Who buys those ugly houses?

Posted by: Chris Palmeri on January 25, 2006

You’ve probably seen the billboards. Big black and yellow signs proclaiming “We Buy Ugly Houses.” Just who are these people with bad taste and money to burn? Turns out the signs are a creation of HomeVestors of America Inc., a Dallas-based firm that sells franchises to investors who want to use the company’s formula for making money in real estate. It works like this: Franchisees pay $46,000 to join the program and for that they get a two week training course, a personal coach, an exclusive territory and the company’s proprietary software program that helps them analyze how much to pay for a home and how much it will cost to renovate. The goal, says company chief executive John Hayes, is to buy houses for 65 cents on the dollar, fix them up and either rent them, sell them or flip them to another investor in the company’s network. Is that kind of discount really possible in the kind of hot market we’ve had in recent years? Hayes says yes. Last year, HomeVestors’ 250 franchisees purchased 6,500 ugly houses, a 27% increase from 2004. “There are more distressed properties than meets the eye,” Hayes says. “We’re not talking about million-dollar ocean front condos.” Indeed, the average home his franchisees purchased cost less than $100,000.

Reader Comments

Galleria Panhandler

January 25, 2006 5:50 PM

This is a great company with a bright future. A close friend of mine in the mortgage industy left our lender to work for this company. The front side is classic marketing, "We buy ugly houses" and all sorts of property owners call to get bid proposals to sell their property. For some, the repairs are simply too much for their budget. And in many cases, the property was inherited or has lots of back taxes for whatever reason. Most are disappointed with the low offers but like all sales and marketing efforts Homevestors plays a numbers game. Many sellers don't take the offers because they aren't that pressed to sell or their property could be sold through more conventional methods.
The interesting part comes from the back side of this company. They have financing relationships with numerous local private investors and small lenders that provide unique financing. These unknown lenders (known in the industry as Hard Money lenders) are different because they will loan money on the anticipated value of the home AFTER repairs and improvements. Most all other lenders will only lend the appraisal value of the home's current condition. In return, the lenders receive higher returns for providing liquidy to an underserved segment of homes. Lots of parttime real estate investors call Homevestors to look for buying opportunities as well. These investors are the ones who determine what repairs will be made and control their anticipated return. They take the extra money that most banks and lenders won't give them to make necessary repairs and market the home for sale.
Communities win because more homes are improved and taxed accordingly. Neighbors are happy because they don't have to look at an eyesore when they pick up the morning paper. Investors win because the houses are located for them but they still have control in determining improvements and Homevestors wins because they act as a real estate broker capacity in an area that most real estate agents don't want to mess with. The small time lenders win because the financing covenants have hard prepayment penalties on top of variable rate loans that start at over 12-13%.
It may take several years but if this company ever goes public make sure you're in on the IPO.

Greg

April 14, 2006 2:27 AM

It's almost amazing how vastly and the real-estate industry is evolving. The creative lending and market growth leads me to wonder where is the cycle headed. We are witnessing advancement unprecedented historically. How long will it last.

John

October 18, 2006 12:18 AM

Homevestors charges $46K for a franchise? Unbelievable! Who needs them?? Anyone with the tenacity to dig beneath the surface can do the same thing without paying that ridiculous franchise fee!

Sack Kelly

January 19, 2007 4:41 PM

You are a really ulgy guy. You should sell yourself.

Don Leske II

January 29, 2007 10:24 AM

We buy Ugly Houses and many similar other companies are competing with us Realtors for a market share of the Real Estate Market. Some hate it and other "cheapie" outfits like "Help-u-Sell" or "MLS for Owners" that have come along in recent years...that seem to plagiarize our Industry. My thoughts are... HEY its ok. There is room for everyone as long as it’s honest and the buyer or seller’s are fully aware of what they are getting into. That is why Pawn Shops and Pay-Day Loan companies are doing so well, there is a demand. I say that there is room for everyone, if their business is conducted with dignity and respect for others. I sold 36 homes in 2006 and own a number of rental properties, plus I flip homes and help people obtain zero down loans. Anyone can do it!

That is what makes America great.
Don Leske II
Realtor / Investor
www.homesandproperties.com

Annon

February 3, 2007 7:56 PM

However, we buy ugly houses never represents that they are interested in selling the house, and then buys it themselves for less than market.

Perhaps this is why they can do so well.

ropy

February 5, 2007 10:46 PM

Hi--Have you ever heard of --"Highland Exchange & Development LTD. company??I'm just checking to see where they are from and if they are for real. Thanks -Ropy

Rick

March 4, 2007 11:29 AM

why the heck should anyone pay these bozo's $48000 to do something anyone can figure out on their own with a little research and some common sense?

I bet they are the only one's making money, I'd like to know the success rate of their customers. Betchu its no more than 50% if that.

