All Forum Posts by: Richard Dunlop

Most of what you say has merit but it can be interpreted in a different light Detroit sunk lower and is now coming back faster creating excellent opportunities for the small investor.

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!

A hard money lender WILL NOT back you on this deal.  That REQUIRES that you find a good deal. A hard money lender will only pay ONE HALF of the value in this scenario.

This is not a workable deal from any standpoint that I can see.  It takes credit!

You mentioned $20,000 difference in price; I don't know the price range you're in but in most areas the premium for a new house vs 5yo would be MORE than that.  So the house is overpriced to start with. I buy houses at 15%-20% of current fair market value.

A hard money lender will put up Half only in this scenario.

All of the various methods on this website REQUIRE finding a good deal except for owner occupied FHA/Conventional financing and that takes at least mediocre credit.

Ouch! 

Maybe with a hard money lender, but I do believe the bank will require Proof of funds. 

You mentioned you want it for yourself. 

How is whoever finances you going to get their money back? 

How can you prove it to them?

The house being beautiful should overcome your bad credit and no money?

No way the bank can lose on this one. Oh wait never mind...

What state?

Be careful and know the Whole story.

In Michigan they leave you owing for 1 year of taxes in addition to purchase price plus sometimes city services also.

Details from old thread. This is my house.

@Rob Anderson

@Richard Dunlop I will say, in private messages between Richard and I he has proved that he purchased the house above for 16,000. What I believe is in question though Richard is not the purchase price but your appraisal price. Although Zillow estimate is 282,826 there is no house around, that has sold for even half that. In addition there are houses within blocks that have sold, and are selling for 1,000 dollars. Although I see no Immediate benefit for you right now. I do see TREMENDOUS POTENTIAL upside in your purchase if the market rebounds the way it should and wish you the best of luck!! I will keep in touch and look forward to what is ahead.

This is a house that just sold in my Neighborhood

Also please don't confuse vacant lot sales with house sales. And also inside family sales to try and get the high property taxes lowered.

@Account Closed

I Live in Detroit. I proudly live in Detroit. But for the past couple of threads about my fine city I’ve stayed silent to see which direction it would go; but I’m back to answer any questions you may have about Detroit or Michigan. I’ll also answer some of the questions that weren’t completely answered or defended in other threads. I tagged the people that have asked me questions.

What do you think of Michigan

What do you think of Detroit?