Friday, April 30, 2010

INCOME PROPERTY FOR Sale!

1 comments

Tax Assessed Value     $225,600
Asking Price                     179,500   (Currently rented as single family @ $1050/mth)
                    The Math      $46,100    BUILT IN EQUITY!
 
                   PLUS
 
15 yr Tax Abatement = $192.78/mth savings   WOW
0 comments
545 Elm Ave. SW

Fully Rented Duplex $1050/mth

Asking $113,000

REI members get 5% Discount!

The deal of the century comes along just about every week!

Make an offer! Call.....

Dail Stancill
540-239-4791

OR

Wayne Cundiff, Park Place Realtors
540-354-8437

Don't Accidentally Break Fair Housing or Discrimination Laws

0 comments

The Civil Rights act of 1968, it's amendments, and other laws that have built upon it prohibit discrimination in the sale, rental, and financing of property based on race, color, national origin, religion, sex, familial status and the handicapped.

These laws have an extremely broad definition of discrimination leaving sellers and landlords highly vulnerable to frivolous lawsuits. One area of concern includes it's laws on "Steering". Quite often I have prospective out of state tenants responding from craigslist ads asking me what "type" of neighborhood a property is in. With the broad definition of steering, and the government employing people in an attempt to entrap sellers and landlords, it's wise to not answer this but rather direct them towards a website that will show detailed demographics of what ever zip code they are interested in so they can make that decision on their own.

Click Here for a great site that does that. Type the zip code of interest in their Zip Code Profiler search box.

Wednesday, April 28, 2010

COMMERCIAL FUNDING?

1 comments
Know anything about this?

http://www.commercialfundingmillions.org/blog/commercial-loans-funded-the-key-to-a-yes/

Tuesday, April 27, 2010

2nd Meeting - FANTASTIC!!!

1 comments
Things I liked about tonight's meeting + a few suggestions!!!
  • El Rodeo - really roomy and quiet. Table with sign in & name tags a must for awhile...20-25 people's names are hard to remember...therefore, hard to network...keep them in...insist nicely for all to wear
  • Tim Hogan - leader at the end of the table...speaker at the other end...worked well.
  • Ordering food...while some networking going on...leader quickly call meeting to order, intro of speaker and turn over to speaker...for ___ minutes...up for debate? Keeps attention.
  • Q&A of speaker...strongly encourage...however, leader can limit due to timekeeper
  • List of attending folks...members...or whatever we want to call our attendees...this would be posted on http://www.reiofroanoke.com/ as well as other "lists" of important stuff we as investors find useful that other investors would find useful...
  • Vote for Mike Powell!
  • Once speaker is finished...leader to open floor for "Deals Time" ...Tim did a great job helping folks talk about deals he knew they have for sale...sometimes folks need that nudge
  • Round table intro - I like it...short, but REALLY meaningful to regulars AND newbies.
  • Nail down exec team next meeting!...possibly a separate email group...maybe not, just use postings to decide business stuff
  • Dropbox.com - I'll talk in detail next meeting...will check into a portable view screen & projector
  • http://www.reiofroanoke.com/ - GOT TO DRIVE TRAFFIC TO THIS SITE!!!!...may take some getting used to...however, I do believe all will like it!
  • Links, sponsors, outreach....teams...best way to accomplish stuff!

Later

Monday, April 26, 2010

LendingTree

3 comments
Anyone used LendingTree for investment loans?

Saturday, April 24, 2010

1 comments
Fellow investors click on this link https://www.dropbox.com/referrals/NTYwOTE5OTU5 to get invited to www.dropbox.com , where real estate tools like spreadsheets, articles, bank letters, etc., are made available for your use. No need to reinvent the wheel!

Strength in numbers!

Friday, April 23, 2010

Cash Flow Analysis for Landlords

0 comments
One of the most important parts of being a "REAL" investor is to make sure your property is REALLY making money. If your property doesn't cash flow, or if you have to dump a pile of money into it at the purchase to MAKE it cash flow, you're doing nothing more than pretending you're an investor.

The name of the game is for you to make money. Enough money to cover all operating expenses including the properties mortgage, long term repairs such as the roof, a hot water heater, the furnace. Expenses such as property taxes, insurance, property management if you have it, painting between tenants, etc. Also all of that stuff that you may not consider such as advertising expenses, attorney fees from time to time, lawn care, Roanoke rental inspection fees, office expenses, pest control, snow removal if you do it, water, dump fees, vehicle expenses, etc.

