Home Again . . . and Again
Buy homes, fix 'em, sell 'em: How these franchisees make money
"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.
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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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