All Forum Posts by: Richard Dunlop

hello everyone I am looking to buy my frist rental property inDetroit and was wondering if there were any one else that plan or own rentals in Detroit that could give me some advice thanks

Make a trip up here first.

4 Votes

Originally posted by @Joe Villeneuve:

Originally posted by @Richard Dunlop:

Don't buy in the war zone.

Less than $30k doesn't mean an automatic war zone.

Joe I know that better than anybody, but that is the main criteria for buying under $30,000. I've No objection to your strategy. Metro Detroit is a good place to get 100% cash out and still cash flow.

0 Votes

Don't buy in the war zone.

0 Votes

No you'll lose the investor permanently if you don't make money on the deal EVEN if he gets paid!

0 Votes

Originally posted by @Brandon Turner:

Hey @Marlena Cooper

Who do I report Brandon to for spam and double posting. (See May 27 & June 1 above)Hey I'm still mad that you didn't even wave, when you drove by me.

0 Votes

Originally posted by @Account Closed:

I'm an out of state investor in Detroit. We currently own 28 properties in the Phoenix metro are as well. As prices have gone up in Phoenix we started investing in Detroit. We currently hold 10 SFH's. We have remodeled and rent 2, we are currently working on #3 & #4. My properties are in NW Detroit which is nearby to Dearborn & Dearborn Heights. I have roughly 15k into the 2 that I have finished / rented. I am clearing just over $525 & $600 net rent on them. It has been my experience that the people that live in the area are solid and want / and are taking their neighborhood back. Duggan is also doing a great job as Mayor. I have seem a vast improvement in my area and as you travel around this is infrastructure repairs happening all over Detroit... it is game on in Detroit!

About 3 years ago I was looking at a house that a bank was trying to sell me, and a neighbor lady about 70-75 years old came out on her porch with a 22 rifle. It was pointed up the whole time but she is tapping the butt on the porch while she is watching me.

I went over and talked to her and told her she was important to bringing Detroit back.

Best wishes on your Detroit properties.

0 Votes

Buy his units!

5 Votes

Is your Guru doing the business?

Is your Guru familiar with your Market?

Is your Guru familiar with your particular strategy?

Is your Guru successful in the business?

Or is it just a motivational speech with a couple of RE stories thrown in?

(you'll probably get your money's worth at the free ones)

0 Votes

Originally posted by @Account Closed:

My PM has several investors from Israel or Thailand who got talked into buying a $5,000 property for $50,000. Completely stupid move on their part. But that's the kind of market Detroit currently is.

Let me point out how different of perspective we're coming from: The property you're calling a $5000 house I'm buying for $1000 or less. And yes there are people buying them for $1000-$2500 and selling them to out of state investors for $40,000-$50,000.

I said: I have never suggested buying from out of state and then trying to hire a PM.

It takes MORE than a PM but Detroit is a market where you could give away 80% of the deal and still make a fortune.

HINT: If you bought a Turn key property in Detroit you probably gave away MORE than 80% of the deal and didn’t even know it!

With your $50,000 example maybe I should change it to you may have given away 98% of the deal and didn't even know it.

I'm glad you have a dependable PM and that your properties are doing well. Keep your paranoid nature its serving you well!

0 Votes

Don't know Indiana but once the property is deeded to you, you may still have to evict the tenant unless it is clear it is abandoned property.

I am not a lawyer, I just play one in my RE hobby.

0 Votes

All Forum Posts by: Richard Dunlop

Richard Dunlop has started 7 posts and replied 714 times.

Post: Detroit

Post: buying houses $ 30,000 and below

Post: buying houses $ 30,000 and below

Post: Busy Street flip

Post: Introduction (new member)

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

Post: Slum lord help!

Post: New Investors: Get Educated or not?

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

Post: Materials in tax sale house?