Tuesday, February 20, 2018

Making & Saving Money Tonight at Real Estate Investors of Virginia

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Hi Everyone,

Tonight we will have a member driven meeting that will have a focus on making and saving money this year with your company.  We are going to share tips we use to ensure that our companies continue to grow and will look at areas to cut costs and save money while fulfilling the same objective of providing clean, safe, affordable housing. 

Everyone in the meeting will benefit. We all will pick up ideas that we can implement within our companies to make or save money. Going to be a valuable meeting tonight considering the fact that making money is always acceptable and a dollar saved is a dollar earned. If we have time we will also talk about websites and apps that can be used to improve your business. Fun stuff guys and gals!   

Come one come all. If you missed the meeting last week, you missed a real good one .We got some awesome tax preparation / asset protection advice from Anderson & Reed. Tonight is going to be information packed as well. 

See you there!

Monday, February 12, 2018

New Tax Laws For Business Owners And Huge Tax Breaks For Landlords. One Negative For Flippers and Builders. Learn What You Get This Week At REI.

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Hello Everyone,

This week I’m pleased to announce that our guest speaker will be Michael Bell, a CPA for Anderson & Reed LLP. Anderson & Reed are Certified Public Accountants that specialize in asset protection, like kind exchanges such as the 1031 Exchange, gifting strategies, multi-generational wealth transfer, various tax strategies such as charitable giving strategies through trusts and private foundations, multi state income tax strategies, and even things like Virginia Enterprise Zone incentives, and payroll processing, etc. 

These guys are on the ball with all of the different things that can be done to legally avoid paying taxes by using programs and incentives set up by our politicians to be used by those who are in the know.

It’s going to be a fun meeting! We will start out talking about the new tax laws that were recently passed along with what types of opportunities that they provide. 

There will be loads of good info at this meeting. Cancel any plans you may have and come on out to your weekly wealth building meeting. 

See you there!

Tuesday, January 30, 2018

Two Topics This Week At The Real Estate Investors Of Virginia Meeting ~ 1.) Slumlord Millionaire Show 2.) Situational Awareness for Landlords and Rehabbers

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Hello Everyone,

This evening we will have 2 speakers. For the first 30 minutes Spanky Macher will tell the group about his new reality TV show Slumlord Millionaire.  https://www.facebook.com/theslumlordmillionaire/  

He’s going to fill us in on the details regarding where it currently stands. Spanky set up a booth at a national trade-show that had attendees who were buyers for both big and small networks as well as television station conglomerates. He got some great leads who were interested in the program and is well on his way to getting a signed contract. 

Our next speaker starting around 7pm will be Scott Leamon who is a certified crime prevention specialist through the Virginia Department of Criminal Justice Services. 

Scott is going to give us a presentation on crime Situational Awareness for landlords, Realtors and flippers. This includes preparing your properties to make them unattractive to criminals, early recognition of tenants, clients or individuals hanging around a property that could become hostile, etc. 

I have some landlord specific advice that I learned the hard way over the years that has kept me from getting into it with irate tenants several times that I will share. 

People who are down and out, for one reason or another, that are getting a 21/30 day notice, a 5 day pay or quit or an eviction can quickly become dangerous if the wrong things are done by you.

It’s going to be another fun meeting. Come on out and enjoy some time with educated, like minded people, who are experiencing the American Dream as successful entrepreneurs in our area. 

We’ll see you there!

Tuesday, January 23, 2018

We Love Money… This Week it’s About Getting It!

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Hello Everyone,

Going to be another fantastic meeting this week as we will be talking about the one topic that will do more than anything to take you and your company to the top. That is obtaining financing and wisely leveraging money so you can build wealth over time. Without all of the “creative” techniques that I have found to not work and for the most part be a complete waste of time. 

There is nothing better than an old school loan and commercial loan officers and mortgage brokers are the place to get them. They have the ability in many cases to not so much focus on your credit, but to look more at the deal you are bringing to the table. And weather or not that deal will end up hurting them if they have to take it back from you on a worst case scenario. 

