All Forum Posts by: Annette Hibbler

Ummm, off the top of my head....back taxes, liens on the property, asbestos, termite infestation, a former drug house or a murder at the location, crap neighborhood that no decent person will want to live in. Any of the above.  Nothing worthwhile is free, especially property.  Take this on and you could be getting into something that could be very costly to you.

There's far more to Michigan than Detroit.  Loads of investors outside of Detroit are buying up rental properties like mad. It's a very active market out here.

Success in real estate is about ONE THING and only one thing....LEADS!  Focus your attention and all of your activity on lead generation. Do it all, phone calls, door knocking, mailings, online advertising, blogging, etc.  It's exhausting and totally time consuming, but your planting your seeds now to bear fruit for you next Spring.  At least, that's what I keep telling myself and it keeps me going.  :)

Hi Karim,

I'm a licensed Realtor in Southeast Michigan.  I primarily focus in Livingston & Oakland with parts of Washtenaw counties.  Sometimes I get the heads up on "off market" deals in areas like Ypsi & Livonia.  Ypsilanti is a pretty strong rental market, better tenants than Detroit, for sure.  Depends on what side of Ypsilanti you're in, some are considerably better than others. Rentals there range from $900/mo to $1100/mo. I know of an investor who's in the midst of off loading a large number of rented property in Ypsi.  They are going for $45K each. But I'm sure he'd negotiate if you offered to purchase more than one.  If you're interested, I'd be happy to share this information.

Hi Kyle,

I'm a licensed realtor in Southeast Michigan.  Lots of decent opportunities here to invest not to mention that property taxes are dirt cheap compared to NJ.  I lived in NJ most of my life before moving to Michigan.  Let me know if I can be of any help.

Get your financing process started first. Establish a relationship with a hard money lender/broker who can help you get started.  Then when you find a property you'd like to make an offer on, you'll have the Proof of Funds letter available which accompanies your purchase offer.  Without this in place, you're offer to purchase will not be considered.

Well, also keep in mind that a good investment is determined largely by your Return on Investment (ROI). A Single Family has the best potential ROI with the largest appreciation potential, rental income potential and higher market value down the road. A Multi-Family will only appeal to other investors but still will likely have a decent income potential provided your purchase price is right. Next is a commercial property which is a whole different animal in and of itself. Lastly, is a mobile home park. This will likely have the lowest appreciated value years down the road and trying to sell it on will likely be a hassle since you'd be appealing to a very small pool of investors. For your first investment, I'd recommend you stick with Single Family or MF (provided you are occupying it). Lots of tax benefits there.

You wouldn't. There's no justifiable reason to notify CPS. It's overkill at best.  They are brother and sister, right?  I've never heard of any law that states they can't share a room. A 13 year old girl will soon want her own space but since they are only there on weekends it's a non-issue.  There's no problem here.

Hi Jonathan,

Well, there is certainly a very large cyber library of information for you to delve into here. Welcome.

Seller's disclosures are a legally binding document. If he did, in fact, actively hide a latent disclosure, later uncovered by your inspector, he can be held liable for that. Had you bought the house to later discover a material defect in the home, you have every right to sue him, even a year later. The fact that Seller admitted he knew the hot tub needed to be replaced is his admission of trying to deceive you.  Thus, begs the question, what else is he not telling you about?  Had I been your agent, I would have tried to leveraged this in your favor greatly.  I don't blame you though for walking away. As far as getting back the cost of inspection, I doubt it.  That may fall under "usual and customary" expenses for all buyers and under the "Buyer Beware" clause of a purchase agreement.  I would advice against getting an attorney involved.  So long as you receive your earnest money deposit back in full, you don't have much else to go after him for.  Certainly not worth the hourly price tag of an attorney.  S*** happens, move on.