If anyone has any suggestions I’d be thankful!
A. Company Information
Costello Home Buyers was formed in July 2008 to benefit from distressed property owners in the Morris County. We are a company that specializes in purchasing properties from motivated sellers in order to wholesale them to rehab investors and landlords. Costello Home Buyers is owned and managed by Scott Costello.
B. Management Information
Scott Costello has little to no experience in real estate investing but has spent countless hours researching real estate in the Morris County, NJ area. Scott is also half way to getting his PHP (Professional Housing Provider) certificate by attending numerous events sponsored by the Garden State Real Estate Investor’s Association (GSREIA). Scott has worked in the finance field as a software developer that helps manage project budgets. His experience in dealing with people and solving complex problems will contribute to his success as a real estate investor.
C. Company Objective and Purpose
Costello Home Buyers purchases residential real estate in the Morris County, NJ area, specifically Morristown, Cedar Knolls, Whippany, Morris Plains, East Hanover and Parsippany. Our focus is on single family homes that can be acquired and renovated at a cost of 65% or below of the current fair market value. Due to the seller’s circumstances, Costello Home Buyers is able to obtain the desired discounts, which will insure a profitable future. The after repair value (arv) of these properties will range from $250,000 to $425,000. While our main objective is to make a profit, we are also aware of our responsibility to the communities we do business in, and our role in the betterment of these communities.
D. Company Summary
Costello Home Buyers invests in residential real estate by purchasing distressed properties below 70% of fair market value. Our strategy is based solely on making sure the profit is made at the time of purchase and not on speculative appreciation months or years down the road. Our profit for the first year is expected to be low because we are in the early stages of the business cycle. As we gain more experience we expect our profits to increase. As we develop our business we will put in place a solid group of people with defined roles that will ensure our success such as Realtors, settlement attorneys, contractors, and bankers. As with any business we will continually evaluate each member’s role and contributions and make necessary changes.
E. Strengths and Weaknesses
One of the strengths of Costello Home Buyers is we are a small company which will allow us to run efficiently, enabling us to make quick and educated decisions. We are local to the area of our investment properties which gives us a distinct advantage in knowing the market and being able to locate profitable investment properties.
Our weakness is our lack of relationships with industry professionals, thus making initial deals more challenging. As we move forward and gain more experience these relationships will develop and become a strong source for referrals and contribute to our success. Being a small company we will have to pass on certain opportunities and only focus on taking down the most profitable deals. However, we’ve acknowledged our shortcomings, and will address them by outsourcing things such as book keeping to qualified professionals.
Over the course of the next year, our goals are to establish relationships with banks, realtors, accountants and other investors, and to build a yellow letter marketing campaign that will lead to a steady flow of leads. In our first year we hope to wholesale two to three properties with the understanding that it will be a challenge until we build our relationships.
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