it, however, could be much less.

Careful here! You probably gain nothing by acquiring the 2nd UNLESS you redeem the 1st. There are strategies playing with overages but NOT here because it is not worth the 1st (unless it is paid substantially down, What is the date on the first?)

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Is the property worth more than the 1st position?

The buyer of the 2nd can most likely redeem the property before 1st sale occurs.

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National Geographic Article on Detroit

http://www.nationalgeographic.com/taking-back-detr...

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Money is cheap now.

I'd always choose to amortize fully if the rate is close.

If you save 1% with the balloon and need to refi in 5 for 5% higher the 1% savings doesn't look so good.

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Originally posted by @James Wise:

Originally posted by @Wendell De Guzman:

Originally posted by @Mark Ainley:

@James WiseNot a good comparison James.

I agree. Not a good comparison.

Chicago is such a big city and these 3 zip codes occupy a small segment of the city. Chicago has a vibrant economy and not dependent solely on one big industry.

Fellas,

Your looking too deeply into my comment. Said with jest. I should have written it like this.

" Looks like Chicago is catching up to Detroit in number of bad neighborhoods.

Interesting stuff. : ) "

Sensitive subject, I guess. But Detroit won't give up the title easily.

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Originally posted by @Soroush Mir Seraji:

Hello

I am from Vancouver BC but the market here is extremely over priced and chances of finding rental properties with decent cash flow are not that high.

Recently I have been thinking of exploring other cities far from here. Possibly fourplex or something and then hiring a property manager to take care of my rental units.

Is that too risky? Does anyone have experience doing this?

Stick to your multi family idea. With normal vacancy the property is never totally empty.

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The second house on one lot legal or not does not double the value.

His Prop 13 taxes will go way up when you become the owner.

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And are you increasing your estimated ARV based on your estimated completion date?

(ie 6 months adds value in a hot market)

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Originally posted by @Nancy Roth:

@Dawn Ananstasi

.... Would you consider posting a link so we can judge for ourselves?

Nancy Roth

http://likes.com/misc/the-20-most-dangerous-neighborhoods-in-America

Original article actually show Detroit's worst being 13th on the list and Chicago holding 4 of the worst 5 slots.

If we keep going like this "they're going to ruin our bad reputation"

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Are you wanting to live in it?

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All Forum Posts by: Richard Dunlop

Richard Dunlop has started 7 posts and replied 715 times.

Post: Foreclosure Sales On Both 1st & 2nd DTs A Week Apart. Now What??

Post: Foreclosure Sales On Both 1st & 2nd DTs A Week Apart. Now What??

Post: DETROIT and MICHIGAN (#1 Defender answers questions)

Post: 15 yr loan vs 30 yr loan

Post: Most dangerous neighborhoods in America

Post: Is it too risky to invest in rental units far from your city of resident?

Post: 2 properties on one lot in Santa Ana, CA

Post: How much are you buying on the dollar?

Post: Most dangerous neighborhoods in America

Post: What do I do to help some one that wants to sell their home so they can retire?