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Nov. 17, 2008 Edition |
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Detroit Entrepreneur Turns HVA Investor Economy turns serial entrepreneur to real estate investing
“I believe in diversification,” said Mike Ciaramitaro, of Macomb, MI, near Detroit. And he lives by that motto in the businesses that he runs, the investments that he makes, and most recently…the houses that he buys. A self-made millionaire, Ciaramitaro has built a personal fortune from the ground up by running companies and offering services that thousands of people have learned to count on in an emergency. That includes owning one of the most successful Mr. Rooter plumbing franchises in the country since 1989 as well as a water restoration company that handles service calls across the area. But these days, Ciaramitaro sees a new dilemma where people need rescuing. And it’s not just fixing the plumbing or repairing a flooded basement. In a lot of cases, it’s tackling a whole house. “The Michigan economy is tough,” said Ciaramitaro. “We have a lot of foreclosures. But people still need to live somewhere.” It was that kind of logic that led the local entrepreneur into residential real estate investing. And as an experienced franchise owner with a famous plumbing company, he looked no further than the largest franchise in real estate investing to buy houses he could fix up and rent in the Detroit suburbs. That’s how Ciaramitaro met HVA franchisees Jeff and Kim Drake of Motor City Home Buyers in Detroit. Together, they have found ways to prop up the local housing market while making sound investments with their money. “They always have a supply of homes,” Ciaramitaro said about HVA. “There’s nobody else that does anything quite like what they do.” And in quick fashion, Ciaramitaro has amassed a rental portfolio of 13 houses – eight of those homes he purchased from the Drakes since May. And he’s not done yet. Some of the homes have already been rehabbed by HVA. Others were fixer-uppers that Ciaramitaro’s construction team has tackled. All of them have turned into quality properties in move-in condition for eager renters. And in these tough times that means a win-win for everyone according to Ciaramitaro. Plus, Ciaramitaro is keenly focused on finding renters who will be responsible tenants and possible future homeowners at the very same address. If they can make timely rent payments and improve their credit scores, he has invested well at the right price and may be the avenue to help a renter become a homeowner one day. But the added perk for Ciaramitaro’s latest endeavor and an important requirement for any business venture in today’s economy is the control he has over his money. “Here’s what I preach to people,” said Ciaramitaro. “Your IRA or 401K is fine. But you don’t want to put all of your money there. On Wall Street, we’re relying on someone else to make us money, and that’s not the American way. With real estate, at least we have a little more control over the financials. In real estate, we can have that involvement with our investment. With real estate, we are creating our own destiny.” That may explain why Ciaramitaro’s CPA has become one of his latest referrals to HomeVestors. It’s just one more way another numbers guy is looking to “diversify.” …Monica Feid is vice president of BizCom Associates, HVA’s public relations agency.
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HVA Adds Two New Associate Franchises Eleven franchisees achieve Development Agent status
Franchise Development Events And News HomeVestors thanks our St. Louis, Boston and Phoenix franchisees who hosted October development seminars with HVA President and CEO John Hayes. In addition, HVA recently exhibited at the West Coast Franchise Expo in Los Angeles for the first time and collected more than 160 leads from prospects interested in opening a franchise in California. During the event, more than 25 groups attended our first development seminar in Los Angeles, which was presented by Dr. Hayes. The next HVA franchise development seminar in scheduled for Nov. 19 in Raleigh/Durham, NC at 11:30 a.m., following a presentation by Dr. Hayes to the Raleigh REIA on November 18. Get Your Prospects To Las Vegas And Get A Room Night Free! Franchise Development is offering each franchisee a special free room deal! You’ll receive one free room night (room and tax only) for every new qualified franchise prospect that attends our Discovery Day at Caesar’s Palace on Dec. 2 (see requirements below). For example, if you have three qualified prospects attend the Discovery Day, HomeVestors will pay for a three-night hotel stay at Caesar’s Palace during the annual convention. In addition, your prospect will also qualify for one free room stay at Caesar’s Palace. The requirements to receive the free night’s room are: Each prospect must complete a Request for Franchise Consideration (RFC) online at www.homevestors.com. The prospect must meet the minimum qualifications to own a franchise. Deadline for registration/hotel reservations is Monday, November 24. New Franchisees Join HomeVestors The new Associate Franchise program continues to generate interest. Since the last Franchise Development update in The Vestors Voice®, the following Associate Franchises (AF) have joined the system:
Franchisees Achieve Development Agent Status HVA is proud to announce the following franchisees are now Development Agents (DA):
Welcome Back Stuart Miller! Stuart Miller has returned to Team HVA Franchise Development as associate director of franchise development and DA Support. Stuart, previously an FSM with HVA, is working with Jason Killough and the Franchise Development team and is responsible for training DAs to sell Associate Franchises. Contact Stuart at 972.532.8032 or stuart.miller@homevestors.com. New Associate Franchise Discovery Day Webinar Every Wednesday HVA conducts Associate Franchise Discovery Day Webinars for AF prospects every Wednesday at 2 p.m. CST. The Webinar helps prospects alleviate travel expenses. Discovery Day prospects must have completed a Request for Franchise Consideration (RFC) prior to participating in a Webinar. If you have a prospect for the Discovery Day Webinar, please contact Sherry Wallace at 972.619.0089, or sherry.wallace@homevestors.com. And don’t forget that Franchise Development offers overview Webinars for full and AF franchises every Tuesday at 4 p.m. CST. These last 40 to 50 minutes. For registration information, visit the "Own a Franchise" section of HomeVestors.com, and click on Franchising Events & Webinars. New Associate Franchise Referral Program Announced Franchise Development has announced the department will pay $500 cash or an ad credit to any franchisee who refers a new AF. For more information contact Sherry Wallace at 972.619.0089, or sherry.wallace@homevestors.com. You can now easily register your full service or AF prospect on our Web site. Click on the box in the upper right hand corner of the franchisee Web page, and we will register the lead. . . . Gregg Stengel is the marketing manager for Franchise Development. He can be reached at gregg.stengel@homevestors.com.
