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All Forum Posts by: Annette Hibbler

Annette Hibbler has started 91 posts and replied 576 times.

Post: The Disconnect Between Listing Agents, Sellers & Investors

Annette HibblerPosted
  • Real Estate Consultant
  • Brighton, MI
  • Posts 607
  • Votes 251

I am a licensed Realtor working with investors looking in the Michigan Livingston, Washtenaw, & Oakland counties and a long time BP member. There are some solid investments to be made outside of the motor city, that's for sure. Most investors rely on hard money lenders to secure non-homestead/investment properties. However, there often seems to be a disconnect between seller and purchasing investors.

Although many investors know and understand that a prospective investment property must be at least 75%-80% tenanted when utilizing any type of financing for the purchase (esp. hard money). Although there are many properties promoted towards investors, they are often vacant. Sellers will often let their leases expire when planning to list the property for sale because they don't want the complications of trying to arrange a showing with tenants. However, what they don't realize of course is that this limits the possibility of a purchase to cash only for an investor because many lenders will not lend on a vacant property.  

If the property is at least 80% tenanted, then you have something to show the lender that proves the property is generating cash flow. This doesn't preclude the fact that just because it's generating income doesn't guarantee you'll actually make a profit, of course.

I'm also an investor and landlord. What frustrates me is when listing agents take on a listing knowing it's an investment property and yet do not include any of the basic information on the listing itself. What is the rent(s)? Length of leases, holding costs itemization, repairs in last 12 months, GOI and ROI, vacancy rate, who pays for what, etc. Listing agents can easily include this information on the listing itself and along with the Seller's Disclosures.

I find that every once in a great while I'll come across an agent who, like me, has personal experience with property investing. It's so very refreshing when I come across an agent who has information ready and available to me and subsequently my investor. Most of my time is spent chasing up agents for basic information then waiting for days for a reply.

I'm sure many of you have had similar experiences. I think part of the problem lies in the fact that less than 2% of real estate agents work with investors who comprise as much as 37% of purchasers. Lack of knowledge on listing agents part contributes to mistakes on the seller's side which can cost him/her time on the market.

Post: Livingston or Genesee County - Brighton Howell Hartland Fenton

Annette HibblerPosted
  • Real Estate Consultant
  • Brighton, MI
  • Posts 607
  • Votes 251

I live and work in Livingston county area (Brighton/Howell) including cities within Genessee, Oakland, Washtenaw counties. Work with investors shopping for income property and flips in these areas. So putting together an investor group more locally would be well received. I would love to be involved and help in any way possible. Grand Rapids is too far of a haul and I avoid driving at night. Send me a PM and let's talk about how we can put this together. :-)

Post: Million Dollar Flip?

Annette HibblerPosted
  • Real Estate Consultant
  • Brighton, MI
  • Posts 607
  • Votes 251

What comps did the listing agent use? Why did she come up to $1.1M where you say it should be $1.3-$1.4M. Just trying to understand the disparity here. Also, luxury homes stay on the market longer than mid-level residences do. Are you prepared to pay holding costs? The higher the price, the longer it sits on the market. If the seller is having trouble finding a buyer at $1,050,000, I'd think very carefully about trying to sell it for a considerably higher price. Don't fool yourself into thinking this will be a quick sale. Greed can sometimes blind us.

Post: Which Updates to make?

Annette HibblerPosted
  • Real Estate Consultant
  • Brighton, MI
  • Posts 607
  • Votes 251

It doesn't have to be all or nothing. You could tackle it in stages. Try to update the electrical and plumbing on your unit and then the second unit above you. Get that second unit revamped and rented out. When you're financially ready to do so, you can then tackle the third unit. Make sure the contractors your working with know and understand the big picture so they can plan ahead won't have to disturb the tenant later on down the road. I know that many plumbers and electricians will try to pressure you to do everything all at once. This is purely selfish on their part. Best of luck to you.

Post: University of Michigan top in county...

Annette HibblerPosted
  • Real Estate Consultant
  • Brighton, MI
  • Posts 607
  • Votes 251

I've helped investors secure properties outside of AA. In fact, wrapping up a new deal this week with a BP investor for a 5 unit listed at $139K. AA is an anomaly in and of itself. Prices & taxes are ridiculously high but so are rental rates. However, there are good places to invest outside of AA that do not include Detroit.  I know of two good MF in Fowlerville as well.  There around if you know what to look for. 

Post: “ Investor friendly” title companies in Washtenaw County?

Annette HibblerPosted
  • Real Estate Consultant
  • Brighton, MI
  • Posts 607
  • Votes 251

We have always used Livingston Title located in Howell now, used to be Brighton. They have no issues working with hard money lenders that we use.  Let me know if you'd like contact information.

Post: Is Zillow Premier Agent worth it?

Annette HibblerPosted
  • Real Estate Consultant
  • Brighton, MI
  • Posts 607
  • Votes 251

I did give it a try early last year. Quite frankly, unless you have the mega funds to compete with the heavy hitters on the Zillow Premier program, don't bother. I was told I'd receive 3-5 Zillow leads per month. The first month I got two leads that turned out to be dead leads. The second month I got two rental leads (I don't work in the rental market because I'm a landlord myself). Month 3 I received no leads at all. I canceled shortly after since the results did not justify the cost.

Post: **Very First Post!** Seeking Advice On First Purchase

Annette HibblerPosted
  • Real Estate Consultant
  • Brighton, MI
  • Posts 607
  • Votes 251

If you plan on renting to students, consider there will likely be two months out of the year that are vacant. Sometimes you can attract an older student wanting to stay over summer months and work. 

Regarding repairs, stick to durable floorings such as vinyl or laminate. Don't go too dark because everything shows up on it including footprints. Fresh paint in warm neutral colors like greys are popular nowadays. Check out Pinterest for Interior Wall Color ideas. Nice clean bathrooms are a must. Offering WiFi and cable is a big plus.  If you don't want them putting holes in the walls to install blinds, do it yourself instead.  If there is wood flooring and/or wood cabinetry, try refinishing them with Murphy's Oil Soap or Rejuvenate products.  You can find them at Walmart or Home Depot.

Post: What to do when tenant pays extra?

Annette HibblerPosted
  • Real Estate Consultant
  • Brighton, MI
  • Posts 607
  • Votes 251

If you do decide to replace the flooring. Stick with vinyl flooring, it's cheaper than carpeting.

Post: 1st Marketing Campaign

Annette HibblerPosted
  • Real Estate Consultant
  • Brighton, MI
  • Posts 607
  • Votes 251

Let us know what kind of response you get. Did you include photo and summary of yourself? Otherwise, they could think it's a scam.