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All Forum Posts by: Rob Swan

Rob Swan has started 9 posts and replied 25 times.

Post: Hello from Norfolk/Virginia Beach

Rob SwanPosted
  • Investor
  • Seattle, WA
  • Posts 25
  • Votes 3

Welcome Charles!  I'm an out of state investor who is working with a local guy in Portsmouth.  We have two properties there and are hoping to get a new one by end of summer.  I've met lots of great people from the Hampton Roads area on BP.  Good luck!

Post: South Carolina

Rob SwanPosted
  • Investor
  • Seattle, WA
  • Posts 25
  • Votes 3

Hi, I have a friend who is looking to close his first deal in Colombia on a foreclosure in the 29203 area, near USC.  Can anyone offer advice about the pros/cons of that area?  Also, does anyone know any good lenders in that area?  Finally, any solid management companies.  He's a sharp dude that came into a fair amount of money and wants to do real estate.  Right now he's doing his research and due diligence with my companies help but we are out of the area.

If there are any pros in Colombia who would like to meet him for coffee and maybe give him some quick feedback on the deal he's looking at that would be awesome.  It seems like a pretty legitimate deal.  I'm going to help him with a full analysis so he will have better data to provide anyone as well.

Thanks to the BP group for all your help in advance.

Post: What to offer/pay for a domain name?

Rob SwanPosted
  • Investor
  • Seattle, WA
  • Posts 25
  • Votes 3

I agree with $300-500 as that's what I've sold and purchased low traffic domains for. 

I also agree that you should consider other top level domains (.biz, .org, .us) as the sky is the limit these days. 

Post: Looking for investors in Hampton Roads Virginia

Rob SwanPosted
  • Investor
  • Seattle, WA
  • Posts 25
  • Votes 3

Hi,

My partner and I are looking to meet with some private money investors for three properties we would like to purchase for but and hold in Portsmouth.  Contact me and we would love to set up a lunch date with you. 

Rob S. 

Post: How investor relationships are structured

Rob SwanPosted
  • Investor
  • Seattle, WA
  • Posts 25
  • Votes 3
This has probably been discussed but can someone give us some guidance on how they structure deals with investors when they are brought on board. For example, if someone invests $5000 on a $100000 property would you give them a flat percentage return over a specific period of time (so more like a loan) or would you give them 5% ownership of the property? My presumption is most investors want part ownership. How, then do you structure their profit and loss as a percentage owner?

Post: Analyzing my first property!

Rob SwanPosted
  • Investor
  • Seattle, WA
  • Posts 25
  • Votes 3

Hey Tim, We are also analyzing properties over there and would be more than happy to help.  Hit me up on IM and we can share whatever resources with you.

Post: Portfolio lenders in Hampton Roads Virginia area

Rob SwanPosted
  • Investor
  • Seattle, WA
  • Posts 25
  • Votes 3

We decided to go with Towne Bank.  They really have a small bank feel and were extremely friendly and helpful.

Thanks again for the input.

Post: Portfolio lenders in Hampton Roads Virginia area

Rob SwanPosted
  • Investor
  • Seattle, WA
  • Posts 25
  • Votes 3

thanks Robert! I was just reading up on Towne Bank. I'll check out the other two. 

Post: Portfolio lenders in Hampton Roads Virginia area

Rob SwanPosted
  • Investor
  • Seattle, WA
  • Posts 25
  • Votes 3

can anyone recommend a good small bank to open a business account with in Hampton Roads. Ideally one that does portfolio lending. 

Have already checked with NFCU and USAA as we are both veterans but no go.  All the big banks are a possibility but lots of fees.  

Post: Norfolk, VA Section 8 Rental Property

Rob SwanPosted
  • Investor
  • Seattle, WA
  • Posts 25
  • Votes 3
That's great Advice Lisa! Thanks for posting it. 

Originally posted by @Lisa Doud:

Well the debate on section 8 or not is very heated.  I have both excellent and down right awful experiences with section 8, but I have learned some tips and tricks that I will pass on to you guys.  

If someone wants to rent a property from me that is section 8 regardless of what city, I am blunt and straight to the point.  

  • I tell them I have had a very bad experience with section 8 tenants destroying my properties, and let them know right away there will be monthly inspections.  I also ask for personal references.  
  • I am looking for a personal reference that is not related to them, typically a minister, pastor, someone like that that usually wouldn't lie about their character.  
  • When the drive up to my office I look to see what kind of vehicle they are driving (are the living within their means, or they trying to scam the section 8 program),  look to see if they have kids are they buckled in, and do they seem to have control of their kids. 
  •  I also call the former landlords, and also request any tenancy reference from past landlords.  As part of my actually screening process, I look for any evictions, and if there was outstanding balances. 

After your tenant is already in the property I do the following.  

  •  Inspect the property the first month they have lived there.  Make sure you remind them that you will be back every month ( you don't have to you just need them to think you are going to do an inspection so they keep the property neat and clean). I usually taper off to every 3 months after the 1st month....
  • Before your annual section 8 inspection (typically  3 months in advance), do your own inspection.  Make sure if you see anything that is a tenant repair (light bulbs, holes in back of door knobs, light or outlet covers missing, missing shelving in refrigerators, etc,) you send a written letter to the tenant and also the section 8 case manager detailing what the tenant is responsible to do within 30 days of compliance. 
  •  Also if you see water leaks, or any kind of major safety issues not reported to you by the tenant, you need to give notice for the tenant to vacate at the end of the lease.  This tenant will end up causing you more damage in the long run.  
  • If you have any sort of catastrophic event in the property and you get a notice that the you have x amount of days to correct the deficiency prior to the HAP payment (section 8 payment) being stopped for non compliance, make sure you as the owner/agent are the one that is there to meet the inspector for the inspection, do not rely on the tenant because they will ALWAYS LET YOU DOWN... THEY HAVE NO INTEREST IN THE PROPERTY and if the property  is non compliant yo can't event for non payment.....
  • Also if you have a re-inspection scheduled do not under any circumstances let a tenant move out thinking you will get back pay. Section 8 believes if the tenant moves out(even after their lease has expired) you are not entitled to the back rent because the property was in habitable.

Even through my little process, I still find the nicest "professional tenant" that knows how to play the game and I still get burned....  

All I am saying that section 8 is not the greatest, if you can avoid section 8 I would do it.  Right now I am currently managing 6 section 8 units out of 200.