Wednesday, May 26, 2010

64.5 Acres Prime Land in Indian Valley $199,000

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Click on link above to go to MLS listing.

Tuesday, May 25, 2010

A Great Deal on Land. Only $1,600 per acre!!!

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125 acres in Shawsville, Va. Multiple potential building sites, mountain top views, and creek running the length of the property. 20+ year old timber on 2/3 of the property. 1/3 recently logged. 15 minutes from VT campus or Salem. Asking 200,000.

Contact Holly at 540-353-3327 or hollyhwilliams@yahoo.com

Roanoke Real Estate Market, Are We At The Bottom?

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Here is an interesting article published about the Roanoke real estate market that was published in USA Today.

Close to Home: Sales spring to life in Roanoke, Va.

I completely disagree with this prediction.

And I find it interesting how USA Today says Roanoke "avoided the housing bubble" and go on to say since the bubble home prices in Roanoke "dropped about 18% to 20%." They really should consider economic education requirements prior to hiring writers and editors. It may have not popped dramatically as it did in some areas, but it did pop and it's popping is the sole reason I can easily buy houses for a few thousand dollars.

And I heard Richard Limroth say the exact same thing over a year ago that he said in that article... "I think we have hit bottom". The reality is that he is not considering some very important variables that can not be written off. Foreclosures may be down slightly but short sales are up significantly. Another thing that is up are deeds in lieu of foreclosure. Therefore, the market is still over-saturated with a glut of property. It all comes down to supply and demand.

Also, the governments decision to not renew the first time home buyer program will have an effect to some degree.

And the next wave is commercial property which has already started. The commercial property sales companies in Roanoke have significantly more listed property than they did a year ago.

We will have to see how the HAFA program turns out which took effect on April 5th. The problems I see with it related to investors is that it allows anyone who is not upside down on their property to give it back to the bank by deed in lieu of foreclosure. Which is basically saying here's the keys, I can no longer pay. This will make it so there are significantly less subject to's or "equity trades" available because it will eliminate the houses that have equity with owners who can no longer pay their mortgage.....which is a significant source of non MLS deals.

Wednesday, May 19, 2010

$20,000 Clifton Forge-Single Family Home

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3BR, 1BA 1456 sf-121 Bath St, Clifton Forge, Va

This is a GREAT DEAL, REO home and bank is looking for offers. Currently listed at $20,000. Sold as is. Contact me for more pictures.

Call Shelly Dalton at 540-353-7485
Long and Foster
Licensed in Virginia
Email- shelly.dalton@LNF.com


Thursday, May 13, 2010

Set Up Your Own LLC's

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After paying $1,200 for the first LLC I paid a lawyer to set up I decided to research how to do it and the past 5 LLC's were done by me for a total of the $100 filing fee.

Here's how you do it yourself.
First things first, go to this page: Click Here
This will help you determine if the name is distinguishable form other LLC names or not. It has to be distinguishable in order to get it.

Then Click Here to get the form you need to fill out called Articles of Organization of a Domestic Limited Liability Company.

And Click Here to get the instruction manual for filling out this very simple form which now can be filled out online.

Send the form in with the $100 filing fee and usually within a month you will get back a certificate printed on a substandard hundred dollar piece of paper stating that you are officially ______ LLC. OR you can now fill it out online and pay online via credit or debit card and you will immediately get your certificate that you can print off.

Then the next thing you will need to do is to get an EIN or also called Tax Id number so you can set up a bank account. So Click Here to get your EIN. You will have to spend about 5 minutes filling out a form online and you will get one emailed to you immediately.