Our special guest speaker will be Kevin Reeder of First Bank & Trust. Kevin is a commercial loan officer. He specializes in investment real estate and small business lending. Kevin works with many investors who hold portfolios of single-family and multi-family real estate. He helps them with purchases, refinances or lines of credit. 

Come on out to the meeting. Lets see what these guys can do. 

       ___________________________________

New Meeting Location for those who haven’t been this year. 

This is a reminder to everyone that we now have a new meeting location. Our meetings are still on Tuesdays at the same time, 6:30-8:00pm, now at Logans Roadhouse. 

     ___________________________________

2018 Membership ~ Time To Renew ~ Education Well Worth The Small $100 fee.

It’s time to renew membership for the 2018 calendar year. You can pay by Paypal below where it says click this link to sign up. If you don’t have money this minute don’t worry about it. We’re not going to put you out. Come on down and you can get it caught up soon. 


We’re still keeping Dues cheap for the upcoming 2018 year. 

As we’ve stated many times. We are all volunteers. There is NO person in this group that has ever been paid to do all the work we have to do to operate it. And that’s a part time job for a couple of us. We do not personally benefit for the work we do. We do it because we understand the importance of investors uniting together. If you take advantage of the membership you will make money as a result of being a member. You will also save money as a result of your membership. I can guarantee that.  And it will be significantly more than the cost of membership. 

Dues Value OVER $25,000 for a year of educational meetings every single week. If you base the cost on the minimum charge for education that most of the gurus charge for their 1 on 1 training. REI of Virginia is full of gurus. Investors that have made millions in real estate. Investors that are happy to show you the ropes and lead you the right direction towards the path of your own financial freedom. Our Educational meetings will make you rich if you follow what is said. But we don’t charge $25,000 like the other gurus. We ONLY charge $100. I don’t care how tight you are. You may be as tight as me with my money. I think you can handle that for the value you get. 

If you haven’t signed up yet, you can pay at the next upcoming meeting by check or cash. Or you can sign up with your credit card or debit card via clicking the Paypal link below or above. BTW, Real estate education is tax deductible! 

But please don’t ask me or other members of our group to help you through your real estate investment problems with questions throughout the year without at least signing up and paying our dues. YOU CAN’T EXPECT ME OR ANY OTHER MEMBER OF OUR GROUP TO HELP YOU IF YOU DON’T CARE TO HELP OUR CAUSE!  $100 is nothing. You don’t need to attend the meetings to pay the dues. If you want the support of our group, you have to do the minimum of being a paid member. 

Monday, January 15, 2018

Learn About Real Estate Titles and the Closing Process This Week at REI

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Hello Everyone,

Real Estate Investors of Virginia has, since it’s inception in 2012, been focused on real estate education. This week we have another awesome educational meeting lined up by Yvonne. 

Our discussion this week will be about the legal aspects that an investor needs to know, regarding real estate titles, when purchasing an investment property. Our guest speaker will be Kathi Anderson of Acquisition Title and Settlement Agency. 

There are several different things that can cause a real estate deal to fall apart at the closing table. Buyers or sellers changing their mind, ownership issues, undisclosed mortgages that someone forgot about, unknown judgements / liens are among a few of many things that can  either cloud a title causing additional negotiation or prevent the purchase of the property all together. 

Kathi has been doing title work for many years and is going to cover the closing process and all of the reasons she has seen over the years that have ended up preventing the sale of the property. We will also have a discussion of what can be done in each of these situations to get around the issue and continue with the sale. 

It’s going to be a fantastic meeting, as many are, so cancel any plans you may have, and schedule the REI of Virginia meeting into your calendar as your permanent Tuesday evening entertainment. 

We’ll see you there!

___________________________________

New Meeting Location for those who haven’t been this year. 

This is a reminder to everyone that we now have a new meeting location. Our meetings are still on Tuesdays at the same time, 6:30-8:00pm, now at Logans Roadhouse. 

