All Forum Posts by: Richard Dunlop

@Dawn Anastasi @Alexander Felice @Steven J. @Ben Leybovich @Karen Margrave@Bill G@Brandon Turner@Jason Scott@ Josh Dorkin @Jon Holdman@Jay Hinrichs@Joel Owens@Ned Carey@K. Marie Poe@Steve Babiak, @Wayne Brooks, @Jon Klaus, @Will Barnard I guess I have to go Pro to tag more than 5 mentioned

I want a tenant that never calls; One

that I never have to call.One that never gets mentioned

in the Handyman meetings.One that never gets mentioned

when I’m telling horror stories.

With that in mind,

Isnt it more Honorable to be LEAST mentioned?

1 Vote

Originally posted by @Account Closed:

All of them excluding Highland Park.

I would also exclude Hamtramck unless you're local or working with some who is. It takes More than just a PM.

0 Votes

The roughest imaginable!

You passed less than 1 block from the house I have rented for $4000 per month.

In the upper picture of course we had to drag all the dead bodies to one pile; it gave me a place to stand to take the picture.

2 Votes

How long was it vacant before you found it? Can you prove the tenant trashed it?

0 Votes

@Brandon Turner

I waved at them as they drove by but it looked pretty intense in the car so I don’t think they saw me. I couldn’t decide if they were:

1. Arguing with each other
2. Lip syncing to Queen “We Will Rock You”
3. Or just trying to pretend they didn’t know anybody from Detroit

0 Votes

Originally posted by @Kathy Argento:

Hello everyone. I'm a newbie but found a home on Redfin that is a short sale and it looks like a really good deal. Now, I know it's better to find homes NOT on the MLS, but I was just poking around and saw this one. Anyone ever invested in a home that was a short sale on the MLS? The list price is $175,000 and after researching, the comps and the ARV is $290,000. Is this a stupid way to invest? Just curious...... Feedback anyone?

Thanks!
~Kathy

Did the bank approve the listing price? Will they?

0 Votes

How much money did the bank lose on the loan they foreclosed?

Add in the cost of the actual foreclosure. lawyer etc.

Add in the cost of back taxes water bills and securing the property.

Add in the cost of marketing the property. Realtor Title co etc.

Their bid would not necessarily convey the whole story.

1 Vote

Originally posted by @Suresh Batta:

... So how does bankruptcy come into picture?

A bankruptcy would sometimes put a hold on a foreclosure action long enough for the court to determine if there is an equitable interest (greater than the lien)that should rightly be included/divided by the court to the benefit of the creditors.

1 Vote

Welcome to BP

Saint Clair Shores?

Is that the small lake that's only 40 miles wide?

0 Votes

Originally posted by @Joe Villeneuve:

It's really simple. 1% is used when you want your milk to taste like water, 2% is used when you want to drink healthier milk. It takes some getting used to, but once you do, going back to heavier milk tastes funny.

Other than that, it's a lazy way to guesstimate whether you have a good deal or not. Every market is different in so many ways that using it as even a guideline can do more harm than good.

Bottom line, learn how to estimate rehab, analyze markets, and analyze deals on their own merits...and above all, never argue with the numbers.

I'm drinking HALF & HALF Working on one that is pure cream!

3 Votes

All Forum Posts by: Richard Dunlop

Richard Dunlop has started 7 posts and replied 714 times.

Post: Top 10 Most @ Mentioned People on BiggerPockets

Post: DOES ANYONE KNOW IF THESE AREA'S SURROUNDING DETROIT WOULD BE GOOD BUY AND HOLD PLACES

Post: Can I take your picture for the BiggerPockets homepage? (IF you live here...)

Post: Should I Sue Former Tenant or Try To Work a Deal?

Post: Can I take your picture for the BiggerPockets homepage? (IF you live here...)

Post: Investing in Short Sales?

Post: Finding out what the bank paid for a REO property

Post: Tax sale withdrawn 3rd day of online auction

Post: Hello everybody

Post: 1% Rule? 2% Rule? Help!