The 50% Rule Of Thumb

When determining cash flow one should factor 50% of your gross rent to cover operating expenses. The 50% rule is nationally accepted by many as a general guideline of the expenses to operate a rental property. A recent study by the National Apartment Association of 30,000 units all across the United States in every rent range has confirmed this. Larger studies with hundreds of thousands of units have also shown it. The rule is not absolute, obviously if you had a brand new house you would have a decrease in some repair costs, etc. But keep in mind that to get that percentage, there are properties that are well over 50% as well as ones under. Also keep in mind that there is less maintenance on 1 apartment building with "10" units under 1 shared roof that has 4 shared exterior walls than 1 single family house with 1 roof and 4 walls.

And in regards to the term of your loan, I strongly suggest that a landlord take no more than a 15 year note on a property. After-all, you are in this to make money for yourself, not the bank. A 30 year note will leave you with interest payments of more than double your original purchase price. About half for a 15 year mortgage.

Here is an example of a quick determination of cash flow based on profit per door on a triplex I bought. I use this formula on every house I buy along with my rent X 30 minus repairs formula in determining it's value. The big question is will the property cash flow or will it not,,,,which is obviously very important. Many investors want a minimum of $100 cash flow per door per month. I look more to a debt coverage ratio ideally from 2.0 or above because I take no cashflow from my property and make double payments which will pay off a 15 year note in 5 and a few months if you have at least a debt coverage ratio of 2 or more.

This formula is based on a 100% loan as if you were going to pay yourself back for what you put down on it too which is what a wise investor does.

Gross Income: $1,515/mth = $18,180 annual
Expenses (50% rule of thumb) -9,090
NOI: (net operating income) $9,090
45,000k @ 6.25% / 15yrs: -$4,630 Use these terms on http://www.bankrate.com/calculators/mortgages/mortgage-calculator.aspx . Take total purchase price and total interest from the amortization table and add the two. Then divide by the number of years you will have the loan and you will have the amount you will pay per year listed above. (or just multiply the monthly payments by 12 and you will have the same number) Then subtract it from your net operating income (NOI) and you have your yearly cash flow. Then divide the yearly by 12 for monthly and divide it by the number of apartments for the cash flow per month per door.

Yearly Cash Flow $4,460
Or, $371 per month or $124 per door @3 units

And here is an example of the last single family house I bought that is finished with rehab and is rented.
Gross Income: $783/mth = $9,396 annual
Expenses (50% rule of thumb) -4,698
NOI: (net operating income) $4,698
16,350k @ 6.25% / 15yrs: -$1,682
Yearly Cash Flow $3,016
Or, $251 per month

Now run you own scenario pretending that you are paying the monthly rent X 50 and see how the cash flow analysis turns out. You will see that you are at or just above a break even point.

Thursday, April 22, 2010

Outrageous Discrimination Court Ruling Against Landlord in Massachusetts

1 comments

So what's it coming to now with this government tyranny. Now landlords HAVE to take Section 8 or we will face a discrimination lawsuit. Being FORCED to take Section 8 means being FORCED by the government to change your lease agreement to what THEY want it to say because you MUST abide by the governments HAP Contract that overrides your lease agreement if you take Section 8.

Article by the Herald News:
Taunton —
Attorney General Martha Coakley obtained a judgment against a Fall River landlord and his tenant for allegedly posting discriminatory online rental advertisements on Craigslist as part of an ongoing statewide investigation into reports of widespread discriminatory Internet advertising.

The judgment, signed by Superior Court Judge Robert Kane on April 16 against landlord George Cote and his tenant, Harriet Witkington, provides a broad range of relief and preventive measures to ensure future compliance with state and federal fair housing laws.

"Landlords and real estate professionals, and anyone acting on their behalf, must recognize that the rental market is a regulated industry and compliance with our anti-discrimination laws is an important obligation," Coakley said in a press release. "While we hope that this enforcement initiative will have a deterrent effect, our office will continue to monitor Craigslist and take action against landlords and real estate professionals who violate the law."

On October 28, the Attorney General's Office reached 20 settlements and filed six complaints against landlords and real estate agents across the commonwealth accused of violating state anti-discrimination laws on Craigslist.

