Richard Lue
Virginia Beach, VA (USA)
Role(s):
Founder/Owner/Principal
TOBB REI
Find More Startups
Startup
Location:
Virginia Beach
Industry:
Real Estate
Year Founded:
2010
Number Employees:
1-10 people
Business Stage:
Creation/Idea
Entity Type:
Not Incorporated
Description:
TOBB REI & Trust is a start-up company that is being formed to meet the growing need for restored homes in Church Hill district of Richmond and Tidewater area of Virginia.
The company is initially focused on Multi-Family properties, located within target area, which are in the process of being evaluated for purchasing. The Properties will be renovated by the owner of the business, Richard W. Lue “Chino“, who is very experienced in house renovation and is licensed contractor. External contractors will also be used for the larger jobs, but most of the work will be completed by “Chino“ .
After completion, the house will be refinanced and rented out or sold, and the income stream will be used to pay the mortgage on the house and to finance the purchase of other properties in Richmond, VA and Norfolk, VA. Due to the rising demand of homes in this area, it is believed that the property can be rented out at HUD suggested prices and will produce substantial cash flow to finance future projects.
Mission
The mission of TOBB REI & Trust is to develop rundown houses in the Richmond and the Norfolk area, VA to improve the look and financial viability of Richmond and Norfolk, and rent those properties out to provide a stream of income for future investments.
TOBB REI & Trust seeks to be viewed as a highly visible company in the Real Estate development market.