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Lewes, Delaware
Jim's Towing Service
July 21, 2006     Cape Gazette
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July 21, 2006
 

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CAPE GAZETTE - Friday, July 21 - Monday, July 24, 2006 - 35 Jim Westhoff photo Michael McCarthy owns Home Vestors, a business that buys homes that need work, fixes them and then sells or rents them. McCarthy said Home Vestors offers a chance for people to sell homes that might not otherwise attract buyers. Home Vestors buys Sussex real estate problems By Jim Westhoff Cape Gazette staff Ug buys ugly houses. The signs are in yards and along roads throughout the Cape Region. It's not actually Ug. It's Michael McCarthy who buys the houses. The local franchise owner of Home Vestors. McCarthy buys homes that need some work, fixes the,, up, and then sells them. we-will buy houses even if they are not structurally sound," McCarthy said. "As long as the to get them caught up." He said Home Vestors often works with elderly people who plan to enter assisted living, but are not sure exactly when they will go in. "We can buy their home. and rent it back to them on a month-to-month basis," McCarthy said. Sometimes he will work with people who are trying to buy a home. "They can't get financing because the house needs some major work. We will buy the house at a discount, do the work, PNC Bank is the #1 Smart Business Lender and #1 SBA Lender. We tent more dollars to small businesses in Delaware than any other bank: With credit decisions on PNC Bank business loans in one business day or less 1 and a wide range of loan solutions, including SBA I.oans, PNC Bank makes it possible for you to get the capita[you need. Having the #1 bank for smaU business [ending serve your business. Easy asPNC, s" Milford Dana Bijj VP Business Banking 119 South Walnut Street 302-422-1008 Rehoboth JenniferJoseph VP Business Banking 19745 Sea Air Avenue 302-227-5013 :i:: ::i:iiiiiii:iiii i :@:: ALL Loans are subject to credit approvaL. *PNC's Small. [3usinass Lend ng Rankings are baseO on fiscal year 2004 according to the most recently released government statistics for 2004 for smaLL business Loans of $100,000 or Less. Rankings based on CRA srnaU business data for DeLaware and-as obtained from the Federal Financial Institutions Examination Council [FFIEC] web site [www.FFIEC.gov). PNC's SBA rankings are based on doLLar volume reported by the SBA for the DeLaware District for the period from 10/1/04 to 09/30/05. 1 Credit decisions in one business day or Less on Loan requests of $100 D00 or Less. PNC Bank. DeLaware. PNC Bank, National Association. Member FDIC, 2006 The PNC Financial Services Group, Inc. numbers make sense, we'll buy then sell it to the original people mm mm [] nn nn [] [] nm mm it." who wantedto buy it,"hesaid. % [] llmmmmmm [] m mmmmmmm= [] mmmmm mm mmmmm mmmmmmm= m [] mmmmm i I If fixing up homes is so easy, m [] why dontpeopledoitthem- Gold Mine selves? "Usually it's lack of cred- [] I ! it and do they want to deal with [] I! said. "Once you the contractors? Do they want to [] )] o Her frc the go through all the hassle and the []l illi ere are no He said some people do not -- .,ko, e,. % nes contac- understand what they are getting e times to into and spend months fixing up a =l : t" w" j%%" ;i " house, qnly to end up doubling or :- Formerly Tan00er Outlets McCarthy tripling their original budget and %  O :   ill [s and gen-has strong work.Still having a hme that needs : m lr Oln 2 Hal ..;" ms subcon- McCarthy had been doing simi- lar work for seven years before []m )le turn to joining Home Vestors. ., ,  I-,. --1 real estate He said he purchased a fran- p First St. Station Across fr0m"H00ters" C7os/ % , a tenant chise because Home Vestors has / r/.lt> [] nt because more resources. "They have their -_"= Second Floor n m or electri- own banking system, legal, adver- []n   :fe.Oa # lib ner cannot tising and marketing. What I was ,'mbecause able to do in a year on my own, 1%   0 / Uf anyrental can do in amonthwithHome  JW tY]' tg/ 'x m m in and buy For more information, call 645- %    $ "4['!1 Hi :the prob- 9297 or visit their website at therenters www.homevestors.com. %% Ull00Uslness-'-.. ;.:::h# i':,.ii i',i);i; m ,.. # i/i/i/ m. -- .- ... [] .. ,,,,, =o,:, .. .-" .c. ..i" 645-6661 800-321-3839 Cell 302-344-9026 a [] [] [] m m m im m mmm m Immm m ml m m mi m m mi  m m m m m m m He said they have rehabilitating a house down to a system. "We rehab a house and get back on the market in 30 days or less in most cases." he remove the homeowner from the equation, moves much faster. There are no change orders. Sometimes contac- tors build things three times to satisfy the homeowner." It also helps that McCarthy does his own appraisals and gen- eral contracting, and he has strong relationships with various subcon- tractors. He said many people turn to him when they are in a real estate problem. For example, a tenant may not be paying rent because the house has plumbing or electri- cal problems. The owner cannot afford to fix the problem because they are not receiving any rental income. "It becomes a Catch-222' he said. "We can come in and buy the rental property, fix the prob- lems. then work with the renters