All Forum Posts by: Richard Dunlop

When I first visited detroit after buying a couple of properties I ran into former investors everywhere and still do that lost all their houses to foreclosure. They warned me you couldn't make any money in Detroit.

I started asking them details and then would ask them if I buy for $1000 the same house that you bought for $80,000 do you think the outcome might be diferent? 

They would usually give me funny looks like they hadn't seen it from that angle before.

Welcome It's a good place to learn. 

Do you make house calls for ill computers in Detroit? Jk

You'll Lots of help here. 

Welcome and Good luck.

I'm sure a lot of the info applies, and I wouldn't be surprised if someone here has a familiarity with Chile.

I went to school in Santa Clara.

I lived in Orange County. (Tustin)

Either of those with your $150,000 will get you cash flow. But it will be NEGATIVE cash flow.

I relocated to Michigan because of the opportunities up here.

$150,000 can get you $20,000 a month in Positive cash flow.

Metro Detroit has problems! Yes but it also has SF Houses that would sell for $10,000,000.00 in today's down market.

Downtown Detroit has one of the highest occupancy rates in the country. (Some figures say more than 99%)

This is Downtown only not the city as a whole but it makes for tremendous opportunities in the bordering areas.

In some cases we are not keeping up with the selling prices.

REO prices in Detroit are 5 x what they were just 2 years ago.

But I can also show you a house selling in my Zip code for more than 3 times the Zillow Zestimate. $229,000 for 1400 ft house. We used to laugh at the Zillow prices.

Interesting note I am not familiar with any of the current gurus but 30 years ago there was a man and wife team that were gurus in about 6 different areas at once. Now I believe retired from public life. 

Mike and Irene M 

Government grants

Real estate investing

Auctions of surplus machines

Tax lien investing

Each of which portrayed their vast wealth as a example of their success in whatever their pitch was at the particular seminar.

No why not 12%

Beautiful job!

But how did you make a 1200 Sq ft footprint into a 3700 Sq ft house? 1200x3= ? Usually less than footprint in attic?

Some cities will not let a sfh be converted and that may be why it was not permitted. 

There is a city near me that even a permitted converted 2 family house gets canceled out if it goes without being licensed as a two family for more than one year.  Lots of foreclosures don't pass this test even if it used to be totally legit.  

Who doesn't dare work because it will ruin there chances to also get on SSDI!

 Steve I added the line you left out.