     ___________________________________

2018 Membership ~ Time To Renew ~ Education Well Worth The Small $100 fee.

It’s time to renew membership for the 2018 calander year. You can pay by Paypal below where it says click this link to sign up. Thank You!


We’re still keeping Dues cheap for the upcoming 2018 year. 

As we’ve stated many times. We are all volunteers. There is NO person in this group that has ever been paid to do all the work we have to do to operate it. And that’s a part time job for a couple of us. We do not personally benefit for the work we do. We do it because we understand the importance of investors uniting together. If you take advantage of the membership you will make money as a result of being a member. You will also save money as a result of your membership. I can guarantee that.  And it will be significantly more than the cost of membership. 

Dues Value OVER $25,000 for a year of educational meetings every single week. If you base the cost on the minimum charge for education that most of the gurus charge for their 1 on 1 training. REI of Virginia is full of gurus. Investors that have made millions in real estate. Investors that are happy to show you the ropes and lead you the right direction towards the path of your own financial freedom. Our Educational meetings will make you rich if you follow what is said. But we don’t charge $25,000 like the other gurus. We ONLY charge $100. I don’t care how tight you are. You may be as tight as me with my money. I think you can handle that for the value you get. 

If you haven’t signed up yet, you can pay at the next upcoming meeting by check or cash. Or you can sign up with your credit card or debit card via clicking the Paypal link below or above. BTW, Real estate education is tax deductible! 

But please don’t ask me or other members of our group to help you through your real estate investment problems with questions throughout the year without at least signing up and paying our dues. YOU CAN’T EXPECT ME OR ANY OTHER MEMBER OF OUR GROUP TO HELP YOU IF YOU DON’T CARE TO HELP OUR CAUSE!  $100 is nothing. You don’t need to attend the meetings to pay the dues. If you want the support of our group, you have to do the minimum of being a paid member. 


As always new members get a free month to decide if they like us. 
 

Tuesday, January 9, 2018

Q&A From an Industry Expert Tonight at Real Estate Investors of Virginia

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Hello Everyone,

This week we have a great meeting lined up for you. We will have our friend “Tiny Tim Hogan” as our group moderator. Tim is an expert in the fields primarily of wholesaling and flipping to “up-sell” properties. When he is speaking about these subjects he "stands tall" as his advise is as good as gold. Tim has helped me get some “high returns" with successful flips I’ve done in the past and has some great guidelines on determining “how low a property can go” in our market. 

Tim has done more flips in Roanoke than anyone I know. By a “long shot”  This "little guy" is full of good information… that is if you can get it out of him. Just don’t ask him for any favors or win any bets against him as he has a “short term memory". 

Tim will be moderating a group discussion so bring a “long” list of questions. “Short" insufficient answers won’t be acceptable as we’re going to hold our mini friend to some very “high” standards. 

Come on out to a memorable entertaining meeting as it always is with the "little guy". 

See you there!

A Blast From The Macher Past...

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Click To Read
An interesting look back in history on one of the celebrity slumlords in town, Spanky Macher… AKA The Slumlord Millionaire. Spanky is well into the production of a television reality show about low income landlording that has shown an awesome response from several major national networks. This one is looking like it’s going to happen. 

Here is an interesting article out of the paper years ago showing Spanky as a young man back in the days he envisioned and founded Macado's and Spanky's restaurant chains.

Saturday, December 30, 2017

REI Dues And New Meeting Location ~ 2018 Membership ~ Education Well Worth The Small $100 fee.

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Hello Everyone,

This is a reminder to everyone that we now have a new meeting location. Our meetings will be held at the same time, 6:30-8:00pm, every Tuesday  at Logans Roadhouse. 

Our great new meeting location will start with a party. 

Instead of a Christmas party this year, REI of Virginia will be having a New Years party on January 2nd at Logans Roadhouse over by Valley View Mall. We will have lots of give-a-ways and fun stuff to do. If anyone has anything that they can donate for the raffle please let Rebekah know at rebekah.cornett@yahoo.com. 