Franchising is the best scam there is, you pay someone to allow them to buy/sell their products for life...what?

Margot

April 1, 2007 11:23 PM

We Buy Ugly Houses bought the ugly house up the street and keep the riff-raff moving in and out. What a racket. They cause blights in otherwise good neighborhoods. They should be arrested.

joe

June 24, 2007 10:08 PM

Looking to purchase a Home Vestors franchise;Any thoughts?

Scott Patterson

July 31, 2007 2:32 PM

There is no need to buy a Home Vestors franchise because all they do is educate you and then force you to market for distressed houses. So you can save yourself the franchise fees and spend some money on education. You will learn that the trick is to market to motivated sellers and that is what drives HomeVestors, but you can do it your self.

As far as the investors causing blight, most investors(the successful ones) keep their properties in good shape and reduce blight. It is the non-professionals or the inherited real estate that causes most of the problems in fragile neighborhoods.

Patti Robertson

August 12, 2007 6:13 AM

As a franchisee in three different brands, I beg to differ that franchisors are a "racket." Being part of a brand name drives higher revenue and lowers the cost, well exceeding the royalty. 80% of franchisees succeed, while 80% of local business owners fail within the first two years.

Speaking of HomeVestors specifically, I'm a new franchisee who has no real estate experience other than the training HomeVestors has provided. In my first two months I've already recouped my franchise fee in profits from sales. In two months I've received enough leads from HomeVestors marketing that I've purchased 5 homes and have sold three already. Because I get so many leads, I can be chosier than other investors and buy very low. Plus, HomeVestors not only provides me with financing for homes I purchase - with a way higher credit line than any local bank will provide, they also offer financing to local investors who purchase my properties. With the current condition of the mortgage industry, this benefit alone is worth the price of the franchise for people who want to buy 100+ homes per year.

So if you are satisfied being a small player, buying a dozen or so homes per year, you can probably do this on your own. But if you want to be a major player in the real estate arena in your market, joining HomeVestors will allow you the leads and financial backing to do so.

BeachHouseJim

August 19, 2007 4:33 PM

It's actually a pretty good business model: buy distressed wholesale or with great seller financing; then fix it up; and either flip the house for low retail or keep it and rent it out for a positive cash flow. The $48K franchise fee is crazy, though... I guess they do alot of advertising, but I can market myslef for cheaper in my target markets. Also, I don't like to insult people about their "home" - that's why I buy the "Not-So-Ugly HousesTM."

Carrie

August 28, 2007 10:19 AM

I like your slogan, Jim! The reason I am commenting here is to see if there is a web site that rates these types of businesses. My siblings and I were unexpectedly left a house while we were all still young when my mother passed away. We didn't know a thing about mortgages and now our mortgage has doubled. We cannot afford it and need to sell to get it off our hands. It honestly has caused more problems then it's worth. I just want to see if I can get some help picking someone or if I'm going to have to call them all and find the good guys for myself.... Any help would be appreciated.

Tim Herriage

September 8, 2007 6:07 PM

Carrie;

My name is Tim Herriage. My wife, Jennifer, and I own a HomeVestors® franchise in Dallas. We are among the top performers in the network. I would advise you to check with the BBB. You can also check with groups that regulate these types of activities in your state.

Any reputable investor will be a member of the better business bureau, their local chamber of commerce, and a national association (We belong to The National Association of Responsible Home Rebuilders and Investors, or NARHRI).

Check out www.homevestors.com. If you click on Buy a home, then your state, then contact us, you can call a local office (or multiple offices). The direct line for all offices is 1.800.44.BUYER. You can also call the Corporate office at 1.972.761.0046.

Margot;

If a true HomeVestors® Franchise purchased a home down the street, and is not keeping it up to the neighborhood standards, please contact our Corporate office. The corporate office will contact the appropriate franchise owner. I also recommend you call code enforcement.

Best of luck to you both.

John Rae

September 9, 2007 12:49 PM

When you sum up what the franchisee fee buys you into a single paragraph, it does sound like a waste of money. HomeVestors provides so much more than education and software, though. They provide a brand; financing; research and development; and so much more.

As an investor, do you have the time to create artwork for advertising? Do you have the time and ability to negotiate and place billboards, television and radio ads at relatively cheap rates?

As an investor, can you afford the services of top-notch marketing firms? Can you ensure that financing will be lined up for your investment purchases with minimal headaches? Can you get volume discounts from vendors that provide products and services you need from vendors like Home Depot, vacant property insurance, discounts on appliances, research data on your market? Do you have access to a top-notch attorney who diligently protects your brand? Do you have time to worry that an investor using advertising slogans such as NOT-SO-UGLY HOUSES (TM) violates your trademarks?

