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All Forum Posts by: Annette Hibbler

Annette Hibbler has started 91 posts and replied 576 times.

Post: Opinions on realtor loyalty or working with several agents

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

My time and dedication to each of my clients are valuable. There's a lot more researching that's involved with property investors, working out ROI, etc. If I'm going to spend hours finding and researching properties for you, then I would also require the same level of commitment to me in the form of a signed Buyer's Agency agreement.

Post: real estate agent marketing

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

Look for Keller Williams training programs. There are everywhere and open to all agents regardless of brokerage. I completed the BOLD program and for a new agent would highly recommend it. There are plenty of folks who have taken this course 10 or more times and they are Top Producers hands down. Keep learning, immerse yourself in everything real estate and learn all you can about lending. One last tip, always come from contribution when approaching a lead. Always offer up something of value so you don't come off as looking to sell folks. Find a niche and put yourself out there.  @Neil Hauger is correct. You have to be fully committed (full-time) to make it in this business. 

Post: How do I motivate Real Estate Agents?

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

Your offers are probably too low and not being taken seriously. Also, suggest you provide POF so they know you're ready & willing to "play".

Before making an offer on a property, do some homework. Find out what other similar homes have sold for within a 10 mile radius. Ask the listing agent for comparables and Seller disclosure forms. This will give you some insight into the condition of the property, what upgrades or repairs have been completed and when and how they came to their determined list price. You could also ask the listing agent some questions such as, "Why is seller listing the property? What time constraints do they have? What is the most important objective Seller is looking for (sometimes is not just the money, it's often TIME). Show the agent you're willing to wait for occupancy, for instance, if they need more time.  Good luck.

Post: Investing in Puerto Rico

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

I have my eye on it as well. Lived in PR for two years when I was a child. My dad has lived there for the past 20 years. Been there a few times over the years to visit. Back in 2005, the infrastructure was falling apart in many areas even then. Now with the hurricane, I'm not surprised to hear they have to basically start from scratch.  

I'm going to watch and wait and I caution my fellow investors. The culture in Puerto Rico is not the same in the USA. They are extremely slow to do anything and there's always someone looking to take advantage of a "gringo". For instance, renting a car took me five hours of sitting around waiting for them to get their act together. So frustrating! They are long on stories and excuses. 

I hear many roads are still out and electric is still sporadic and only for a few hours at a time.

I am somewhat optimistic that there will be the possibility of great things for investors in P.R., but proceed very cautiously. Don't trust half of what you hear, always verify! Good luck! :-)

Post: Private Money to pay off Mortgage. Should I?

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

You only have $30K in equity in the house according to your figures ($80K loan less the $110K purchase price). I wouldn't let others invest more $25K a piece so that you still remain as the main shareholder of the property. Otherwise, you could risk your position and someone else could easily buy you out if so inclined. You'll definitely need to talk this idea over with a real estate attorney before mentioning it to anyone else. 

Also, I'm assuming that since your roommate will have the place to his/herself, then I would suggest they cover the cost of their own utilities and cable/internet in addition to full rent. That will help lower your holding costs significantly. First, compare what other similar rental units are asking and including in their rent. Ideally, you'll want to keep your holding costs limited to property taxes, mortgage & insurance. Typically taxes and insurance are included in the mortgage in some states.

"Own nothing, but control everything!", Warren Buffet. In other words, take advantage of financing where you can but never to the point where you lose control of your assets. As tenants pay down the mortgage every month, your asset grows in value and equity as does your position.

Hope this makes some sense.

Post: Commission on purchase if you are your own RE agent?

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

When my husband and I purchase investment property, we do so under the LLC name and often use a lender. I had no issues acting as the buyers agent and still get paid the 3% as buyer's agent.

Post: How do you find deals?

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

My best advice to you is to search for a licensed Realtor in your area who currently works with other investors. As buyers, you aren't responsible for buyer agent commissions as Seller's typically pay. Make sure they are FULL-TIME because they will more likely invested in the market and can give you the heads up on property not yet on the market or newly listed property fitting your criteria. 

Post: Southeast Michigan

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

I work with investors in SE Michigan, covering areas such as Novi, Fenton, Hartland, Highland, AA, Whitmore Lake and Livonia. Fenton area is slow to sell but there are opportunities for investors looking to hold long term rentals. AA is crazy expensive and ROIs are low compared to other areas that offer a better return. I'd be happy to speak with you regarding these areas and offer up any assistance I can. Hope this helps.

Post: New MLO in Ann Arbor MI looking to make lending contacts

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

There are several lending companies that work with investors. I work in Southeast, MI (including AA). I'm licensed Realtor with KW and we also invest in rental properties.  My husband can tell you about one of the lenders we use. Let me know if you'd like more info.

Post: 26 seeking Perspective

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

Perhaps consider buying a 2 unit MF. Live in one and rent the other out. I think that may be a good place to start. Sounds like your credit is pretty good. Don't rely on traditional mortgage lenders to help you, many won't. Consider those that are willing to work with investors. Visio, Lema One, Lending Homes and others.  Let me know if you'd like more info.