Logans will be our new regular meeting location. Starting at our party on January 2nd. 

Corned Beef has been great to us and overall we have been very happy there. It's time for a change though. There are some members in our group that have difficulty with stairs and others that don’t like downtown parking. Both of the primary issues are solved at Logans.

See you there at the next meeting on January 2nd!


We’re still keeping Dues cheap for the upcoming 2018 year. 

As we’ve stated many times. We are all volunteers. There is NO person in this group that has ever been paid to do all the work we have to do to operate it. And that’s a part time job for a couple of us. We do not personally benefit for the work we do. We do it because we understand the importance of investors uniting together. If you take advantage of the membership you will make money as a result of being a member. You will also save money as a result of your membership. I can guarantee that.  And it will be significantly more than the cost of membership. 

So far the dues money has bought our projector and screen, pays for bulk emails, buys speakers from time to time dinner, has paid for us to lobby in Richmond, paid for us to incorporate, etc. We also bought an REI of Virginia rental and are now finishing it up so the organization will be able to continue no matter what. Currently if we ended up getting tired of volunteering year after year and quit than REI would end as well. With a rental we will have a little income affording the ability to pay someone to run it and keep investors in our area together. 

It has taken several years to save up a little money since we have been committed to keeping dues affordable for all, including novice investors just getting started out. If we make REI of VA a corporation that is actually profitable one day, that alone will preserve it through the future. We can then ensure that there will always be educated investors to help each other out and fight for our rights locally and statewide. 

Dues Value OVER $25,000 for a year of educational meetings every single week. Educational meetings that will make you rich if you follow what is said. But we ONLY charge $100. I don’t care how tight you are. You may be as tight as me with my money. I think you can handle that for the value you get. 

If you haven’t signed up yet, you can pay at the next upcoming meeting by check or cash. Or you can sign up with your credit card via clicking the Paypal link below or above. Real estate education is tax deductible! 

Please don’t ask me to help you through your real estate investment problems with all of these questions throughout the year without at least signing up and paying our dues. YOU CAN’T EXPECT ME OR ANY OTHER MEMBER OF OUR GROUP TO HELP YOU IF YOU DON’T CARE TO HELP OUR CAUSE!  $100 is nothing. You don’t need to attend the meetings to pay the dues. If you want support of our group you have to do the minimum of being a paid member. 


As always new members get a free month to decide if they like us. So be nice to them. At least until they pay. LOL. 

Please support or sponsors below. They help us keep these dues cheap! And we have picked companies to work with that are the best in the industry and care about the needs of investors. 

Tuesday, December 26, 2017

This Week… The Secrets To Sucess

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Hello Everyone,

This week, former REI of VA CEO, Dan Cullather and I, will be the guest speakers. We’re going to cover the key elements that any real estate investor needs to follow to ensure success. You can go from nothing to millions of dollars in assets by following these very simple rules. 

I've made it a point to talk to every real estate investor in our area who has gone under and determine what they did to make their company fail by asking some specific questions. I’ve spoken to all of them that I knew and questioned them on various aspects of investing to determine exactly what it was that made it so they could not turn a profit. A lot can be learned from others mistakes. And it’s quite a bit easier to learn them from others rather than making those fatal mistakes yourself which will lead to your demise. 

It’s smart to watch out who is giving you investment advice. Where did they come from? Were they self made? Or did they start out with a nice pile of cash from either an inheritance or a good job they had or have? This is really important information to know. If you don’t, you could very  easily end up taking advice from a wealthy investor that “thinks" they know how to get off the bottom with virtually no cash reserves to millions. They think that because they see themselves as successful but they don’t realize what it really takes to make it when you’re not flush with cash like they are. 