Neither do I, so I am incredibly thankful for the HomeVestors corporate team whose focus is the success of its franchisees.

As an investor, how do you combat all the reports in the media that say we're all a bunch of low-life con artists? I don't. I proudly tell concerned home owners that I'm a franchisee of HomeVestors of America, and that we are contractually bound to a set of standards and ethics. I've invested too much money in my HomeVestors franchise to swindle someone out of their house for a few bucks.

That's not what HomeVestors is all about...we're about helping people who have ugly houses or face ugly situations. And we've got thousands of testimonials to back up our claims that that is exactly what we do. We help people.

And we help each other. As an investor, how many people can you turn to for support when you just don't know what the next step is? As a HomeVestors franchisee, I can call on the combined support of hundreds of other investors in markets all across the country with experience in all facets of real estate.

If you balk at such a relatively low franchisee fee, you don't get it. And likely, you never will get it. Anyone can flip a burger...not anyone can be a McDonald's.

brian

November 9, 2007 12:13 PM

They buy at 65 cents on the dollar? I was just offered 25k by these clowns for a property with a 'fair market value' of 289k. I think they need to buy new calculators.

Mike

November 15, 2007 5:52 PM

Brian,

You need to buy new calculator. Property prices are dropping and they need to make money somewhere

Brian

November 20, 2007 7:58 AM

I don't need a new calculator, Mike. No one told them they would have to "demolish the house and build new" at the cost of 175k or more. That was THEIR decision. The house can easily be renovated, and it wouldn't take much (as per several estimates from licensed contractors) - oh, I "forgot" to show them those papers.. I simply don't want to do the work.

If the "prices are dropping", then why would they want to pay 25k for it, demolish it, and spend upwards of 200k (after all the misc expenses) to "rebuild new" for a projected profit of next to nothing? How much could it possibly sell for if "prices are dropping"? Open mouth and insert foot in it.

Tell the tax assessor prices are dropping, maybe he will listen to you.

Is this the same Mike who came here? If it is, sorry, the garage isn't available separately - thats about all you'll get with that offer.

Susan

December 7, 2007 4:34 PM

Hi,

THIS IS FOR ANY OF YOU UGLY HOMEOWNERS IN THE LA-VENTURA COUNTY, CALIFORNIA AREA:

I am a location scout seeking a distressed home for a filming project. We need to secure the location by December 21.

We seek something very specific with an old world look.

To get a sense of what we're looking for, please cut and paste the following link into your browser window to check out photos of the kind of look we seek at:
...and enter the password "ugly" when prompted

If you have a property in the LA, Ventura, Kern or Santa Barbara County areas that fits the look in the photos, please e-mail me at iscout4u@gmail.com so we can speak.

Happy Hoidays!

Susan

Taylor McClary

January 20, 2008 1:09 AM

Truth is 46 grand thats a rip off....all you have to do is go to the slum section of town find a real ugly house.......c=go to the city or town hall find out the ownner and obviously since they dont want the house give them an offre 10000-90000 and buy,flip rent or sell.....that easy and they learned how to do that for 46000 when i just taught you for free.....Taylor McClary

Mark Gibbons

January 24, 2008 9:33 PM

Taylor, The price is $49K now and worth every penny. I made my franchise fee back in 2 months. Read John Rae's post again, with the HomeVestors system you get 60+ people each month calling you to buy their homes at a discount. Sure if you try real hard you can get one or two a year. I’ll do 50 houses this year. $49K a rip? No an investment in my future. This is a sustainable business that is beautifying neighborhoods one house at a time and providing jobs for countless people who would otherwise be out of work. Some get it, some don’t. Good luck

Dominique

January 28, 2008 11:19 PM

Hello, all! I'm looking for a company to buy my house but I want to get out of the mortgage. I don't think 65cents on the dollar is going to do it. Everything is going wrong and I just don't have the funds to fix it up. It's a not-so-ugly house. I've already taken out a 2nd mortgage and I can't afford anything else. Does anyone have any suggestions?

Victor Goitia

February 7, 2008 2:24 AM

Where are you located Dominique?

Brian M

February 11, 2008 12:43 PM

Hi, I currently have a first right - contingency on a house that I want to buy. I need to sell my house quickly. I have a nice townhouse in a waterfront community just south of Richmond, VA.

It is in move in condition, and has many new ammenities. Anyone out there interested? I will not take .65 on the dollar. I simply can't do that financially. However, I would take slightly less than market for it.

Anyone, anyone?