According to the complaint filed in Bristol Superior Court, Witkington, acting on behalf of Cote, placed an advertisement in May 2009, listing a unit for rent in Fall River but stating "no Section 8."

The Massachusetts Anti-Discrimination Act prohibits real estate companies, agents, landlords and others involved in property rentals, from discriminating against people who use state or federal housing subsidies to pay for all or a portion of their rent.

The judgment requires Cote and Witkington to attend training on state and federal fair housing laws. The judgment also prohibits Cote and Witkington from placing discriminatory advertisements or otherwise discriminating against any person who seeks or applies for housing because they are a member of a protected class.

Recently, Coakley's office resolved a similar case against a Hyde Park landlord that allegedly posted discriminatory statements on Craigslist. The judgment filed against Linheart Smith provides similar relief requiring training to ensure future compliance with state and federal fair housing law, and requires him to pay a $3,000 civil penalty to the Local Consumer Aid Fund.

This matter was handled by Assistant Attorney General Jeanne Veenstra.

Copyright 2010 The Herald News. Some rights reserved

Wednesday, April 21, 2010

The Big Wheels Bidding on The Heironimus Warehouse

0 comments

Today, April 21st 2010 was a gathering of all of the big dogs in town to bid on the old historic Virginia can company, the Heironimus Warehouse. It had a great turnout, probably 50 or so people. I got there early for some time for a walk through. Just a quick look over of the enormous building took me 30 minutes. And that place is in dire need of repair. Multiple roof holes, broken windows, buckled floors in areas, a major beam sinking into the ground causing the upper floor in an area to have a significant dip. Probably something that a skateboarder would like to have fun in.

.... But I see right through that stuff. That place has got LOTS of potential for someone who has the millions required to turn it into some luxury condos or something. All of the big wheels in and around Roanoke were there... That's why I was there.... Just kidding. I don't have the money to play with the big dogs yet. I was just there for the free food. LOL. Actually, it was a good experience. It's nice to walk through a place like that which gets the wheels turning on what you could do with it. After all, that's what I do, extremely heavy rehabs. And now I have a better idea of how to determine the cost of repairs on a place like that after putting some thought into it.

It sold for 260K to the head honcho of Cycle Systems. There is some metal in there but not that much. I definitely wouldn't think 260K worth. I'm assuming they won't be doing the luxury condos. I guess it will be warehouse space for them.

What's Your Flip Worth?

0 comments

Flippers use a different formula for determining the value of property than landlords which are based on rent. Flippers formulas are based on the After Repair Value or ARV which is what it's going to be worth at retail...... or better yet at 10-15% below retail for a quick flip and low holding costs.

There are a number of different methods people use to determine the value of a flip. Everyone seems to have their own method or a method with variations based off an existing method.

One of the primary formulas people use today for flips is called the MAO formula. MAO stands for Maximum Allowable Offer. Please note the word "maximum". That means this rule is not to be bent. You don't add to it to get the deal. Maximum is ALL you will give. Not a dime more. Let us all remember that you never fall in love with a real estate investment. A house or commercial property is nothing more than a mathematical equation. That's all it is.

It's a mathematical equation that requires you to consider the initial buying price, rehab of it, holding costs and it's ARV.

To give you an idea where you should be with your numbers as a wholesaler selling to a flipper....... most flippers I know won't touch a property unless there is a 20K or more spread between their costs to purchase, repair and hold, VS the ARV. So when figuring this stuff out, you run the same numbers and subtract your fees that you will charge the buyer for getting it and you then know what to offer which is known as your MAO or maximum allowable offer.

Many wholesalers like to be between 65-70% of the ARV during regular times which we're not in right now. After-all, you have to factor higher holding costs these days.

Lets look at this formula based on a high 65% of the ARV. Lets say that you have found (without a doubt) that the after repair value is $100,000 and it needs $15,000 of repairs to make it worth 100K.

65% of the ARV - Cost of Repairs = MAO (maximum allowable offer. Don't forget the word maximum! Don't go over or you won't have a ROI)
or
65% of $100,000 - $15,000 = MAO
or
$65,000 - $15,000 = MAO
or
$50,000 = Your Maximum Allowable Offer

So this is what you buy it for as a flipper. If you are a wholesaler, you take this 50K and reduce it by the profit that you want and you have your actual offer. Lets say you want to make 10K. $50,000 - $10,000 = $40,000. So you offer the initial seller $40,000 for the house.

