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All Forum Posts by: Annette Hibbler

Annette Hibbler has started 91 posts and replied 576 times.

Post: Owning a MH PARK in michigan but living in OHIO

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

You don't have to register in MI, however, ideally, you should get it registered for business in MI if you want to have bank account for that LLC. Consider if you want your tenants paying into a MI bank account or out of state account? I believe you will also have to have a registered agent in for out of state LLCs as well.

I moved from NJ to MI a few years ago. In order to open up a bank account under our LLC here, I had to pay a fee to have it registered here.

Feel free to contact me if you have more questions. Hope this helps.

Post: Closing on First Property!

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

Congrats! Remember, don't go nuts with improvements if your plan to rent the property. Most people do not take very good care of rentals. I own nearly a dozen of them now so I'm speaking from experience.  A good place to start is to visit comprable homes for rent in your area first. This will give you a very good idea as to what you will be competing with and what buyer's will be expecting within your rental price range.  

Best of luck to you!

Post: Finding a Buyers Agent

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

Unless your very familiar with state & federal real estate laws, are comfortable with all the legal paperwork required, etc. I'd recommend you use a buyer's agent. It costs you nothing to have a real estate expert (unlike hiring a real estate attorney and paying his/her fees) since sellers pay agent commissions. So why not use a Realtor? They will walk you through the process. Realtor's are a good resource of information and contacts such as home inspectors, lenders, contractors, etc.  It's often in your best interest to have a Realtor acting on your behalf during difficult negotiations. 

Be aware that no two agents are the same. Some are only part-time agents, though they won't tell you that.  There are a lot of people out there with real estate licenses but that doesn't mean they are working in that field full-time.  There is a difference between a Realtor and a real estate agent. Realtors are members of the National Realtor Association in addition to local real estate association members. Ask lots of questions and you should be able to tell whether or not they are a good fit. 

Hope this helps.

Post: Buying my first property

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

Hi Bryant, I'm a Realtor in Michigan. You should know that the lower your credit score the higher the interest rates you will have to pay and that could easily add up to thousands of dollars over the years.  Paying your loans on time is a great way to improve your current score.  I often work with mortgage lenders in my business. Many such as Fannie Mae, will accept a score of 635 is the lowest score they work with but don't hold me to it. Do your own online investigation.  

My suggestion would be to hold off a little while longer. Now that you have a credit card, use it once a month and pay it in full and on time every month.  This will go a long way to building up a positive credit history for you.  Credit is everything in our economy, so nuture it carefully and protect it!  

Hope this helps. :-)

Post: Free New Template - Rental Cash Flow Calculator

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

From time to time I come across something that I feel is actually helpful to investors. As such, I'm sharing this link here. What I suggest is you save the original as a template, duplicate the file and then save it using the address of the property as a new file.

Anyway, my sincere hope is that you'll find it somewhat useful.  Click TEMPLATE here.

Post: Is 10% Earnest Money too much?

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

I work as a full time Realtor in Southeast Michigan where rent ready investment property market is hot. I use many of the same practices for investors clients. Generally, if purchasing an income property under $100K, I would recommend $500 Refundable EMD. Anything $100K and over is $1000 refundable EMD. I always specify "refundable" to protect my clients interests. All EMDs are made out to my brokerage but for those not working with Realtors, I would recommend you make checks out to closing attorney escrow or to title agency only.

However, cash buyers can pluck down slightly more to place their offer on stronger footing. I just recently helped a cash buyer secure a $52K income property with Proof of Funds and $1000 EMD. I would never recommend an EMD higher than that because not only is it unnecessary and risky, as Ashley already pointed out.

Seller's only want proof of three things: 

1. You have the money or access to it.

2. You're serious.

3. You have everything in place and intend to close in a reasonable amount of time.

There was also a mention of someone losing an EMD because deal closed one day after contract date, well you can easily protect yourself (and your clients) by having both parties sign an Addendum that would extend the date to close when you know there will be a delay.

Post: International Investor Success Stories

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

I often work with foreign investors, many from England. I'm married to a Brit who invests here in the USA quite heavily.  First round of efforts always presents a huge learning for foreigners trying to understand our banking  and real estate system here in the US. Biggest challenge is understanding that although we share common national laws, each state also has it's own set of real estate regulations and landlord/tenant laws that must be adhered to.  Real estate in the UK couldn't be more different than ours in the USA.  

When working with a foreign investor, I will steer them to rental property that is already producing income and recommend a property manager. I keep them out of Detroit & Flint as that is simply a hot bed of various ways to lose money very quickly for the uninitiated and quite frankly, not worth the risk or hassle. 

There are still some good value income producing properties around here. For instance, one rental (single story home 3BD/1BA) can sell from $35-$50K with average rental income of $750-900/monthly in better areas outside of Detroit & Flint.  All such purchase require proof of funds. 

Cash is still king and it's by far the easiest method to purchase property in the USA. But you'll have to set up an LLC and/or bank account here first. That's your first hurdle.

Post: New Member from Michigan!

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

Welcome aboard! I'm a Realtor in Southeast Michigan. My husband is an investor and we have a growing portfolio. Lots to learn here. Feel free to reach out if you'd like.

Post: Getting started without any support from parents

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

Conquering fear of the unknown is what makes the extraordinary stand apart from the ordinary.  I'd recommend you read a lot.  Ever heard of "Got Junk?" Well the owner and CEO of that now thriving $150M company started with only $700 and a beat up pick-up pick up truck hauling junk.  How's that for motivation!

There are sooo many good books available on how small time guys with little to nothing became multi-millionaires.  Click here for a good intro.

Word to the wise, you will eventually mess up and fail at some things along the way. It's inevitable and if your parents get wind of it, they'll likely be the first to say "I told you so!".  Best to keep them out of your business entirely, learn from mistakes and determine right now that no matter what happens, you will never quit!

Good luck to you in all of your endeavors.

Post: My First Flip: Before & After

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

Terrific job, you go girl!  Fantastic choice on colors (greys are still very popular), finishes, etc.  Now, ride the wave while you're still on a high.  :)