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Innovative Asset Solutions hits HVA milestone
By Monica Feid  | | Eric Fales of Innovative Asset Solutions | | He's not a pens-and-plaques kind of guy. But when Eric Fales, owner of Innovative Asset Solutions in Richmond, VA, heard that his franchise had purchased the 30,000th house in the HVA network, it was hard not to be a little excited. The milestone came compliments of an Internet lead. And it was an ugly situation for the sellers that Fales was happy to solve. Located in Petersburg, VA, the 1956 brick ranch-style home was in no shape to be put on the market. With a mostly finished basement, the four-bedroom, two-bath home was pushing 3,000 square feet. But the attractive size was overshadowed by the ugly oak tree that dominated the front yard, the funky smell from leaky pipes, the rotted wood, and the damaged drywall. A thorough cleaning, some professional repairs, fresh paint, and landscaping could overcome major obstacles. "It wasn't that big of an eyesore," says Fales. "But when I studied the house like I knew a home inspector would, I could see that it needed some work." Unfortunately, the homeowners were in no financial position to tackle it themselves. At various times, the home had almost gone into foreclosure. Now in a forbearance plan, the sellers had been missing payments and flirting with danger again. Then the family was faced with relocating to northern Virginia on a tight deadline for a new job. In need of a solution for their ugly situation, they searched the Internet and found HVA. And when buyer Chad McKinney went on the call, he found a home that showed potential. "The numbers made sense at the time," Fales says. And the owners had an additional half-acre lot to sell that lessened the load of their debts on the house. Plus, while the house was a little bigger than the properties that Fales traditionally buys, the neighborhood was right for the investment. "Petersburg is one of the lowest income cities in the state of Virginia," explains Fales. "But it is next door to Fort Lee, which will soon be home to more than 3,000 soldiers and their families." With the influx of troops come the contractors supporting the military, and a big demand for housing. That has made places like Petersburg a hotbed of activity for real estate investors. Fales paid $139,000 for the property and is hoping to sell it for $235,000. Based on his list of repairs, he plans to have the home ready for market by the end of July. "For a single-family house, [right now] it's not the kind of home that a family is going to say, 'hey, let's jump on that,'" Fales says about the fixer-upper. But it's what the house can become that makes his business worthwhile. A former RE/MAX agent, Fales opened his HVA franchise 2½ years ago. He rehabs 50% of his buys and wholesales the rest, minus 5-10 houses each year that he adds to a rental portfolio. And while the distinction of having purchased the network's 30,000th house is a nice feather in his cap, Fales says it's the daily activities of his business, such as helping customers and building his team, that give him the greatest sense of satisfaction. "If I can make the business grow and make people money and keep everyone happy, that's more of what I'm searching for," says Fales. . . . Monica Feid of BizCom Associates handles public relations services for HomeVestors and its franchisees.
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