When you are factoring in what you want to make on a house, make sure you consider your losses from taxation and a percentage of your earnings going to a Realtor since you will likely be using one to sell it.

Tuesday, April 20, 2010

Real Estate Valuation / GIS / Tax Appraised Value EVERYWHERE in VA

0 comments

If you're looking for various city or county GIS information throughout Virginia, NETR Online is a great place to get the link or find out if they even have a GIS in that town.

Find out what the Tax Man thinks it's worth here.

Monday, April 19, 2010

FREE Credit Score, Credit Karma vs WalletHub

0 comments
All investors should closely monitor their credit score. Credit Karma is a great place to go to get your credit score for free. And it's remarkably accurate. If you go back every month, from a reminder email you will get, you can keep it updated and you will constantly know where you stand. For those of you who need a higher credit score, talk to me in person and I'll teach you how to get those items that are not yours off permanently.
Click here for the Credit Karma website

The new big competitor on the block to Credit Karma is a company called Wallet Hub. They are the first and only website currently to offer FREE credit scores and full credit reports that are UPDATED DAILY. To make money for the free services, Credit Karma recommends products from their sponsors which excludes a large subset of the market from consideration. Offerings form Wallet Hub will be specifically designed to save you money based on your credit information.



Check them out here:

And click here for an interesting comparison of the top players:

Sunday, April 18, 2010

Fair Market Rents for Roanoke

3 comments

What are "fair market rents?"

Each year, the federal government looks at the rents being charged for privately owned apartments in different communities, and the costs of utilities (heat, electricity, etc.) in those communities. The "fair market rents" are an estimate of the average gross rents (rents plus utilities) for medium-quality apartments of different sizes in a particular community.

Roanoke VA   ( 0 BR $509 )  ( 1BR $542 )  ( 2BR $700 ) ( 3BR  $888 ) ( 4BR $970 ) for Botetourt, Craig, Roanoke, Roanoke City, Salem City



For 2010 fair market rents in other areas, click here                

Friday, April 16, 2010

Spanky's Free Food Give Away Crashed By The Health Department and the Police

0 comments

Everyone was having a great time. People were really enjoying all of the free food, drinks, etc.

A police officer rode by on his bike and decided not to allow Spanky to have water balloons thrown at him. I think for the purpose for having to have government permits to be able to have a water balloon thrown at you.

Well, that didn't totally spoil the event. We were still having a bunch of fun. Roanoke Times Columnist Dan Casey was there and and we were having some great conversation, right up till the point where a member of the health department showed up, showed her badge and told Spanky that he is not allowed to give away free food.

Dan Casey reasonably asked the authoritarian why doesn't she go mess with people smoking in bars or something. She said she can't because the police have to take care of that. But she proclaimed to have the authority to shut down someone giving out free food. Dan took her contact information down so he could write a story about this event.

Spanky, being a level headed guy, packed it up and the fun was over. The Government has won again in it's desire to control our lives.  This police state has really gotten out of control!!!

A Great Resource for Flippers, Landlords and Wholesalers

3 comments
So we all need to give proof of funds in REO's we purchase from time to time. And it's a major hassle to contact your bank and ask them OVER and OVER for these letters, when your offer may be so low that the likelihood is it's going to get rejected anyway. So you're making your bank do all of this work time and time again and you know they'll eventually get compensated for it through a slightly higher interest rate because you're a pain in the you know what.

So what do you do? Why not just get a proof of funds letter from a transactional lender? Most banks will be satisfied with it. Get it here

For you wholesalers, this particular transactional lender will finance your entire back to back closing (double closing or simultaneous closing) including legal fees. They cover the A (seller) to B (you) closing. Then later that day the B (you) to C (end buyer) happens and they get their money and you get yours.

This is a type of closing used for wholesalers who do not want the end buyer to know what your purchase price was. Assignments cost a whole lot less in legal fees and are the preferred method. Personally, I could care less what the wholesaler paid for the property. I already know it's hard to find property within my Rent X 30 Minus Repairs buying criteria. All I care about is meeting my "junker" criteria.