Now, One more thing you need. You will be asked for this from the bank when you get your commercial loans under your LLC. You need an Operating Agreement. You can either copy the one you have from your other LLC's or get one online. This is the key document that will be brought up upon any separation of partners, death of any partners, if you get a divorce in the future you will have to produce this, etc. It's important that you have a good operating agreement that will protect you, the LLC and your partners if one of the above things happen. This is where you prepare for when those things that you don't expect to happen, end up happening. Click Here for an operating agreement. I am not endorsing it. Just a source for one. Type in a Google search Virginia LLC Operating Agreement and you will see many. There are free ones all over the internet. But you will have to read many of them so you can identify what is a good one and what is crap.

After lots of talk to many lawyers and other investors online, I have found an ideal legal structure for the best possible protection of your assets. This is not legal advice and I am not a lawyer. Just my opinion from a number of people I have talked to. Talk to your lawyer about it before proceeding.

Level one - Each property you own should be in it's own trust.  (Update, I no longer agree with this)
Level two - Set up a property management company to manage all of your property that doesn't hold any assets that will be bankrupted only if necessary upon a failed lawsuit. Also set up a pension within a self directed Roth IRA so you can buy real estate within this IRA which can not be taken from a lawsuit. Some say set up an S-Corp here. Others say it doesn't justify to set up an S-Corp until you have a couple million in real estate because it doesn't justify the work you will have to do with an S-Corp. And I can tell you from personal experience, I have an S-Corp for other companies I own and it is a minor pain in the you know what. (S-Corps Get Audited By The IRS Often)
Level three - Your LLC's. Don't have too many properties per LLC because if they get to this level, a frivolous lawsuit can potentially spread throughout the entire LLC. Also make sure you have good insurance on your properties, nothing can beat that.
Level four - A personal umbrella policy. LLC's these days have many holes. If you think your personal assets are protected, think again. If you break the law the veil can easily be pierced. And you're probably thinking, I don't break the law so I'm not worried about it. We're talking things as simple as forgetting to give a lead disclosure booklet and form to a tenant and the tenants child was chewing the paint off the wall and got permanent brain damage from it. Giving that booklet and form to every tenant is the law and proof of not doing so makes you a criminal. All landlords should have a tenant initial right next to a statement in your lease showing that they received the booklet and form.

Yes, I agree with what you're thinking right now. We do live in a police state. Freedom has been slowly taken away from the American people over the past 80 years. But that's the way it is and without a large national movement to change things, you're going to just have to deal with it.

Tuesday, May 11, 2010

MORE INCOME Properties FOR SALE

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425 Elm Ave. SW

Quadplex Rents: $1935/mth

Asking price: $149,000




319 Mt. Ave. SW

Quadplex Rents: $2235/mth

Asking price: $159,900



519 King George

Quadplex Rents: $1974/mth

Asking price: $169,000




602 Marshall SW

Fixer-upper Exterior DONE!
As-is Price: $114,950



440 Day Ave. SW

Last one on Millers’ Hill!!!

As-is Price: $37,000
Call Dail Stancill 540-239-4791 c

Or Valerie Eagle 540-537-1808 c

Or Kelli Eagle 540-342-1010 o

Unlisted Commercial Property Available

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Westlake Village…across from Kroger's and up from Grand Piano.

Owe 2.4 million

Will take 2.75 million

Original appraisal was for 2.99 million

As is appraisal now is 2.1 million

85% occupied appraisal is 2.6 million

 
Upper Level….

 Harvey Dentistry, 25%($4850), 5 year lease, $13/sq

Atlantic Bay, 20%($4350), 5 year lease, $13/sq

1200 square feet unoccupied next to ABMG…..ABMG will vacate upon request

 
Lower Level

 State Farm…..1250 sq ft, $1200/mo

Acquisition Title….1200 sq ft, 1150/mo

3 1200 sq ft bays….one already built out

One 1800 sq ft bay

One 3000 sq ft bay

 
Taxes are 1200/mo

Maintenance around $500/mo

Utilities around 750/mo.

 
This is a great deal once occupied…..  

