Homevestors "We Buy Ugly Houses"

Homevestors "We Buy Ugly Houses"

Member since 2019 · 12 posts · 3 votes

Hello BP Community,

Recently I've been considering becoming a franchisee of Homevestors. Before anyone comments about how the things they teach can be done on your own, the money you spend on a franchise you can do real estate yourself, you can spend that money on educating yourself about real estate etc, I understand all of this. However I'm the kind of person that learns things best with a little hand holding and guidance at first and being taught as opposed to self-learning. I also don't believe in reinventing the wheel, if someone already has a proven system of doing something in a way that works and is streamlined and you can plug & play I believe thats something worth paying for. 

However my concerns about it are that I'm in NYC, where we have inflated prices, mounting regulation and anti-landlord legislation that has become the trend in our market. So I would like to get some insight from any current Homevestor franchisee who operates specifically in NYC/Long Island to see if the Homevestor model still makes sense in our market and to get a better sense of what your experience has been like. Looking forward to discussing.

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  • Real Estate Investor · La Plata, MD · Member since 2017 · 128 posts · 18 votes
    6y

    I've also looked at them. The best advise I could give contact them and fill out a consent form. It may take a little time and they will send you an  Franchise Disclosure Document. That will provide you with all the franchisee owner numbers. Contact the ones in your area and inquire about their experience. Also they will be able to tell you on average what they are spending in ad money a month to generate a deal. Some areas it may be 8k to 10k where other's may be closer to 10k to 15k (numbers for 2 different locations near me). Yes, you can spend less to generate deal on your own. Franchises are not for everyone. 

  • Real Estate Broker · Coppell, TX · Member since 2011 · 5k+ posts · 4k+ votes
    6y

    I would call Tim Herriage and Mike Hambright in Dallas.   I think they will give you good advice.  I would also attend their national conference before you buy.   Anyone can cook hamburgers and chicken sandwiches, but McDonalds and Chick-fil-A have cars line up around the block.   So you're right you could do it on your own, but you might do better and have people lined up around the block to sell to you with the right systems in place.

    Remember you don't have to sell homes to investors, you could sell to retail buyers.   

    If your market is not ripe, can you change markets?...maybe some counties outside or around NYC?


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