Posted by Len on March 15, 2004 at 11:56:42:
Maybe they don’t really have all properties under contract.
Perhaps the stickers are used to scare off the competition.
Check some of these properties out for yourself before you give up on them. I’d suggest going directly to the county office yourself, as they’ll have the most up-to-date records, even those that haven’t been posted online yet.
Good luck!
Cheers,
Len
New Wholesaling Compaines emerging - Posted by Stewart(Chicago)
Posted by Stewart(Chicago) on March 15, 2004 at 10:19:25:
Hi Guys,
I was wondering have you guys been invaded by HomeVestors or URB, Inc. They are two rather large companies in my area of Chicago. While I was driving for vacant homes it seemed everyone of them that I found had one of those companies stickers on the window stating, it was part of their inventory and to call if I wanted to purchase.
I just wanted to wholesale, so I see this as a problem for the average person looking to do a wholesaling as your primary vehicle. I say this because at my monthly RE meeting an investor spoke on how he had put in an offer for an REO with a Realtor and URB out bid him and tried to sale it to him for $15K more then they got it for.
These guys have commercials, hourly paid birddogs, research teams and market very heavily for Ugly Homes and offer their homes to rehabbers with $5K down and they finance the rest for 6 months. So all a rehabber needs is $5K and rehab money, he then pays them their asking price and keep the profit once rehab is complete.
This just seems like I may have to give up on the ugly house business in my area, after I have traveled to 12 different areas and all of the vacant are already owned by these wholesale companies, maybe I will be forced to stay with Sub2’s and L/O’s.
What are some of your views on this?
Stewart(Chicago)
Re: New Wholesaling Compaines emerging - Posted by rehabberPA
Posted by rehabberPA on March 17, 2004 at 11:56:17:
I have been seeing HomeVestors billboards around
Pittsburgh area too. I went to their website -
they seem to be franchise owned - so their true
power isn’t that great- locally owned franchisees.
Thye have about 20-30 homes on their site for my area -
but many are in bad areas - minimal potential - most
are for sale as quick flips - ie homevestors isn’t
doing the rehab. I haven’t seen URB yet. I wouldn’t
worry too much. As a locally owned franchise, they
have no real advantage over you. If you market as
well as they do, you’ll get the deals too.
Re: New Wholesaling Compaines emerging - Posted by jay
Posted by jay on March 15, 2004 at 14:39:36:
i looked at some of there homes they have and they are in some rough neighborhoods if you are thinking about getting one keep that in mind that you might have to hold and rent or possibly put section 8 tenants in them
Re: New Wholesaling Compaines emerging - Posted by jcchicago
Posted by jcchicago on March 15, 2004 at 13:52:33:
Has anyone here purchased a rehab property through the URB program??
This is good! - Posted by Nike
Posted by Nike on March 15, 2004 at 11:06:30:
It means there’s a lot of opportunity. Consider calling up H.V. and URB and asking for a list of the homes they have for sale. Copy what they’re doing. Work the same zip codes. There’s no way they’re capturing all the homes- you need to find out what they’re paying and be sure you’re bidding along side of them. You will get your share.
Good luck.