February 16, 2016
Profiting through Real Estate Auctions
Buying properties at auctions can be a great way to grow your portfolio. Understanding the opportunities, process, and potential pitfalls is crucial to your success.
Join us Tuesday, February 16 for this exciting event!
At February’s meeting we’re welcoming Roy Black of Virginia Auction Company to educate our members about this exciting opportunity.
Develop YOUR investment strategy: Ideally, what would your portfolio of properties look like?
- What types of properties will you invest in:
- Residential: Development? Rebuild?
- Business Considerations:
- What are your financial goals/limitations?
- Go it alone or join with others?
- Resource Network/Contacts: i.e., contractors, jobbers, materials companies?
- What are you time considerations? How much time can you personally devote to the business? Will you require a manager?
- Think outside the box, don’t just do what everybody else is doing. Find ways to try to make the possible “good deal” work for you.
- Consider buying land and cutting it up or subdividing
- Always consider the “best use” for your needs, i.e., 3 acres or horse farm? (like our Surry “Horse Farm” deal)
- Consider the advantages of buying and donating i.e., church housing authority for tax credits, etc.
- Investor H. Copeland think “outside the box”.
- Stay Current and Connected
- Know what is going on in your market area
- Consider a mentor. Is there someone you admire that has done what you want to do or has achieved success in an area of investment that interests you? Try meeting with them once a month to pick their brains and gain from their successes and mistakes.
Roy S. Black, Sr.
The team at Virginia Auction Company, Inc./ Interstate Auction Company, Inc., knows Real Estate and the Real Estate Auction business. That’s what they do. That’s all they do. And they have been doing it for 37 years.
Roy Black began business as Roy Black Auctions in 1978. He started working with Ron Williams, Treasurer of Suffolk and conducted the first auction sale for Tax Delinquent Properties for that city in 1980. Following their success, others were quick to join the process – first, Portsmouth, then Isle of Wight County and others throughout Hampton Roads.
Interstate Auction of Virginia Inc. was formed in 1990 from the core staff of two national auction companies. Since that time, Interstate has become one of the premier auction companies in the United States. By providing our clients with reliable, innovative and proven auction marketing techniques, we consistently satisfy our clients’ desire to sell real estate through the auction marketing process.
Since inception, Interstate Auction of Virginia Inc. has continuously increased its client base to include major regional and national banking concerns, insurance companies, asset managers, real estate developers, real estate brokerage firms, builders, national relocation companies, federal, state and local government entities, corporations, estates, the courts, foundations and private individuals.
In 1993 Interstate Auction of Virginia Inc. was selected by the Resolution Trust Corporation over hundreds of competing auction companies as the best firm to conduct auctions throughout the Maryland, Virginia and Washington, D.C. region, and was awarded a three-year contract for such auctions. During the three-year contract, Interstate opened Mid-Atlantic office Annapolis, MD which was subsequently relocated to Suffolk, VA.
Since then, the company has broadened its professional staff and expanded its client base to gain a nationwide reputation for success in the real estate auction business.
In 2004, Mr. Black and his team developed a companion program to his already successful Tax Sale Program that would address the needs for Non-Judicial Tax Sales as recently approved by the Virginia State Legislature. In the same year Non-Judicial laws were written, Mr. Black met with the author of the new statutes to ensure Virginia Auction Company’s program met the letter and intent of the law.
In July 2007, Interstate Auction company conducted the first Non-Judicial Tax Sale for the City of Hampton. Again, other localities began to take advantage of the forward-thinking process developed to take advantage of the recent changes in the law. To our knowledge, we are one of the only auction companies in the Commonwealth of Virginia to develop a comprehensive plan for Non-Judicial Sales and implement that plan with area Treasurers.
In 2008, Mr. Black initiated a companion company known as Virginia Auction Co., Inc. to concentrate on the high volume of city/county tax sale business under his leadership. Interstate Auction of Virginia Inc./Virginia Auction Co. have successfully provided city and county tax sales for several localities over the past 25 years.
Virginia Auction Co. has also conducted successful auctions for private auctions, Special Commissioners and Estates for the past 25 years.
Join us: February 16, 2016 at January 28, 2016