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College Friendship Leads To Long Distance Investment Virginia-based investor finds perfect investment opportunity – 1,200 miles away
Matt Hufnagle of Richmond, VA was ready for his first foray into residential real estate investing. As a project manager for a medical facilities developer, he had some experience with the commercial side of real estate, but was searching for the perfect rental property to help him build an investment portfolio. That’s when Hufnagle turned to his college friend Chas Carrier, of C&C Residential Properties in Dallas, TX. Carrier’s HVA franchise provides turnkey rentals to a core group of investors in addition to rehabbing and retailing to entry-level homebuyers and holding rentals as long-term investments. “Chas and I went to Penn State together,” said Hufnagle. “We kept in touch on a regular basis, so when I decided to invest I immediately thought of him.” Since this was his first venture into investing, Hufnagle looked to Carrier for guidance. “Chas approached me with numerous properties that needed an investor and we quickly settled on a house just outside of Dallas that was ready to be picked up,” he said. “A tenant was already living in the property and the financials were in order. I went into this with a price range in mind and a certain amount I wanted to invest. I was trying to keep the down payment to a minimum.” Carrier found a property in his own inventory that he foresaw as a good match for Hufnagle. “I happen to be in a market that’s very appealing to investors,” said Carrier. “Matt and I felt like the demographics and real estate situation in Texas had optimal appeal for an investor just starting out. I matched Matt with a property from my own inventory that was safe and conservative. We wanted to keep it basic.” Any long distance relationship involves trust, and investing in a business relationship long distance is no exception. Hufnagle knew working with Carrier and the HVA brand would ease any concerns about investing out of state. “If you’re investing in a property out of state you have to have a trust factor,” said Carrier. Hufnagle agrees and he ultimately put his trust in Carrier’s word. “I knew Chas wouldn’t steer me wrong,” he said. “From my perspective this was a seamless operation. The property was ready, came with a tenant and made for a perfect fit.” Hufnagle has invested in the one property to date, but the plan is to add more. “My intent is the hold onto this house for the next five years, minimum,” he said. “I want this to be a long-term investment. As long as we can keep a tenant in the house, I’m not in this to make a quick sell. I’m looking at this as an opportunity to pay for my children’s college education.” A fitting goal, considering that’s where Hufnagle and Carrier began their friendship. …Leah Templeton is an account executive with BizCom Associates, HVA’s public relations agency.
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HVA Announces Cornerstone Mortgage Company As Preferred Vendor One of nation’s largest privately-held mortgage companies joins Team HVA
Texas-based Cornerstone Mortgage Company is HomeVestors’ latest preferred vendor. The mortgage professionals at Cornerstone have built a stellar career delivering exactly what they promise, and only promising the best for their clients. Cornerstone, a full-service mortgage banker, offers state-of-the-art technology, online prequalification, in-house underwriting, processing and closing, access to a wide variety of national investors and the authority to lend nationwide. All of these services allow Cornerstone loan officers to find the best interest rate and program to fit each client’s individual needs. Celebrating its 20th year in operation, Cornerstone ranks as one of the largest privately-held mortgage banking companies in the nation. Whether across a desk, over the phone, or on the Internet, Cornerstone’s superstars have earned their clients’ business the sure, solid way – with expertise, integrity and precision. For additional information, contact Clint Yates, Diane Rifai, Dennis Kainer or Keri Krull at 281.873.8800. Cornerstone Mortgage Company will exhibit at the annual convention as a gold sponsor …Scott Bowling is the HVA business development manager. He can be reached at Scott.Bowling@homevestors.com.
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For more information, contact HomeVestors 10670 N. Central Expwy. Suite 700 Dallas, TX 75231 Telephone: 972-761-0046 Or visit http://www.HomeVestors.com. Copyright, 2010, HomeVestors of America, Inc. All rights reserved. |
