All Forum Posts by: Richard Dunlop
Richard Dunlop has started 7 posts and replied 715 times.
Post: Need help closing my first deal subject-to!
- Investor
- Detroit, MI
- Posts 755
- Votes 462
How is she "under water" if she owes $177 K on a house that comps for $225 K?
Post: Am I ready to quit my job?
- Investor
- Detroit, MI
- Posts 755
- Votes 462
Originally posted by @Rob Beland:
In my opinion if you need hour 401K to support you while you build your RE business you aren't ready. Dont touch your retirement.
The most important rule of investing/ wealth building is:
"Don't spend the principle."
Rob says it right
Post: If you had 180k how would you invest it
- Investor
- Detroit, MI
- Posts 755
- Votes 462
Originally posted by @Ronnie C.:
Originally posted by @Richard Dunlop:
Please explain how that example would work? I'm from the south, and a former flipper, sold on lease purchases too...
...Oh you've got the TV wanna be graduates that pay 80%-90% of ARV before one dime of rehab and that simply does NOT work. So it's over with here.
You can still buy houses in this area for 15% of ARV! Whatever type of investing you want to do there is a profit to be made. Metro Detroit has problems yes. Metro Detroit also has SFH's that would sell for $10,000,000.00 in today's down market.
The example I've posted on here is I bought a foreclosure house for $806 all in.
It had and still has an almost 4 year tenant that pays $650 a month and pays all her own utilities. I've owned it in my Roth 401k for 5 months and not yet spent $1 on repairs.
I've now twice provided proof of this house by PM but the scorners have not yet acknowledged it.
EDIT to add I tried to UNDERLINE BOLD AND Italicize the line above but since it still does not stand out enough I repeat it here "Metro Detroit has problems yes"
Post: Are you taken less seriously if your not PRO? Or are you just as official with a PLUS account?
- Investor
- Detroit, MI
- Posts 755
- Votes 462
Originally posted by @Adam Hershman:
Honestly I take people with Pro accounts less seriously. I mean, they spent $290 on a forum website account...I feel like that should be the definition of poor judgement. Wait, what? 20 keyword alerts instead of 5? Never mind, Sign me up! TOTALLY WORTH IT!
Is there any market for my 4 unused Key words?
Post: how do i buy second position debt from bank
- Investor
- Detroit, MI
- Posts 755
- Votes 462
Not a lawyer but I do play one in my REI hobby
Second gets no credit to bid on first but has a right
to redeem First to protect Second's interest.
Within limits
Post: how do i buy second position debt from bank
- Investor
- Detroit, MI
- Posts 755
- Votes 462
Originally posted by @Blair Poelman:
I would never purchase a 2nd position lien. Discounted or not.
Many of the shortsales I've dealt with have had 2nd mortgages - the first usually gets discounted to the fair market range, but often times the 2nd gets almost completely wiped out. The worst I've seen is a twin I bought in Vegas for $52,000 in 2013. The 1st was $194k and got shorted to $51,500, the 2nd was 55k shorted to $500. This is on my top 5 favorite deals of my life.
I'm sure there's a strategy to make something work on it, but I wouldn't spend the time or money to try and figure it out.
Interesting scenario Could the second have any right to
buy the First position at the Short sale price?
Post: Getting back to Keyword alerts
- Investor
- Detroit, MI
- Posts 755
- Votes 462
Originally posted by @Steve Babiak:
Is it possible that all of those alerts were from a single thread? Viewing a single thread from the keyword alerts will clear all alerts on that thread is what I have noticed.
Very True.
Indianapolis if I spelled it right
Post: Assistance Regarding City of Detroit Blight Violation Notice
- Investor
- Detroit, MI
- Posts 755
- Votes 462
Originally posted by @Betty W.:
I received a blight violation notice on a property I don't own anymore. Any recommendations how I can resolve this without having to appear in person?
Do you have anything Recorded that shows transfer of ownership?
Do you have anything Notarized that shows transfer of ownership?
Do you have anything Written and Witnessed that shows transfer of ownership?
Did you or new owner file a Property Transfer Affidavit?
Was it a sale?
Is it in Detroit?
Post: Are you taken less seriously if your not PRO? Or are you just as official with a PLUS account?
- Investor
- Detroit, MI
- Posts 755
- Votes 462
Am I allowed to post the Link to @Rob Beland 's Mary Kay website here?
Post: Any mentors hiring? I need to transform my life!
- Investor
- Detroit, MI
- Posts 755
- Votes 462
I'm not sure I'd apply for a new job by telling
new potential employers that I was applying
while on work time of my current job