New Member Introductions

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Ralph S.
  • Real Estate Investor
  • Sacramento, CA
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New Member - From WI to VA

Ralph S.
  • Real Estate Investor
  • Sacramento, CA
Posted Aug 3 2008, 10:47

Hi Everyone

I'm Ralph Scott, and my wife and I are currently making a migration from SE Wisconsin to the Hampton Roads area of Virginia. My RE background started in college with a BS degree in Business/RE from a CA State College in '81. For my efforts, I graduated into the last big RE bubble burst, and at that time opted out of the lousy economy and joined the Navy. More recently, my wife and I began investing in HUD repos in '98, and did the sweat equity, buy-fix-hold thing while both still working our normal jobs, her as a Fiscal Analyst for the city, and me in Accounting & Finance for an S&P 500 company for which I've worked for the last 18 years. Just for fun, I also dusted off my diploma, studied up, and in '04, passed the salesman and broker exams here in Wisconsin and got my broker's license. Since then, I've been active in RE only for ourselves, friends and relatives as a Broker Associate at a Coldwell Banker office in Kenosha.

Now, things are such that we've decided to chase a dream. We've both got a history in Virginia Beach and have always hoped to return there. So, now we're in the middle of relocating to Hampton Roads, and just recently purchased a REO property in Chesapeake. My wife has already found work in VA, and I'm still working and selling our properties in WI. One property I'm finishing up is pretty much a full rehab, an 1890's 3/2 that at sometime was poorly converted to a duplex. We're converting it back and it will be hitting the market soon. All while I continue to work my day job.

So, I'm currently considering a number of options as I work toward leaving my long-time employer and starting anew in Hampton Roads. I think it safe to say my real estate adventures will continue in VA, but, to what degree remains to be seen. While there, I've attended a few trustee sales, been a pain to a number of agents, seen a lot of homes and see some real promise in the South Side market.

So, that’s why I’m here. I’ve had a fair amount of success, even if part time, and I think, a sound education and base of experience, and am seeking to acquire the contacts and sources to see if I can come up with a new income through real estate in Hampton Roads.

By the way, really nice site. A real one-stop shop for real estate.

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Jim Francis
  • Real Estate Investor
  • Alabama
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Jim Francis
  • Real Estate Investor
  • Alabama
Replied Apr 1 2008, 20:31

Thanks for letting us know about you Ralph. I'm sure you'll find biggerpockets to be a great resource for networking and more.

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Joshua Dorkin
  • BiggerPockets Founder
  • Denver, CO
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Joshua Dorkin
  • BiggerPockets Founder
  • Denver, CO
Replied Apr 2 2008, 06:55

Its good to have you Ralph! Thanks for the complement on the site. It sounds like your plan is in full-execution phase. Much luck to you in achieving your dreams! We'll be seeing you around! :mrgreen:

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Calixto Urdiales
  • Residential Real Estate Agent
  • Los Angeles, CA
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Calixto Urdiales
  • Residential Real Estate Agent
  • Los Angeles, CA
Replied Apr 2 2008, 12:13

Hello there Ralph-

Love the introduction my friend, too many people now days just come in and just say, "came across this is and I think it is awesome", but you filled in all the blanks.

So you say that you have been purchasing HUD homes since 98, that sounds wonderful. I would like to know if you acquire these homes with HUD's FHA loan programs and if you rehab with government grants.

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Ralph S.
  • Real Estate Investor
  • Sacramento, CA
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Ralph S.
  • Real Estate Investor
  • Sacramento, CA
Replied Apr 3 2008, 06:14
So you say that you have been purchasing HUD homes since 98, that sounds wonderful. I would like to know if you acquire these homes with HUD's FHA loan programs and if you rehab with government grants.

We didn't use the FHA Loan programs, but, a couple times we did avail ourselves of the Weatherization programs, a popular thing here in Wisconsin. The first one was great, they came in and did their assessment, told us what they would do and how much it would cost us (about 10 cents on the dollar) and it went off without a hitch. Our second experience was a little different. In a Duplex with a boiler/radiated heat, the new boiler proved very problematic when the fire box kept filling with water, and the contractor doing the attic insulation fell completely through the 9' ceiling and down to the floor. Our last attempt ended when we were told there was a nine month waiting list. Also, around '02, it became very difficult for an investor to get a HUD home, as they were taken by owner/occupants before even becoming available to investors.