Dionne

February 11, 2008 2:40 PM

I don't know much about real estate so Im confused. I thought that when you sell your house, you make money-what does Dominique mean about still having to pay mortage? If you SOLD it,why would you still pay mortgage? I want to sell my house. It is valued at 110,000. There are minor landscaping repairs to be done (dogging dog) and driveway repair (leaky car) that I can't afford to do myself though I know it would bring the value up. I had to refinance to save it from forclosure and the sharks charge such a high interest rate its not even worth it. Im a single mom with 2 kids. Im trying to start a buisness but its impossible because all my money goes to house payments. I thought if I sell it, I can rent a house that I can actually afford and use the money to invest in my buisness. But it sounds like if I sell it, I'll still be broke-and without a house. Is that about right?

Brenda

February 21, 2008 7:24 PM

Dionne,
Rent is sometimes higher than mortgage payments. I would check with a financial advisor before selling my home to rent. Have you thought about renting a room out in your home to help with the expenses? This may pay half the mortgage.

Good luck

Teacher

March 16, 2008 1:43 PM

This is a conversation I can actually learn from. I want to sell my house. I don't want to be a homeowner any more -- repairs, yard, taxes, who needs that? Is there someone in Houston that can help me. I can't afford to owe anything once I sell it 'cause my budget is tight. I will go to renting.

In response to Dionne

March 16, 2008 3:55 PM

Say you wanted to sell your house but could only get someone to buy it for around $70,000. If you still owe $100,000, but you only were able to get $70,000 from the sale to pay back the bank, then you would still owe the bank $30,000 and would have to continue to make smaller mortgage payments.

If you are able to sell your house for $100,000 or more than you'd no longer have to pay a mortgage on that house.

Roger

March 17, 2008 8:21 AM

I own a company that buys houses houses regularly. We looked into some of the franchise programs to expand our marketing but didn't like the big franchise fees, overhead and restrictions on types of marketing we can do.

We ultimately bought into 1-800-CashOffer, which provides the same branding and marketing to locate houses for much less money. They do not provide financing or training, but we did not need any of that.

Looking for advice

March 26, 2008 8:31 AM

We own a mixed use historical building in a small town near the Twin Cities (in Minnesota). Renters were rough on us last year and we dumped $50K into the 4 apartments above the storefront space. We're now strapped and our retail tenant is going out of business. We've had the building on the market for a year with no offers- we currently have it listed for what we paid for it 5 years ago- which is $65K below market value.
Any ideas for us?
We've thought of We Buy Ugly Houses but I'm sure we owe a lot more than they'd pay, if they even buy mixed use properties.

david medina

April 1, 2008 9:18 AM

in response to roger, you mentioned 1-800cashoffer. where did you get your financing and training?

oscar

April 4, 2008 11:13 PM

We have been buying and fixing homes for years now. No one ever sells you an ugly home. Every property owner calles his or her home priceless.

Donna

April 18, 2008 7:37 PM

I own a 100-year-old Victorian home in Marshall, TX. Mortgage balance is about 58,000 and value is about 71,000. Can I expect an offer of only 46,000? The house is in excellent condition and will be vacated by the renter on May 1.

Phyllis

April 24, 2008 6:58 PM

I'm interested in buy distressed property in upstate New York. Know of any?

Phyllis

Response to Looking For Advice, Donna and Dominique

April 30, 2008 4:13 PM

Dominique:
Check online for a real estate investor group in your area, make a flier for your house, go to their next meeting and offer it make them bid against each other.
Look into a short sale approval from your lender if you're behind on your mortgage.

Looking for Advice:
Look for contractors supply stores in your area and post fliers (or direct mail campaign) and offer it on a Rent-to-own basis.
List it on the commercial property sites online (if not done).

Donna:
Most investors/"home buyers" will offer you between 50 to 70% of (Market Value minus Repairs). You may want to list it with a flat-fee realtor (google it) and have offer the buyer's agents a flat buyer commission if your problem is not enough spread. If not why not list the property with a full service agent?

Gogo
www.wealthmatrixsystem.com

Gina

May 10, 2008 4:19 PM

I am a homeowner who needs to sell quickly because of military relocation. None of the websites really say whether or not there will be any out of pocket costs on the sellers part. Will the loan and closing costs be paid? What are some of the things the website is not telling you?

Lorraine

May 14, 2008 2:45 PM

Suffering with investment property we hate, do not live there, not handy after all, want to do a quick sale. Do you think I can sale this 2 family in the current real estate climate - located in East New York? Anny suggestions would be appreciated.