Here's what a proof of funds letter looks like from a transactional lender:

Thursday, April 15, 2010

Metro columnist Dan Casey: With no license to tow, business no longer a go

2 comments

We have some breaking news in the column today.
Roland "Spanky" Macher is hanging up his towing spurs.
The ex-restaurateur/landlord/furniture marketer/tow truck owner swears it's true.
He's selling his tow truck, he says, closing Spanky's Towing, and throwing himself a retirement party Friday at midday in his 26-space Salem Avenue parking lot across from the Taubman Museum of Art.
There will be free hot dogs, chips and water for anyone who wanders by, 11:30 a.m. until 1 p.m. Everyone is invited.
He says he might even allow people to throw water balloons at him for a fee (3 for $5) he'll donate to charity.

To read the rest of the story click here.

Neo-Nazi Roanoke Landlord is handed 2.5 years for threats

0 comments
The sentence is on the upper end of federal guidelines, though Bill White gets some credit for time served.
Bill White was accompanied by defense attorneys Ray Ferris and David Damico at Wednesday's sentencing hearing.
Robert Lunsford | The Roanoke Times
Bill White was accompanied by defense attorneys Ray Ferris and David Damico at Wednesday's sentencing hearing.
U.S. Attorney Tim Heaphy (second from right) answers questions during a news conference Wednesday afternoon after Bill White's sentencing in Roanoke. He was joined (from left) by Kevin Faust of the FBI, prosecutor Cindy Chung, Assistant U.S. Attorney Pat Hogeboom and prosecutor John Richmond.
JARED SOARES The Roanoke Times
U.S. Attorney Tim Heaphy (second from right) answers questions during a news conference Wednesday afternoon after Bill White's sentencing in Roanoke. He was joined (from left) by Kevin Faust of the FBI, prosecutor Cindy Chung, Assistant U.S. Attorney Pat Hogeboom and prosecutor John Richmond.
Once called America's loudest and most obnoxious neo-Nazi leader, William A. White was silenced -- at least for now -- by a 2½-year prison sentence Wednesday.
"I personally don't have anything to say," White said when asked by Judge James Turk if he had any remarks before hearing his punishment for using the Internet, e-mail and the telephone to threaten strangers who didn't share his racist views.
It was an uncharacteristic finale for a prolific and venomous commentator who once bragged that millions read him on overthrow.com, the now-defunct Web site that was the mouthpiece of his Roanoke-based white supremacy organization.
The prison term locks away White, 32, for a period at the upper end of federal sentencing guidelines. Turk said he rarely imposes such a term but said he did so because of the fear White instilled in many of his victims.
Turk told White that when he gets out of prison, "You can have any thoughts that you want to have, but you ought to keep them to yourself. ... I hope this will teach you a lesson, I really do."
An expert on hate groups said White's downfall marks the end of the American National Socialist Workers Party, the group he formed after moving to Roanoke in 2004 to become a landlord in the predominantly black West End neighborhood.

Tuesday, April 13, 2010

Lead Certification

0 comments
I was just sent this from Ann Weaver, the manager of Lead-Safe Roanoke II Program.

Phil Fincher with The Ei Group is holding open enrollment for the EPA's Renovate, Repair and Paint (RRP). Training is this Saturday, April 17th and next Saturday, April 24th at their Roanoke
Training Facility from 8-5pm.  The cost is $225.

Current Insight on what Price Range your Flips Should be

0 comments

$$$ Roanoke grant money, rebate money, tax credits for the taking $$$

2 comments

ROANOKE, VA - Wondering what kind of help is available to reduce
costs and enhance the value of your commercial property or business
located in the city? The City of Roanoke will hold a free workshop on
Financing Commercial Real Estate Improvements on Thursday, April 22,
from 2:30 to 4:30 p.m. at the Roanoke Higher Education Center, Room
408.

There are a number of local incentive programs and grants that can
assist commercial property owners. Workshop topics will include:
enterprise zone/rehabilitation/citywide tax abatement; fa├žade
improvement grants; building permit rebates; water/fire/sewer hookup
rebates; brownfield grants and loans; real property investment
grants; Virginia and federal rehabilitation tax credits; security
grants; job creation grants; and entrepreneurship grants. These
programs are available through the city's offices for Real Estate
Valuation, Planning, and Economic Development. In addition, local
architecture and planning firm Hill Studio will sponsor the workshop
and present information on state and federal historic rehabilitation
tax credits.

