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Home Again . . . and Again

Buy homes, fix 'em, sell 'em: How these franchisees make money
November 1, 2001
URL: http://www.entrepreneur.com/article/45450

"We were both looking for a niche in the home-buying business and wanted a service business that would grow and be profitable," says Jared Bernstein, 27, of the criteria that led him and cousin Alan Washer to become HomeVestors of America franchisees. Their franchise, which opened in 1999, buys, refurbishes and sells homes.

"We provide sellers an opportunity to sell their properties in as-is condition quickly," explains Washer, 37, a former installation manager. After they purchase a property, the partners subcontract all home improvement work-from repairing the foundation to hanging drapes-before selling to buyers financed by HomeVestors.

In their first year, Washer and Bernstein hoped to buy, refurbish and sell 12 homes. Instead, they did 48, earning them the HomeVestors' Rookie of the Year award. Their goal for 2001 is 60 homes.

Washer and Bernstein are confident they'll reach all the goals they've set for their company, including expanding into development and rentals. And they're not at all worried about damaging their relationship in the process-in fact, they believe their familial ties make their franchise even stronger. "It's nice that it's not all business. We can step back from the business and talk as friends, as family," Washer says. "Having so much in common correlates into a strong business partnership as well."

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