Rick Jones

May 16, 2008 5:59 PM

Homevestors is being investigated for shady business practices in several states. The claim to be a "discounted buyer" but in reality the better condition hte house is in the deeper the discount. Huh? So a piece of termite fodder is worth 60 cents on the dollar and a nice home is only worth 40 cents on the dollar? I'm sorry, I don't understand. I DO know that the franchise in Macon Georgia is under investigation for criminal practices and the owner's business ethics do not exist. They drag their feet (intentionally) until the home owner that signed a contract with them has no option than to be taken for a ride or be foreclosed against. And that's exactly what the Rutlands (in Macon) want to happen! While they choose not to admit it I have discovered that they are hounded by bill collectors for non payment, making the process of them getting a conventional loan to buy a house completely out of the question. Take my advice.... Stay away from this company - as a seller, a buyer, or an investor. You'll get burned too if you deal with Homevestors in any capacity

Michael

June 6, 2008 12:06 PM

Homevestors have ruined the lives of many people that have purchased their franchises. They train people how to buy houses at a discount and offer advertising to find these houses, BUT
They forgot the most important thing, what do you do once you have the house, sell it. At no time do they verse you on how to get rid of the house. I know of several peopl across the nation that have lost their life savings by buying a franchise. Dont get me wrong their are a view offices that do make money, but I know of too many that have lost everything from their investment in Homevestors.

Alex

July 1, 2008 8:22 PM

I see lot's of great feedback, and lot's of NEGATIVE feedback...I've been in the real estate industry for well over 5 years, and have lot's of finance background this doesn't include...What I'm getting at is homevestors serve a need in the community...Are there unethical people out there, yes...But be smart, review your paperwork or go to someone that will read what is OFFERED to you, lot's of lawyers serve pro bono and you can go to your local city to get referred to one...Also, get another quote, homevestor is NOT the only game in town...Get a lawyer to review ANYTHING and if you can't afford one, just ask someone in the know, call your local NAR realtor, go to your local mortgage professional, BBB, Chamber of Commerce, etc, there are lot's of GOOD people willing to help for FREE...I've never turned away free advice for sincerly needy people, and neither will most of the people you approach in these groups...

dave

July 11, 2008 3:37 AM

If the company is that great, why not let me start a franchise for say $500, and then each time I make a deal, I pay them some money until I pay off the $49,000 plus interest? They can make even more money and I can actually afford to get a franchise

Jack

August 12, 2008 10:58 PM

As a full time investor I am purchasing properties to add to my portfolio which is mainly comprised of buy, re-model and rent out long term type properties. I feel that there are a lot of properties out there that could be bought at discount prices, I just don't have the man-power and knowledge/contacts required to get to hear about them in time to purchase. That is one of the reasons I am thinking of buying a HomeVestors franchise in TX. I would be interested to hear from any HomeVestor franchisees about their experience with the company to date.

Joe

September 11, 2008 7:44 PM

There are lot of negative comments here about the home investors making low offers, but the fact is when you compare selling your home the conventional way and selling to an investor the seller really doesnt net a whole lot less from selling to a homevestors type company. for a perfect example of how the home buyers buy homes and the differances bettween the net to seller check out this link. http://soldinaday.com/FAQ.html

Sandy

September 13, 2008 4:47 PM

Beware of their shoddy business practices. They do not get permits for renovations, they do not hire licensed contractors for work that by law needs to be done by licensed contractors, they hide behind the fact they are NOT a real estate company so they are not held to the letter of the law that most real estate companies are. So buyer beware!

Joe Green

October 30, 2008 4:56 PM

I made about a million dollars buying and selling Real Estate. I didn't need to pay anyone a $49,000 franchising fee to do this.

All it takes is a little intelligence, some hard work, and some legwork - and patience. I bought quality properties in decent neighborhoods, some that needed some work. I did most of the work myself, and contracted out the larger jobs (roofing, etc). But I shied awway from ghetto and poor neighborhoods. You can lose your shirt there and also get killed.

As for financing, my first deal was a "nothing down" deal with a local BANK for an office building. I was able to build from that deal to buy other properties later on. If you develop a good relationship with a local banker, that's a good start.

I now own founding shares in a bank started by a friend of mine, So financing is no big deal.

I got out of Real Estate last year. The market has topped out for now. You'd have to pay very little for a property to make any money in this market - and hold it a long, long time.

A LOT of people get burned by franchise arrangements - promises of huge profits but they have to pay huge up-front fees first.

Anytime someone asks for money up-front with promises of riches later on, beware! Read the fine print and consider carefully beofre proceeding.

Many franchise scams advertise heavily - but the advertisements are really to promote selling FRANCHISES not the actual goods or services.

I have to wonder if there are enough distressed homes in my small town to justify 10 billboards, or whether they are just trying to attact franchisees.

$49,000 is enough money to buy a decent starter fix-up property where I live. I think that would be a better bargain than a franchise fee.

One poster said that buying and selling "only 10-12 homes a year" was small potatoes. That is a LOT of Real Estate to manage and flip for one person, IMHO.

Pigs get fat, hogs get slaughtered.

Good Luck in any event.

P.S. - I wonder when Hanna-Barbera is going to send them a cease-and-desist over their use of Fred Flintstone?