 

 419/East Main…corner of East Main and 419(where the old Spanky's was)

2.1 million sales price

2 million appraised value

Fully occupied

 
15100/mo rent

 
Utilities 0/mo

Maintenance $500/mo

Taxes $1250/mo


For info call or contact Bob Williams at: bobwilliams@atlanticbay.com  540-537-3112

Thursday, May 6, 2010

Virginia Government Crackdown on Landlords

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Landlords are getting attacked from every direction and here is the most recent.

The word on the street is at the Fair Housing seminar yesterday, the bureaucrats made it very clear that there is a new cowboy in town who will be very aggressive in persuing "offenders" and that they are presently setting up "sting" operations all over Virginia.

So to make it crystal clear, "offenders" will be those who will break discrimination laws such as advertising a place as "great for a young couple" or using words such as "safe" or "exclusive" in your ads as it may imply that you only rent to certain groups.

And an "offender" would accidentally say something harmless like "you would really like this particular apartment because it is nice and quiet with few children around".

And to make it crystal clear on what setting up "sting" operations all across Virginia means, I think it may have been better if they said "entrapment" operations because that is essentially what they will be doing.

It is my personal opinion that these laws may have been needed at one point in time but we are well past it. I see quite a bit more discrimination against landlords than I see the other way around.

To brush up on Fair Housing Laws click here for The American Bar Association's writup on what to watch out for.

Wednesday, May 5, 2010

GIVE AWAYS!!...Real Estate Books...Audios...

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I will have a box of free "give aways" at next weeks' meeting!

Never let education stand in the way of good learning!

Click Below to Open a Dropbox Account!

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https://www.dropbox.com/referrals/NTYwOTE5OTU5

Lead Based Paint

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I have been hearing a lot lately about a new lead based paint certification being required for anyone disturbing more than 6 Sq. Ft. of any property. In fact, we had a post last month on this blog.

A realtor I was speaking with the other day was highly encouraging me to pursue getting certified because one of her client's/contractor's had already been turned in by a competitor for performing work without the certification. I checked and Roanoke Regional Home Builders Association is putting on the class. The cost is $235. They put the class on monthly. There are still spots open for the May 24th class as well as June 12th.

Call Steph Talbert at 540-589-7135 for more information or sign up for the class.

WHOLESALE PROPERTIES AVAILABLE ($139K/$149K

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***Please contact wholesaler Bob Williams at 537-3112. bobwilliams@atlanticbay.com***

2252 Westover Ave. (Raleigh Court $139K) 3 doors down just sold for $217K
Total Bedrooms: 5
Basement Y/N Yes
Total Full Baths 2
Full Basement
Total Finished Sq Ft: 2377
Vehicle Spaces 1
Garage Detached /Total Covered Parking Spaces 1
Driveway /Uncovered # Spaces 2
Heating: Radiator Oil Heat
Cooling: Central Cooling
Elementary School Virginia Heights
Middle School Woodrow Wilson
High School Patrick Henry
Large rooms, hardwood floors throughout, several original built in shelving areas, antique fountain in level back yard, alley access, nice patio in back, large rocking chair front porch and wood burning fireplace in living room
Probably needs around 20k to fix up and could probably re sell in the low 2’s. A comparable home sold 4 doors down for 217 this weekend.

2545 Oregon Ave (Grandin Court $149K)
Total Bedrooms: 4
Basement Y/N Yes
Total Full Baths 1 & 1/2
Full Basement
Total Finished Sq Ft: 1804
Vehicle Spaces 1
Garage Detached /Total Cov'd Prk Spc 1
Driveway /Uncovered # Spaces 2

Heating: Radiator Gas Heat

Elementary School Grandin Court
Middle School James Madison
High School Patrick Henry

Large rooms, hardwood floors throughout, level back yard, and wood burning fireplace in living room

It currently is being rehabbed but we can stop at any time…..

***Please contact wholesaler Bob Williams at 537-3112. bobwilliams@atlanticbay.com***

website

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Per dallas

 

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