Posted by Hank on February 18, 2002 at 09:29:27:
You don’t need them to get hard money. Go to a local REIA meeting and they should be there.
Here are typical terms:
15% intrest only payments. 3 year balloon. 3 month pre-payment penalty in the 1st year. 65% loan to (after repair) value.
I’m trying to find out about homevestors money so I can get to know the competition as well as I can.
They have billboards up just about every half mile in my area ( Tampa / ST Pete.). TV spots as well.
“we buy ugly houses” billboards in ATL. - Posted by rentvent
Posted by rentvent on February 16, 2002 at 19:49:06:
I met the guy who put up all the “we buy ugly houses” billboards in Atlanta. He said he spends $60,000 a month on billboards.
FYI
Re: - Posted by Jon R
Posted by Jon R on February 17, 2002 at 24:50:15:
That is a lot of money. Well over a half million dollars per yr. I have seen the billboards here in Atlanta (as I am sitting in traffic) and I always used to wonder how much does that cost. I wonder how many houses per month he gets from those billboards? I hope it is enough to justify the cost.
Re: billboards - Posted by JD
Posted by JD on February 16, 2002 at 20:25:10:
Is this ‘homevestors’? I read somewhere that a former NFL player bought a franchise in Atlanta. I have seen their franchise literature. I don’t see much value in buying one of their franchises. But I am curious about their marketing techniques. There are no homevestors franchises in my State for me to study. What other marketing techniques are they using? Do you know what kind of response they are getting from the ads?
Re: No money down ? - Posted by Shawn J. Dostie
Posted by Shawn J. Dostie on July 17, 2003 at 20:45:38:
Actually, I say mashed taters… with gravy.
Shawn(OH)
Re: billboards and homevestors - Posted by Eric in FL
Posted by Eric in FL on February 17, 2002 at 07:20:58:
I checked out homevestors thoroughly and their yellow we buy houses can be found everywhere in Tampa and Atlanta. The franchise fee was $50k and that entitled you to their training and access to hard money. The only redeeming fact was that all the franchises had defined areas of Tampa and they pooled their advertising dollars to be more effective. Here is the kicker, they already had nine franchises in the Tampa area when I inquired. Sounds like they are saturating the market in turn watering down the revenues for all their franchisees.
P.S. They also get $750 per deal you do as well as points.
Homevestors as competition… - Posted by Kristine-CA
Posted by Kristine-CA on February 18, 2002 at 02:45:11:
Eric: homevestors seems to be getting around. After reading this post this morning, I got a call from a friend in Minneapolis, not a real estate person at all. But he wanted to know what that yellow “we buy ugly houses” sign in NE Mpls was about. I am wondering how much competition they are proving to be. I have to admit that access to hard money would be nice. But not for 50K upfront. I wonder if there are any creative ways to fund the franchise fee.
Sincerely, Kristine
Homevestors and hardmoney - Posted by Hank
Posted by Hank on February 17, 2002 at 13:06:54:
What kind of hardmoney do those guys get? Interest % ? Points? LTV? Prepayment penalty? … Are their payments all intrest? What kind of a balloon?
I heard it was about a 30k intial fee and 9% of the revenue after that. My info is second hand though.
Re: Homevestors as competition… - Posted by Houserookie
Posted by Houserookie on February 18, 2002 at 09:37:36:
I am in Minneapolis too, and man…those “We buy ugly houses” bboards are looking pretty.
Austin