Joe Green

October 30, 2008 5:16 PM

It seems the allegations made by one poster here have some merit. A local franchisee was convicted in Arizona of foreclosure assistance fraud. Hmmmmm... are these people in the invention brokerage business as well? Same franchisee structure that insulates them from individual "rogue" operations. a-Hem!

Thursday, October 2, 2008
Arizona AG, HomeVestors Franchisee Settle Charges Of Alleged Foreclosure Rescue Fraud; Operator To Fork Over $350K To Approximately 100 Consumers

From the Arizona Attorney General's office:


Attorney General Terry Goddard [Tuesday] announced a settlement with Harvest Properties Inc. of Tucson, resolving a consumer fraud lawsuit that alleged foreclosure rescue fraud and mortgage fraud by the company and its owners. [...] The settlement, which comes in the form of a consent judgment and does not constitute an admission of wrongdoing, requires Harvest and its owners and managers to pay $350,000 in restitution to approximately 100 consumers.
***

Friday’s settlement with Harvest Properties, Inc., along with its owners and managers, Colin Sterling Reilly, Robert Harrington Reilly and Jill Lynae Reilly, resolves allegations that Harvest engaged in a foreclosure and credit rescue scheme that employed deceptive practices to buy foreclosed homes at discounted prices.

Robert Evans

November 13, 2008 4:11 PM

We have a 3-unit rental property in an older neighborhood in Indianapolis. There are renters in 2 of the units. The house is in decent shape with a new roof. We're asking $60,000. Any takers?

latrenda davis

February 1, 2009 4:41 PM

this house is locate in ga. and fair condtion to be remodel. But me a single mom I just cant afford todojust that. Im not ask big bucks. Im just ready to see that spot it on clear and stop paying taxs on it. If you are really serious because Im.

Penn Jersey Signs

February 10, 2009 11:56 PM

Placing WE BUY HOMES signs is a great way to get prospects. We place these signs as well as directional signs for open houses of homes for rent or sale in New Jersey and Pennsylvania. http://www.pennjerseysigns.com/
http://www.pennjerseysigns.com/Sample_Sign_Layouts.html

Derrick Williams/

April 14, 2009 7:14 AM

House location 2601 Grant st omaha 68111 the house was will too me buy my mother/can u help

Paul

May 8, 2009 10:50 AM

I don't have a Homevestor franchise, but I have to say that the fee sounds reasonable to me. Have you priced what it costs nowadays to get a McDonalds franchise? Answer: $45,000. Plus, your required capital is an additional $75,000

Judith

June 24, 2009 10:27 AM

I have a not-so-ugly house to sell in Orange County, NC just ten minutes from Chapel Hill in a lovely, wooded neighborhood. The house needs work but nothing major. I'd like to move to the west coast and don't want to spend the money to fix the house up. I inherited it--no mortgage. It's smallish--about 875 ft sq, with 1.3 acres of quiet woods, and the neighborhood has some amenities. Any interest?

Voice of Reason

June 30, 2009 12:45 PM

I have been a Homevestors franchisee for over 12 years now. In that time I have bought almost 800 houses and have built a nice portfolio of rentals. I think it is interesting to see all the comments here. Let me tell you that this is not an easy business and the numbers for investors who fail after taking a course or using thier brains to "do it themselves" is staggering. Those of you who are making assumptive and/or negative comments about the company as a whole are really taking things out of context. Homevestors as a company is really a wonderful company and they do have a high level of integrity. If a franchisee is found to do anything that is even slightly unethical they are immidiatly terminated. We also get ongoing training through conventions, midyear summits and weekly teleconferrences. People who have never done this business hear 65c on the dollar and think we are just taking advantage of people right? Wrong, I make on average $9,800 per deal after everything is said and done (and that does not include operating costs). IF a seller does not know what they are doing it would be very easy for them to make a mistake and loose that much or more if they try to renovate it themselves. We have heard from an endless number of people o0ver the years after they did it on their own the regretted not taking our offer. There is a lot of work involved in renovating a home and in many cases it makes perfect sense to sell at a discount. This is a ligitimate company and industry. Are there bad investors our there sure there are as with ANY business. At least with HomeVestors you have a corp office that sets standards. Have we ever had offices not follow our corp ethics and stardards policies, sure we have. They are immediately terminated as Homevestors does not tolerate it. If you think any company could control all of it's employees with 250 offices you are very nieve. We do have a very good track record and the percentage of offices who have acted in such a manner are very few. But that's what some negitive people like to dwell on. I guess it is human nature. I just wish people knew what they were talking about before they slander a company on the internet.

maurymarix

July 2, 2009 9:53 PM

I need to sell my property to an investor. A nice house on an 1.24 acres in north central Austin, Texas. Good investment / land value in the heart of Austin. Please email maurymarix@yahoo.com if you know a good, honest investor.

