I’ve put a lot of thought into the direction we want to take this blog and decided to implement two directions:
1. Weekly Construction Updates (Updates on the progress of our projects — every Monday)
2. Monthly Knowledge Series (Business learnings, experiences, advice — last Thursday of every month)
We hope that you will enjoy reading our posts as much as we will enjoy sharing them with you.
In other news, we sold the home on Pasadena in only 4 days! We were fortunate to have such great responses/feedback that we received multiple offers on the home. We had the opportunity to meet the buyers and are very happy that they are living in the home. We received really good feedback on their experiences thus far and hope that they continue to enjoy their new home. For those of you that have not seen before and after pictures of our projects, we’ve posted after pictures of all our projects on the Properties page. (Here are links for the before and after transformations: Pasadena and 12TH)
Now that Pasadena is gone, we’ve been diligently searching for more projects but the inventory has completely dried up! There are no worthwhile deals that will allow us to apply our redevelopment program and also see any profit. Furthermore, it seems that all banked owned (REO) and government (HUD) homes have placed a moratorium on investment purchases. REO homes require a 15 day waiting period and HUD homes require a 30 day waiting period prior to any investment offers. If any of you know any projects or any workarounds we would love to hear from you.
In our initial business model, we planned for and anticipated future economic situations that would negatively impact our revenue models. As such, due to the current moratorium and lack of inventory, we are developing in our pipeline a residential brokerage business. We think that there are a lot of synergies in our research, metrics, and processes that can readily be applied to clients. We are building a concept that we think will truly revolutionize the brokerage industry in the way that clients view homes. We think that this type of technology will allow for better home purchase decisions, eliminate the time it takes to acquire a home, and customize searches that really meet the needs of buyers. In essence, we are confident we can redefine brokerage and provide real service. If you guys know of anyone looking to buy/sell their home, feel free to send them our way as we will take excellent care of them.
Look for our next construction update this coming Monday. Until then, watch the ILLINI move to 5-0 and have a great and safe weekend!