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All Forum Posts by: Patti Robertson

Patti Robertson has started 59 posts and replied 2591 times.

Post: Can a multifamily property be on section 8 with many units on section ?

Patti Robertson
Posted
  • Property Manager
  • Virginia Beach, VA
  • Posts 2,712
  • Votes 2,244

As long as the property can pass inspection and the rent amount is approved, there is no limitation.  Is there a reason you are asking?  If you can be more specific we may be able to provide more guidence.

Post: Mobile Home Investing

Patti Robertson
Posted
  • Property Manager
  • Virginia Beach, VA
  • Posts 2,712
  • Votes 2,244

Smitty recently sold.  I haven't heard of any others that are local and on the market.  Most everyone I know who works in the park finds their leads in the mobile home forums.  I agree that Loopnet is a good place to check also.

Post: 2nd Mortgage Options on an Investment Property

Patti Robertson
Posted
  • Property Manager
  • Virginia Beach, VA
  • Posts 2,712
  • Votes 2,244

How strong are your debt to income, assets, and liquidity?  If they are strong, Towne is lending for investment property. They just gave me a loan for a flip purchase with just a personal guarantee and not even a loan application. They do have our current financials and we have our deposit accounts and a long history with them.  Local banks are your best options right now, but they all want cash deposits.

Post: Reverse Arbitrage Opportunity

Patti Robertson
Posted
  • Property Manager
  • Virginia Beach, VA
  • Posts 2,712
  • Votes 2,244

Trying to figure out what you mean by "reverse arbitrage".  You mean you want to rent to someone and allow them to sublease?  Why in the heck would you want to do that and lose all control of the individuals responsible for caretaking your important financial asset? As a fellow investor, I would never consider doing this. That said, I do manage a rental that we rent to a group home, but the company is very large with strong financials.  The ONLY way I would consider "reverse arbitrage" would be with a group home like Oxford House.  In my experience, 99% of the people who call and want to operate a group home, have never done it and don't have enough verifiable income to qualify for the home they are inquiring about and cover their own housing expense. If I am misinterpreting what you mean, please clarify!

Post: rookie advisor advice

Patti Robertson
Posted
  • Property Manager
  • Virginia Beach, VA
  • Posts 2,712
  • Votes 2,244

Hi Zachary.  Norfolk is my favorite city to do business in!  I both own and manage alot of property there. Holler if you have any questions.

Post: Syndication / CREI

Patti Robertson
Posted
  • Property Manager
  • Virginia Beach, VA
  • Posts 2,712
  • Votes 2,244

Syndications scare the hell out of me. It's a fancy new term for an investing strategy that has been around forever. Back in 2005 I invested as a preferred member in a couple of LLCs (one per RE project) with an international company who had their fundraising office in Norfolk, VA - Wextrust. They started out legit with good intentions. They bought real buildings with the intention of adding value then selling them. They paid an 8% dividend, which we chose to reinvest into their HML fund. They started over spending on operations and they overpaid for properties. They ended up in a tail spin trying to recover, and created a fake investment project to raise funds in. It ended up being taken down in 2008 by the SEC as a Ponzi. Then the market crashed, contractors walked out on the job, the SEC appointed a receiver who knew nothing about real estate, and the result was after 11 years of receivership, we recovered 10% of what we had invested. People in general have good intentions. When things go bad, they tend to make bad decision so as to not disappoint those who are counting on them. I know local investors who had a similar experience with Greg Pinneo, out of Seattle. I am sure some of these will work, but we are again in a market where properties are priced high. What could go wrong? Personally, I prefer to just invest in smaller projects that we can fund 100% on our own with no partners. Just be careful out there!

Post: Please help with suggestion on how to invest.

Patti Robertson
Posted
  • Property Manager
  • Virginia Beach, VA
  • Posts 2,712
  • Votes 2,244

Norfolk, VA is my favorite city to invest and manage in! I have to say that considering co-investing with family sounds like a disaster waiting to happen to me. I have had horrible luck investing with other people. My husband and I prefer to make smaller investments where we are the sole owners, rather than investing the same amount in bigger projects with other people. Just my two cents from years and far to many dollars lost in partnerships of experience.

Post: Need to do something with home ASAP!

Patti Robertson
Posted
  • Property Manager
  • Virginia Beach, VA
  • Posts 2,712
  • Votes 2,244

I am not personally buying in Newport News, but plenty of people are. Join the Peninsula Real Estate Investors Group (PREIA) on FB and post it there.  You will get plenty of offers.

Post: Looking for a Tax Advisor

Patti Robertson
Posted
  • Property Manager
  • Virginia Beach, VA
  • Posts 2,712
  • Votes 2,244

I've been using Zukerman & Asso in VB for decades. Many members of our local REIA use them also. They are pricy, but I've had my returns reviewed by independent consultants and they have stated that I am paying the least tax possible for our income.

Post: vacation rental management companies south side hampton roads

Patti Robertson
Posted
  • Property Manager
  • Virginia Beach, VA
  • Posts 2,712
  • Votes 2,244

I refer STR owners to @Dezmon Robertson. (Same last name as me, but no relation.)  He is the bomb diggity bomb for STRs in Hampton Roads.