Home Union - homeunion.com reviews
Redwood City, CA · Member since 2014 · 14 posts · 3 votes
Hi folks, just learned about homeunion.com through and ad on BP newsletter.
Their marketing page is very well designed, with explanatory video and all the stuff. I tried the platform too, and it's pretty cool as well.
This all helps but at the end is all about the properties, numbers and quality of property management.
Has anyone heard, used, invested with or have more info or thoughts about it?
HomeUnion Exceeds My Expectations
My real estate experience started when I purchased a condo in Hoboken, New Jersey, in the early 2000s. I lived there for a while, and then converted it into a rental. Over the years, I was able to weather both the financial crisis and Hurricane Sandy while keeping my rental and generating monthly cash flow.
Now that the local housing market is up in Hobeken, I made the decision that it was time to exit the market, as it’s been extremely unfriendly with rent control laws and taxes. Not to mention, tying up half a million in 1 tiny box is a significant chunk of my net worth.
The Next Steps
Once I decided that I would sell my condo, I had to consider multiple factors:
1031 Exchange
A 1031 exchange was the best option for me as I had been depreciating the place as a rental for the past few years, which provided a lovely tax shield. The challenge was that if I sell the property, I would have to pay income tax recapture on top of the capital gains tax - OUCH!
How HomeUnion Helped
Luis from HomeUnion reached out to me around this time, and he informed me that HomeUnion could meet the fairly short timelines required to complete a 1031 exchange transaction. Even better, HomeUnion could help me split proceeds into multiple cash flow-positive homes and secure GSE mortgages to boot. To be honest, it sounded too good to be true. How do I know these are legit? Do I really want to buy homes I've never seen?
I ended up visiting two locations, Chicago and Tampa, to meet HomeUnion’s local region managers and check out a few properties, which included the ones I was bidding on. Both local region managers struck me as knowledgeable, experienced and skilled at what they do. These meetings got me comfortable with HomeUnion as a company and as a partner.
Fast forward a few weeks, and we've just completed the 1031 exchange transaction! I was able to split my Hoboken condo into 6 single-family houses (technically 5 as we added additional funds to purchase the last home) in 5 states using a 1031 exchange.
By diversifying into multiple markets, I feel much safer for the following reasons:
HomeUnion’s Pricing
Some may view their pricing as a premium product - I would agree it is not the cheapest route. I've always been a ‘do-it-yourself’ kind of person like many BiggerPockets members, but after my experience, I would say HomeUnion delivered a lot of value and has been worth every penny spent.
I believe they provided me with a service that went above what I could have handled alone (unless I quit my day job which I enjoy and wish to keep). I feel that I am in a much stronger position, and have advanced my real estate portfolio multiple years ahead by making this move.
Current Status
Three properties are now in rehab with HomeUnion, where they are handling the whole process of repairs/maintenance and working with contractors. I will keep you posted as they progress, but so far they are on track to exceed expectations.
The other three properties have been tenanted and the early outset for HomeUnion’s management team looks good.
_________________
Disclosure: I volunteered to write this because I saw some good posts here, but nothing on this specific topic and not many detailed accounts of HomeUnion from the community. When I mentioned this to HomeUnion, they offered me a free month of asset management as a thank you, but this has not affected my post and I've tried to be as unbiased as is humanly possible. In addition, we are at a stage where we have just completed the transaction: 3 properties are tenanted and 3 need some minor rehab and need to be filled. The early outset for management and rehabbing looks good but I can't vouch for that yet. I will create an update in a few months with my findings.
I just now called them. And Per their agent on the line they, they are not a REIT. They are basically a real estate broke/property management company hybrid.
I'll be looking into it further. I'll let you what I dig up. Thanks.
@Christos Anastasopoulos @Jesus Ramirez
There are a few forums here on BiggerPockets where myself and other HomeUnion customers express our opinions on our experience with them. Thanks for the message! Let me refer you to my more recent HU posts here:
http://www.biggerpockets.com/forums/311/topics/156885-home-union?page=1#p1390964
I explained a little more about my situation with HU there. Overall I haven't worked with them since January/February 2015 so they may have changed a lot since then. Get some input from current investors before you decide to work with them or any similar company. Let me know if I can answer more specific questions and good luck whatever route you go!
Jacob
That was helpful advice. Thank you
@Jacob Elbe How did you handle inspecting the first property you bought with Home Union? Did you go visit it in person or just rely on the inspection report either from someone you hired or what Home Union provided?
Thanks.
I bought the first one through HomeUnion while I was stationed in Europe so I was pretty hesitant. I'd never been to Cleveland and part of me still thought there might not even be a house and I was being scammed. I found my own property inspector though and interviewed him to make sure he would cover everything. I also asked for extra pictures and for him to walk through the report on the phone with me. So after that I decided to move forward. I hope that helps!
@Jacob Elbe How did you handle inspecting the first property you bought with Home Union? Did you go visit it in person or just rely on the inspection report either from someone you hired or what Home Union provided?
Thanks.
Always a good idea to visit yourself or have an 3rd party inspector.
I have also been looking into homeunion for the past few months, however; have been skeptical. Mainly, for the few reasons below.
1. They do not offer services in areas that I am familiar/ comfortable with (northern NJ). Where I already know the numbers, kind of tenants, potential etc. Investing somewhere far far away, where I cannot manage if something comes up or if homeunion backs out makes it hard for me to digest.
2. I like statistics shared on their site for each property, however; hard for me to judge how accurate it is. Not sure how close actual numbers would turn out...
