All Forum Posts by: Richard Dunlop

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

 Steve I added the line you left out.

 Did they try to pay their rent "in-kind?"

Sorry but I don't have faith in a government program to solve the insurance problem.  There is too much government involvement now.

A driver CANNOT buy the amount of insurance they want but has to buy UNLIMITED no fault personal injury insurance.

EXAMPLE If someone is trying to commit suicide and purposely drives their car into a tree at 50 miles per hour all of their injuries are paid by their insurance including UNLIMITED pain and suffering and damages.

An insurer could be charged $3,000,000.00 or even more for something you intentionally did to yourself.

And yes the Detroit mentality makes the Michigan requirement unworkable.

@Zack Mitchell

I tried to convey a real idea in a humorous way. Sorry if you missed the implications.

I'm in Detroit, the fact that you wont ever have to go to the property yourself tells me that your hoping to pass off the physical risk of life or limb to your property manager. Detroit has Beverly Hills type homes less than 100 feet from total dumps (Indian Village) I've not seen that elsewhere.

The street and the neighbors make a big difference in the viability of your investment. Are your tenants doing the break-ins on your street?

 Or are they the victims that will eventually give up? 

When a unit is needing repairs will a reputable handyman go there?

Does he need an armed guard for his work truck while he is inside working?

I know more than most about the environment you describe. People try to paint all of Michigan like you portrayed your potential neighborhood. Metro Detroit has problems Yes but it also has SF houses that would sell for $10,000,000.00 in today's down market.

To summarize I would avoid areas in Detroit as you describe your area to be. But it could make a profit but the risk is not worth it. I have lots of Great areas to choose from but maybe you don't. Hope that helps. 

Do you deliver?

Drive there in a Black Escalade with 24" wheels and see if the neighbors come running to you like kids to an ice cream truck. 

Can I have your $120k job?

Wishing only the best in your new adventure.

I bought several properties from their precursor Ocwen and at that time they only handled bank forclosures. Since it change it no longer is staight forward and there are no bargains anymore. 

I've seen some that guaranteed rent payments for a year and then didn't even try to put a tenant in the property just left it vacant.

It was easier to pay the investor the promised $850 a month than it was to admit the real market rate was $525

Find out what the sheriff is selling?

Maybe he is selling the lien on the new appliances you like.

Is he selling a RE lien?

Are there other liens superior to the lien he is selling?