Light refreshments will be served, and time will be available at the
end of the workshop for individuals to meet with city representatives
and ask additional questions. Space is limited! To register, contact
Lindsay Hurt in the Economic Development Department at 540-853-5405,
or Erica Taylor in the Planning, Building and Development Department
at 540-853-1522, as soon as possible.

Sunday, April 11, 2010

4 comments

NAHB: What Remodelers Need To Know About The EPA's Lead Paint Rule


The U.S. Environmental Protection Agency's Lead: Renovation, Repair and Painting rule governing the work of professional remodelers in homes where there is lead-based paint was published in the Federal Register on Earth Day, April 22. The rule will take effect in April 2010.
The rule addresses remodeling and renovation projects disturbing more than six square feet of potentially contaminated painted surfaces for all residential and multifamily structures built prior to 1978 that are inhabited or frequented by pregnant women and children under the age of six.
It requires a cleaning inspection after the work is completed and grants the remodeler flexibility in determining the size of the work area, which can reduce the size of the area subject to containment.
The EPA rule also lists prohibited work practices ― including open-torch burning and using high-heat guns and high-speed equipment such as grinders and sanders unless equipped with a HEPA filter.
Additionally, the rule establishes required lead-safe work practices, including posting warning signs for occupants and visitors; using disposable plastic drop cloths; cleaning the work area with HEPA vacuuming and wet washing; and individual certification through a training course.
The full rule and brochures for consumers and renovators can be downloaded from the EPA’s Web site.
A 2006 NAHB study on lead-safe work practices showed that a home was better off after a remodel than before, as long as the work was performed by trained remodelers who clean the work area with HEPA-equipped vacuums, wet washing and disposable drop cloths.
Summary of the Rule
Review the points below for a quick summary of the new EPA lead paint rule.
1.      Training and Certification
Beginning in April 2010, firms working in pre-1978 homes will need to be certified. Along with the firm certification, an employee will also need to be certified as a Certified Renovator. This employee will be responsible for training other employees and overseeing work practices and cleaning. The training curriculum is an eight-hour class with two hours of hands-on training. Both the firm and Certified Renovator certifications are valid for five years. A Certified Renovator must take a four-hour refresher course to be recertified.
2.      Work Practices
Once work starts on a pre-1978 renovation, the Certified Renovator has a number of responsibilities. Before the work starts this person will post warning signs outside the work area and supervise setting up containment to prevent spreading dust. The rule lists specific containment procedures for both interior and exterior projects. It forbids certain work practices including open flame or torch burning, use of a heat gun that exceeds 1100°F, and high-speed sanding and grinding unless the tool is equipped with a HEPA exhaust control. Once the work is completed, the regulation specifies cleaning and waste disposal procedures. Clean up procedures must be supervised by a certified renovator.
3.      Verification and Record Keeping
After clean up is complete the certified renovator must verify the cleaning by matching a cleaning cloth with an EPA verification card. If the cloth appears dirtier or darker than the card the cleaning must be repeated.
A complete file of records on the project must be kept by the certified renovator for three years. These records include, but aren't limited to: verification of owner/occupant receipt of the Renovate Right pamphlet or attempt to inform, documentation of work practices, Certified Renovator certification, and proof of worker training. NAHB believes that record keeping will be a major enforcement tool for the regulation.
4.      Exemptions
It is important to note that these work practices may be waived under these conditions:
  • The home or child occupied facility was built after 1978.
  • The repairs are minor, with interior work disturbing less than six square feet or exteriors disturbing less than 20 square feet being exempt.
  • The homeowner may also opt out by signing a waiver if there are no children under age six frequently visiting the property, no one in the home is pregnant, or the property is not a child-occupied facility. EPA has proposed removing this opt-out from the rule.
  • If the house or components test lead free by a Certified Risk Assessor, Lead Inspector or Certified Renovator
Important Deadlines
December 2008:
Remodelers must start distributing the new EPA pamphlet Renovate Right when working in pre-1978 houses.
April 2009:
Training providers may begin applying for accreditation. Once training providers are accredited, they may offer training courses that will allow renovators to become certified.
October 2009:
Renovation firms may begin applying to EPA for certification.
April 2010:
New rule becomes fully effective. Work practices must be followed.
http://www.nahb.com/generic.aspx?genericContentID=118467 
 

Real Estate Investors of Virginia. Copyright 2009 All Rights Reserved