3. Could it really be better than buying property where I live and have more control over? Or its only a better option for folks who are having hard time doing it on their own...
Thanks.
HomeUnion Exceeds My Expectations
My real estate experience started when I purchased a condo in Hoboken, New Jersey, in the early 2000s. I lived there for a while, and then converted it into a rental. Over the years, I was able to weather both the financial crisis and Hurricane Sandy while keeping my rental and generating monthly cash flow.
Now that the local housing market is up in Hobeken, I made the decision that it was time to exit the market, as it’s been extremely unfriendly with rent control laws and taxes. Not to mention, tying up half a million in 1 tiny box is a significant chunk of my net worth.
The Next Steps
Once I decided that I would sell my condo, I had to consider multiple factors:
1031 Exchange
A 1031 exchange was the best option for me as I had been depreciating the place as a rental for the past few years, which provided a lovely tax shield. The challenge was that if I sell the property, I would have to pay income tax recapture on top of the capital gains tax - OUCH!
How HomeUnion Helped
Luis from HomeUnion reached out to me around this time, and he informed me that HomeUnion could meet the fairly short timelines required to complete a 1031 exchange transaction. Even better, HomeUnion could help me split proceeds into multiple cash flow-positive homes and secure GSE mortgages to boot. To be honest, it sounded too good to be true. How do I know these are legit? Do I really want to buy homes I've never seen?
I ended up visiting two locations, Chicago and Tampa, to meet HomeUnion’s local region managers and check out a few properties, which included the ones I was bidding on. Both local region managers struck me as knowledgeable, experienced and skilled at what they do. These meetings got me comfortable with HomeUnion as a company and as a partner.
Fast forward a few weeks, and we've just completed the 1031 exchange transaction! I was able to split my Hoboken condo into 6 single-family houses (technically 5 as we added additional funds to purchase the last home) in 5 states using a 1031 exchange.
By diversifying into multiple markets, I feel much safer for the following reasons:
HomeUnion’s Pricing
Some may view their pricing as a premium product - I would agree it is not the cheapest route. I've always been a ‘do-it-yourself’ kind of person like many BiggerPockets members, but after my experience, I would say HomeUnion delivered a lot of value and has been worth every penny spent.
I believe they provided me with a service that went above what I could have handled alone (unless I quit my day job which I enjoy and wish to keep). I feel that I am in a much stronger position, and have advanced my real estate portfolio multiple years ahead by making this move.
Current Status
Three properties are now in rehab with HomeUnion, where they are handling the whole process of repairs/maintenance and working with contractors. I will keep you posted as they progress, but so far they are on track to exceed expectations.
The other three properties have been tenanted and the early outset for HomeUnion’s management team looks good.
_________________
Disclosure: I volunteered to write this because I saw some good posts here, but nothing on this specific topic and not many detailed accounts of HomeUnion from the community. When I mentioned this to HomeUnion, they offered me a free month of asset management as a thank you, but this has not affected my post and I've tried to be as unbiased as is humanly possible. In addition, we are at a stage where we have just completed the transaction: 3 properties are tenanted and 3 need some minor rehab and need to be filled. The early outset for management and rehabbing looks good but I can't vouch for that yet. I will create an update in a few months with my findings.
All the best Roderick... please keep us posted :)
Hi @Roderick A. Clemente -- just a quick question:
You mentioned, "Best of all, the cash flow is expected to be enough to cover HomeUnion’s management fees, which reduces my hassle, and I can truly invest passively."
How much are their additional management fees, and what exactly does that provide you?
Thank you.
I know this is an old thread but I am hoping that more people may have some updated input on the Home Union process and whether good deals can be obtained through their services. I am a new investor and am looking at the out of state markets since the properties in the Seattle area are so high. Are the expenses they list: Rehab Costs, Loan Fees & Costs, Closing Costs, Maintenance Reserve and Stabilization Estimate generally within normal expectations? Just looking for options to get into REI and thought this may be an option for a first property. Any advice would be greatly appreciated.
I know this is an old thread but I am hoping that more people may have some updated input on the Home Union process and whether good deals can be obtained through their services. I am a new investor and am looking at the out of state markets since the properties in the Seattle area are so high. Are the expenses they list: Rehab Costs, Loan Fees & Costs, Closing Costs, Maintenance Reserve and Stabilization Estimate generally within normal expectations? Just looking for options to get into REI and thought this may be an option for a first property. Any advice would be greatly appreciated.
+1, I was hoping to see if anyone else is actively looking at Home Union as a first investment or on going.
@Jacob Elbe, I noticed you had some great input to the three properties you bought on Home Union, did you end up keeping them, did you sell them because of the service, or was that you plan all along to sell quickly?
Thanks
Pete Schuyler
A good article with respect to HomeUnion in the WSJ.
https://www.wsj.com/articles/rental-returns-lure-real-estate-investors-1496847312?mod=nwsrl_private_properties
@Account Closed
Hi Scott,
Does HomeUnion help invest in apartment buildings ?
Hi Farooq,
Yes, we (HomeUnion) have helped several of our clients invest in apartment buildings.
-S
I would like to see some examples/ used cases/ or options of apartment buildings. Where can I see those?
Thanks.
You'd have to have one of our Solutions Managers send you some examples of apartment buildings. I'm happy to connect you with one if you'd like or you can just call the number on our web site.
@Account Closed
Can you please connect me with someone for some cases as i am interested.
Thanks
@Sherief Melik Certainly. I sent you a connection request with a question. When you respond back, I'll have someone reach out to you today.