Joe

July 6, 2009 3:55 PM

Derrick,
Could you provide any more details on this house? I live in Omaha and may be interested.

Ann

July 9, 2009 12:08 AM

Hi,

I have a house in Allen, TX that is barely 3 years old and in excellent condition. I want to move out of Texas, so am interested in a sale so I wont have to wait out on the market for prospective buyers. The house has quite a few upgrades eg: steel appliances, granite counters, custom maple cabinets, etc. and is located in a quiet area against a trail and worth over 320K. Are there companies/individuals interested in buying this for a reasonable price?

Eiram

July 24, 2009 5:38 PM

We have outgrown our home. We bought it 5 years ago with 1 kids, and now we are a family of 7 living in a 3 bedroom home. We have renovated it and put it on the market, below its value. It's been 6 months and no takers yet. What should we do. No renters wanted, and we don't want it. We love the renovations, but really need more space as our kids grow. I looked at comment about We Buy Ugly Houses. Will they buy it and not leave us with too much debt, since there are not many repairs to do?

Dayann McDonough

September 9, 2009 10:37 AM

Buyer beware. Just because someone is a HomeVEstors franchisee doesn't mean they deal ethically with their clientelle. I recently looked at a HomeVestors house with my spouse and we were very impressed and agreed to take the house even before renovations were finished. We put down a small deposit and were told this deposit was to take the house off the market so no one else could buy it. After taking our deposit, we get a call from the franchisee telling us that he got 3 higher offers for the house and we have to either give him a higher offer or he's not going to sell. This despite the fact that once we put the small deposit down, we were led to beleive that the house would be off the market and no one else would be permitted to make any offers. We very nicely told the guy that we were not going to be forced to take a mortgage that we really couldn't afford, or be strongarmed into paying more money for a house, asked for our deposit back (it has yet to be given back) and we are now on our merry way, looking at other houses through a different REal Estate company. What the guy did was not necessarily illegal, but it is a crappy, unethical way to do business. If I can't trust your word when even a small amount of money has been exchanged, how can I trust you at closing??

Whitney

September 16, 2009 10:58 AM

We have a 2 bedroom, one bath home in Springfield, MO listed for $76,900. This is below what we paid for it in 2006 and below the appraised value!!! It is in a great location by the hospital, the college, and the shopping mall. It was a great first home. It is very ideal for a rental, but we have not rented it due to our living distance. We had to relocate for our jobs and need the house sold, so we are very flexible...

Any one interested!?!

Peter

October 8, 2009 9:06 AM

Looking for investors to purchase homes between $17,000 to $25,000 some are already rented. These poperties were purchased at discounts directly from banks to clear their books.
Multiple exit strategies with 15%-20% ROI. We can manage the poperties for an additional fee.
Peter
recreationsky@gmail.com

Linda

October 18, 2009 3:13 PM

Judith, about the house near Chapel Hill...is it still available?

Carey

October 23, 2009 4:29 PM

I am a real estate agent in Arkansas. Please do not EVER pay money up front for promised services unless you have a contract that specifically lays out what you will get in return. Never pay money up front for the 'privilege' of doing the work yourself.

We have a resort-like community here with 7 golf courses and 7 lakes. I need to dump some 75 lots for $2900 each. All are building lots, agent owned, 1/3 ac approx, include membership priv., have dues of $16/mo, have water but will need septic on most, sewer on some, close to lake or golf. careylots@gmail.com

babs

October 28, 2009 6:33 PM

My family got involved with a home Liquidator and i think they are predators.

jc

November 14, 2009 7:04 PM

Homevestors is America's #1 Ahole

NavyRetired

November 24, 2009 5:51 PM

i see there are opinions on both sides, good luck to each side! I have been investing in real estate for about 5 years, now that i am retired from the Navy, i plan to do it full time...Just got to be patient for that good deal...I am certainly interested if anyone has that "good deal" out there...

kleanfreek

November 25, 2009 9:20 PM

Now Colin Reilly is selling golf carts under the stimlus plan....says get a free electric car. Yea and a hand job too! This guy is up to something. Watch out next customer...

ForeSure

December 11, 2009 9:26 PM

Yes, I bought a car from Colin Reilly 10 years ago under the Arizona tax credit plan and will buy one this time as well. Good luck with your handjob Kleenfreek.

Neil

January 5, 2010 9:04 AM

I have a 2 Bedroom 2 Bathroom BRAND NEW never lived in Condominium on the top floor of The Admiral building in Perth Amboy NJ. This could be the SHORT SALE OPPORTUNITY OF A LIFETIME!! I bought the property in 2007 for $329,000.00 and owe more than that on it now! Lender said to make ANY offer WHATSOEVER and to be aggressive. If anyone is interested please email me at npsiii@yahoo.com.

karen jackson

January 11, 2010 7:49 PM

is there been any instances where home investors say they would buy your house, and sign a contract, then renege on the deal?

