All Forum Posts by: Annette Hibbler

Talk to and build relationships with realtors and property managers.  Get out there and start looking around.  What's available? Get comfortable figuring out net yields on properties and determining which properties are better deals than others.  Learn about tax auctions in your area.  Go look at some properties. 

When you're ready to take the plunge, JUST DO IT!  Accept that you will make mistakes along the way, but that's okay.  We all make mistakes.  Learn from them and move on.

Finding market value:  Look on willow and homes.com for similarly sized properties that have already SOLD in the area.

How much seller bought property for is not your concern.  You should focus on how much this property will cash flow for you.   How much are the monthly running costs of the property, how much for insurance, taxes and PM rates?  Is it in a desirable area?  How easy is it to rent? Those will all be factors in your decision making. 

Take your gross rent, subtract all your recurring expenses then divide by the purchase price and you'll get a net yield.

We don't  just focus on buy and hold properties.  The quickest and most lucrative method of growing our immediate income in through flips.  We concentrate on areas outside of Flint and Detroit, such as Washtenaw and Livingston counties.  These can generate $20 - $50K profit in three to five months when done property.  Half that if we work with another investor partner, but still good money.  Having more than one flip in progress at one time keeps the money flowing.

Here's my two cents: Let the property manager handle all the advertising and tenant vetting processes for you.  In other words let the professionals do their job, supervise, don't micro manage.  

Did your neighbor report the incident to the police?  If so, they may be able to locate the owner of the property.  Also, try the municipal office.  Many counties require landlords to register their property as a "rental" and/or have the owners info for property tax collection.  They may be able to provide you with contact info.

Congrats on your recent nuptials.  There's loads of info here, welcome.  :)

@CodyFerguson

Matt may not know that you've responded to his post unless you use the @ symbol then type in his name.  His name will appear below your reply window.  Click on it, then continue typing away.  The system should inform Matt that you've replied to his post.

Avoid picking names out of a hat whenever possible.  Ask your neighbors and friends if they can recommend someone. Otherwise, maybe try HomeAdvisor.com that rates contractors in your specific area.  They claim to be better than AngiesList and they are free.  Contractors can be the worst.  I've been through several.  I find that the more well established ones that do not "sub-contract" are much more reliable, albeit somewhat more expensive.  IMHO, when it comes to contract work, you get what you pay for more than any other service.  

@Udayabagya Halim I agree.  You can offer to change the due date to the 10th. No big deal for you and if you end up in court, it may be viewed as a good faith effort on your part. I would not, however, give in on any other point.  The late fees will still apply, just adjust the dates accordingly to the 15th and the 18th.

@Account Closed Totally, agree with her.  Her advice is sound and provides actionable steps you can take going forward.  Stay strong and focused.  You must win this battle.

Prior to purchasing, did you have an inspection? Doesn't sound like it.  A few more surprises could be down the road for you.

There's nothing wrong with wanting to give good tenants a safe, comfortable place to live.  Why risk losing good paying tenants? To a landlord, they are worth gold!  Prioritize the list addressing immediate concerns that include health and safety first.  Leave the cosmetic stuff for down the road.  Plan on making some improvements every year that way you spread it out.  Remember that maintenance and repairs are deductible expenses so you will get it back.

I agree with Austin, find your own deals. Contact FSBO listings, get on realtytrac and look at PRE-FORECLOSURES if they are not motivated sellers, I don't know who is. Don't expect deals to fall into your lap. Be selective, run the comps and the numbers.