These types of investors that had an inheritance or a great job to kick off their real estate career may be very successful individuals. But they are much different than you if you are not in the same position as they are. These investors think that they know and fully understand real estate investing but I’ve found that they are completely clueless and most often don’t even understand the most fundamental principals of RE Investing. If they make a bad deal, all they have to do is throw some more money at it to pull through any hard times. They have the money to throw at it. Do you? If so you’re going to be OK just like they were. You’re already on easy street.

Investors that started with nothing can’t afford even one single bad deal. One screw up at the start of their investing career will completely bury them. And within no time they will be investing in a lawyer to help them with their bankruptcy. 

Both Dan and I started at the bottom and worked our way up. We are not  riding by the seat of our pants. The properties we own are proof of that. We also are both are very close to each other on our valuation of properties. That is we both are within a few thousand of each other on what a property is worth. We both fix our houses up in a highly affordable manor and provide our tenants with a clean, painted property where everything is in working order. We never go over the top as this is a business not a hobby. And we are doing this to make money not just have fun. Even though it can be a lot of fun from time to time. 

Both Dan and I have some general guidelines that we go by that ensure success. This weeks meeting we will reveal what these rules of thumb are  and what we do to ensure that we stay within some general parameters on all of our investments ensuring a big win on each and every deal that we do. 

Several of these general guidelines are not known by the typical investor that came into the real estate investment industry with pockets already full of cash. They don’t need to know them. They have the ability to pay way too much for a property and make all kinds of other key mistakes that would put anyone going from the bottom up into bankruptcy. All they have to do is throw more money at the deal and ride it out. These types of investors are very risky to listen to. They feel successful as they have a lot of property but they have no clue how to get off the bottom and their advice will often lead you into a hole you may not be able to get out of if you don’t have finances as they do. 

This week Dan and I will be unveiling the Secrets to Success in our industry. What to do and what not to do. If you follow what we say, you will be parking on easy street in no time. 

See you at the meeting …..

For those who were there last week, I apologize for my lack of restraint. I was very aggravated about some information that I was just given prior to the meeting regarding the contractor we were using for the REI Rehab  which was a total flop. I brought some friends out there and showed them photos of when we just got it.  They confirmed what I already knew. That house only needed minor plumbing moved for a kitchen with no structural changes (1K max), free cabinets ($0), an added half bathroom not far from the sink ($500), some minor work on the piers in the back of the house ($800) with nothing more than a paint job inside ($1,500) as well as outside ($1,000). Painted floors ($500) as well as several other minor lipstick on a pig details, should have cost no more than $6K-7K. And that would pass a rental inspection and have quality workmanship with inexpensive finishes such as the painted floors. Someone who isn’t a professional in our industry may pay at most 10-11,000 for the total job materials and all in that kind of rental condition. Material costs were at about $5,538 for this job and I’m sure you have heard the old saying that in general construction labor will equal roughly the cost of materials. That would be if you were paying full boat and didn’t have any good contacts. 

Our contractor that was doing this job has himself had over 100 houses at one point in time and he is experienced with rehabbing them. He knew and agreed when he took it that the 15K allotted to do the job was  more than enough to take care of it. He also knew that whenever we make any changes, as officers of the group, we are required to contact the rest of the officers and get a majority vote. Which never happened. We just recently got hit with the fact that he “ALREADY”  spent around $21,000. Isn’t that illegal for a contractor to go over a bid to that degree and expect that you will pay them for doing so without notification? Ive been told that it's illegal in the automotive industry to go over more than 10% before legally having to contact you and notify you of the new unforeseen problem.

This house didn’t have a bunch of unforeseen problems. They were all visible. It was a very easy job. An easy job that had more than enough money in the budget. I have been doing this for many years and a little house like that that has 21,000 of materials and labor into it will be in flip condition when all is said and done. We have a big flipper here in town who uses the magic number of 20,000 on every house he buys sight unseen. That gives him more than enough room to ensure that he can get it all the way to flip quality even if it falls into one of the worst he has ever purchased. I can tell you one thing for a fact, that house is FAR from flip quality. It’s still a good ways from rental quality. It isn’t free of code violations and the workmanship that was done in many areas is very sloppy. Definitely not managed by who I was told would be managing it. Who is a perfectionist.

