All Forum Posts by: Richard Dunlop

Is the property worth more than the 1st position?

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

National Geographic Article on Detroit

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

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.   

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

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

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.

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

(ie 6 months adds value in a hot market)

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"

Are you wanting to live in it?

I guess nice sounding names don’t do much for a neighborhood:

Woodside (Greenville, SC

Joyland (Atlanta, GA)

Fountain Park (St. Louis, MO)

Northwest Springdale (Tulsa, OK)

Southeast Cathedral District (Saginaw, MI)

Sunnyside (Houston, TX)

Islandview (Detroit, MI)