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All Forum Posts by: Richard Dunlop

Richard Dunlop has started 7 posts and replied 714 times.

Post: Equity build up rather than Cash Flow, why not?

Richard DunlopPosted
  • Investor
  • Detroit, MI
  • Posts 754
  • Votes 461
Originally posted by @Francois D.:

One thing nobody mentions is that in 15 years the CF goes up considerably. So the CF is more over a total life of investment of 30 years....

You're comparing peanuts and watermelons. (Certainly more different than Apples and Oranges) Why not pay ALL Cash the Cash flow is far better over the 30 year time span?

The larger payments you suggest may hinder you from qualifying for a subsequent purchase and thus you end up with lower cash flow AND Lower equity.

Post: Help! First late rent

Richard DunlopPosted
  • Investor
  • Detroit, MI
  • Posts 754
  • Votes 461
Originally posted by @John Warren:

Hello everyone!

My wife and I closed our first deal on the 7th on our new four unit property which is fully occupied. One of the tenants is a co-worker...

Hopefully you were planning on going full time REI...

Post: Once in a Lifetime Opportunity

Richard DunlopPosted
  • Investor
  • Detroit, MI
  • Posts 754
  • Votes 461
Originally posted by @Bret Lamprey:

We are just about to close on this 25,000sf lot in Corona Del Mar.

The property is already subdivided and comes with previously approved plans for two 10,000sf homes designed by renowned architect Brion Jeannette and boasts a white sandy beach and the largest private dock on the west coast that will accommodate two 100’ yachts right in the back yard.

We have a future value appraisal that was done in October 2014 that says each home will sell for $22,000,000.

When you build my $22,000,000.00 house for me I want more than a 12,000 sq ft lot!

Post: New member from Detroit

Richard DunlopPosted
  • Investor
  • Detroit, MI
  • Posts 754
  • Votes 461
Originally posted by @Sanjeev Sangha:

Hey, my names Sanjeev Sangha  and moved here to Toronto 2 years ago, after working and living in the UK all my life.

 Welcome to the  both of you ?

Post: Credit score 580

Richard DunlopPosted
  • Investor
  • Detroit, MI
  • Posts 754
  • Votes 461
Originally posted by @George Gipson III:

will do immediately very inspiring

 Do you have active credit accounts now to gradually add positive reporting WHILE you are working at deleting the negative?

Post: Trash Hacking

Richard DunlopPosted
  • Investor
  • Detroit, MI
  • Posts 754
  • Votes 461
Originally posted by @Joe Cummings:
Originally posted by @Richard Dunlop:
Originally posted by @Joe Cummings:

I'd love to know what kind of drugs these people are on who not only take demo debris for free, but they even come pick it up.

 Meth 

I've seen apartment buildings where they stole the counter weights from the windows.

The value of scrap cast iron I think is about 4 cents per pound. 

 And while they are there picking up the stuff for free, they are casing the place for stuff to take when no one is around.

Joe Are you the Henry F Potter of PA real estate?

Post: Trash Hacking

Richard DunlopPosted
  • Investor
  • Detroit, MI
  • Posts 754
  • Votes 461
Originally posted by @Joe Cummings:

I'd love to know what kind of drugs these people are on who not only take demo debris for free, but they even come pick it up.

 Meth 

I've seen apartment buildings where they stole the counter weights from the windows.

The value of scrap cast iron I think is about 4 cents per pound. 

Post: Newbie MLS Wholesale Question

Richard DunlopPosted
  • Investor
  • Detroit, MI
  • Posts 754
  • Votes 461
Originally posted by @SheenaMichael Dillon:

Hi there, we have an offer in on an MLS wholesale deal. We have put 1% Earnest Money to our Title Company in escrow. The contract is for sale currently and we're 6 days out from our option period.

Question is, do I get my earnest money back when the deal closes? So for example would I get  $5,000 assignment fee plus my $1000 earnest back? 

 Why not have the new buyer give you $1000 or more earnest money and assume the money in escrow.

Post: Playing chicken with my realestate agent

Richard DunlopPosted
  • Investor
  • Detroit, MI
  • Posts 754
  • Votes 461
Originally posted by @Jon Deavers:

Hi @Mark Armstrong

-If there is no inspection contingency/due diligence period in the contract and the seller has accepted the original terms, then you are out of luck and are obligated to close or lose your deposit.

 Sounds to me like there are material disclosures missing, maybe, maybe not.