Bob

January 22, 2010 5:11 PM

How is the We Buy Houses business doing now that real estate values have collapsed?

Bart Bertholic

March 14, 2010 2:47 PM

Precious metal prices are on the rise and if the prognosticators are right, then inflation will kick in and gold will be more valuable than it is today as a hedge against the ravages of inflation and rise much further. It will pay well for the wise investor to pay heed to this trend and have gold & silver in your portfolio / possession for the future.

Randy From Austin, TX

March 17, 2010 1:44 AM

@ Bob (Jan 22):
Honestly us "We Buy" people are going to do well in any market. That is simply because even in the best market people will fall behind on payments, get laid off or otherwise just need to get out. Particularly in this market, people cannot afford the maintenance and repair expenses and more "ugly houses" are popping up all over the place. Housing values will always be taken into account when purchasing the home so as not to get ourselves underwater. People are still buying. They are just looking for good deals. Thats what we offer.
www.florenciaproperties.com

Gordon

March 17, 2010 2:17 PM

I have a We Buy Houses Company. We are a vital tool of the industry for many people. Many investors get their start doing just what we do - wholesaling properties. A good wholesaler (We Buy Houses company) will also work with other professionals in the industry. A well done wholesale, or We Buy Houses deal can be a benefit to everyone involved, the wholesaler, the end buyer, the seller, Realtors (a wholesaler can work with Realtors to find deals) and even the community which has a fixer upper, fixed up!

Gordon
www.yourhouseintocash.com

Bart Bertholic

March 18, 2010 1:44 PM

We have some of those franchises in our town and I think that they serve a good purpose

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Bart Bertholic

March 18, 2010 2:04 PM

We have a company that buys or leases houses in Spokane, WA

www.PacificNWHousingSolutions.com

Neil Walden

April 9, 2010 5:33 PM

If You are looking to invest in any company that buys houses in Spokane Wash,write me as I have some good information for you.

Neil Walden

April 9, 2010 5:33 PM

If You are looking to invest in any company that buys houses in Spokane Wash,write me as I have some good information for you.

Neil Walden

April 9, 2010 5:33 PM

If You are looking to invest in any company that buys houses in Spokane Wash,write me as I have some good information for you.

Neil Walden

April 9, 2010 5:33 PM

If You are looking to invest in any company that buys houses in Spokane Wash,write me as I have some good information for you.

Neil Walden

April 10, 2010 7:54 PM

I sold my property to a company in Spokane Wash that buy houses. The S.E.C. had fined him over $250,000.00 for fraud of investors. He bought my property for $750.000.00 and took investor money ($630,000.00)and gave them deeds of trust. They will now lose that money as the buyer failed to make his payment. Ck out who you deal with. More to this story. 509-922-6345

Neil Walden

April 10, 2010 7:54 PM

I sold my property to a company in Spokane Wash that buy houses. The S.E.C. had fined him over $250,000.00 for fraud of investors. He bought my property for $750.000.00 and took investor money ($630,000.00)and gave them deeds of trust. They will now lose that money as the buyer failed to make his payment. Ck out who you deal with. More to this story. 509-922-6345

S A B

April 27, 2010 12:39 PM

I noticed that no one has mentioned that HomeVestors offers an Associate Franchise with an initial investment of $10,000 and reduced monthly fees including no advertising requirement until you hit 20+ transactions.
Furthermore, 1% of your sales is applied toward the price of upgrading to the full franchise at your time of choosing (after a minimum of 5 transactions).

Does anyone have anything constructive to say in the way of advice with this reduced cost structure?

I notice that the number of franchisees has fallen by almost half in the last three years but I can not tell if that is mainly full franchisees or associate franchisees as well?

Are franchisees finding it easy to attract investors so that properties are not being held for longer than a month?
Is HomeVestors adequately helping franchisees to attract investors?

Any quidance would be greatly appreciated!

PS... I hope that this posting does not repeat itself.

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About

BusinessWeek editors Chris Palmeri, Prashant Gopal and Peter Coy chronicle the highs and lows of the housing and mortgage markets on their Hot Property blog. In print and online, the Hot Property team first wrote about the potential downside of lenders pushing riskier, "option ARM" mortgages and the rise in mortgage fraud back in 2005—well ahead of many other media outlets. In 2008, Hot Property bloggers finished #1 in a ranking of the world's top 100 "most powerful property people" by the British real estate website Global edge. Hot Property was named among the 25 most influential real estate blogs of 2007 by Inman News.

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