Any thoughts on going with these guys?
I know 1 person who started out with them. He may have stayed with them for 12 - 18 months if I remember right? Learned the basics then went out on his own.
Hey Mark, I’m with HomeVestors, have been for 7 years and while certainly not for everyone there are significant benefits in both the short and long term in building your business with an established brand. I looked into doing it on my own, and If I could have figured out how to scale appropriately with having a huge staff maybe I wouldn’t have joined but after an hour of looking into how to create a yellow letter I was confused if I had to seal it or not! No one wants to pay franchise fees, I just couldn’t see any way around and glad that I did. Cuts out a huge majority of the overhead in your business and allows you to jump right in with calls from motivated sellers as soon as your phones turned on. Then the support of how to talk to the seller, when to present the offer, and if you get it under contract 100% purchase and rehab funding. Not to mention a team mentality and on going support from a Development Agent active in your market.
I just figured I’d throw a post up from an inside prospective.
@Mark K. - I agree with @Jeffrey Hotz . I’m in year 12 as a HomeVestors franchisee. I joined with no real estate experience and there is absolutely no way my husband and I would have gotten to where we are so fast without being part of this brand. It is a 5 year franchise agreement, so jumping in and out earlier that that, as was suggested by someone else, is not an option. The only was that would have/should have happened is if the person failed or was terminated as a franchisee. That’s very rare ,but as with any business, there are below average performers, average performers, and above average performers. I would do it all over again in a heart beat!
Thank you very much for the insight.
We have 8 SFR that we manage ourselves and as most people are probably experiencing we are finding it almost impossible to find deals where the rent is covering 1% or more of the purchase. We have cash from equity in other units but cant seem to find a deal whether SFR Duplex or Apt/Multi-unit. Just wondering with our experience if this is still a good move or if there are other resources to investigate? We would like to scale into multi-units duplexes or an apt building here in the West Metro area of Mpls MN if the right deal became available.
@Mark K. I've been a franchisee since August have been extremely happy with my decision so far. 2 of the houses I've purchased so far have been because the sellers knew to look for the "Ugly Houses People." Of course you can build yourself like many other successful investors have, but if you want to expedite the process, I can't think of a better way.