I was initially told by our contractor that the job was complete. Which is a smack in the face to me that he thinks we're that stupid that we would believe that for 21K we get a half way done house back. I’ve been sticking my neck out for this group since we created it and I can not sit by and say nothing when we are getting ripped off to such a tremendous degree. Cleaned out bank accounts with no officer vote and not even telling a single person that he was doing that. Definitely not good moral, professional, or ethical behavior. 

I was also shocked to see that many of the time sheets appear to be in the same penmanship. And possibly the same pen. With inaccuracies adding  up potentially fictional hours. With one that looked legit who wrote hours at the REI house and then hours at some house on Rugby which were added together for REI to pay. Who’s labor bill are we paying and why? Most of the people he has on there at 9 dollars an hour. One at 18/hr that I believe I know and didn’t think he was particularly talented. There are also a couple sheets that are almost exactly identical. As if written at the same time but with different peoples names as independent contractors. And there are no dates on many of these time sheets letting us know when the work was supposed to have been done. As well as no description of what they did. Who gets an invoice for hours and no description or date? 
 
To be honest, all of this looks real fishy. I don’t know anyone who would look at it and think otherwise. It was not in the best interest of the group for him to proceed to spend money way above the budget without notifying the other officers of the group. The group is owed a nice house in great condition with no code violations or poor workmanship at the 15K materials and labor price we initially agreed on. He said he would not do some extras that we wanted to do if he came too close to the budget. Well, not only did we not get those done but we also have a house that is still a couple months away from being finished and lost rent as additional damages. 

We also have some issues with the bank account and some apparent shuffling around of money that needs to be looked into by someone who is mathematically inclined. And loads of missing receipts. And money to equipment rental companies for the rental of people. Ive never heard they were renting people. We’ve got to get to the bottom of this. I’m sure some of this has reasonable answers but there is no way someone can reasonably turn a 7K job into a 21K job. Especially when they are as experienced as he is. 

SEE BELOW, NEW MEETING LOCATION

Tuesday, December 19, 2017

Real Estate Investors of Virginia agenda topics this week, REI Rehab news, new meeting location, New Years party.

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Hello everyone,

We’ve got a great meeting lined up this week so come on out. We have more information about the REI rehab that we will look over in detail. We also have a great new meeting location that will start with a party. 

Instead of a Christmas party this year, REI of Virginia will be having a New Years party on January 2nd at Logans Roadhouse over by Valley View Mall. We will have lots of give-a-ways and fun stuff to do. If anyone has anything that they can donate for the raffle please let Rebekah know at rebekah.cornett@yahoo.com or 540-330-2455. 

Logans will be our new regular meeting location as well. We scheduled it for the same time and day as now. Starting at our party on January 2nd, REI of VA meetings will be held every Tuesday from 6:30 pm to 8:00 pm at Logans Roadhouse, 4740 Valley View Blvd NW, Roanoke, VA 24012. 

Corned Beef has been great to us and overall we have been very happy there. It's time for a change though. There are some members in our group that have difficulty with stairs and others that don’t like downtown parking. Both of the primary issues are solved at Logans.

Speaking of parties. Our member and good friend, John King, is having his customer appreciation party this Friday the 22nd and he’s invited those of you who would like to come. We typically have a regular group of REI members that I see there every year. It’s a lot of fun. John always has plenty of food and a band. 

The party will be at his business, Specialized Saw and Mower at 3954 W. Main St in Salem. I always do all of my landscaping related business and mower repairs with John. They have all kinds of mowers, weed eaters, blowers, etc for sale. They also have a service department that works on all brands. And a great selection of mulch, dirt, rock, etc.  Come on out to his party if you can make it. This Friday from around 12pm to about 5 or so.

2018 is going to be a big year. This is the year that we are all going to step it up and get a hold of several more properties. Fun stuff!!!

See you guys and gals at the REI meeting and Johns party
 
 

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