Some reports indicate more than 3.5 million single-family homes are being rented in the U.S. That number is likely to grow as demand from renters increases and the stock of foreclosed homes continues to surge. Mary Ellen Polmolik, writing in the Chicago Tribune, recently noted the trend in her column: “Local and out-of-town investors are bumping into each other at the doorstep as they snap up homes for rehab, resale, or increasingly to convert them into rental properties,”
An article came out this week speaking to home prices rising nationally across the country. Invariably the question has been placed to MACK, “Is that a good thing for your business?” … and the answer is Of Course!
At MACK we have a two mantras that we run our business off of. If you’ve been to our office, listened to our radio interviews and webinars or attended a presentation, you’ve heard them both – over and over again! The first is that “Brick and mortar never made a mistake”. The second, and one we’re going to focus on today, is –Wealth in real estate is made through equity, not through cash flow.
The Chicago Tribune just recently reported on how locals and out-of-towners alike are in a rush to snap up homes for rehab, resale or, increasingly, to convert them into rental properties. The article points out that the housing analytics firm CoreLogic recently cast a national spotlight on the Chicago area, identifying it as one of the more attractive markets for a foreclosure-to-rental investment strategy. One of our investors, Sergey Bitelman was interviewed and he spoke about why he partnered with MACK to “capture below-market prices.”
Chicago Agent Magazine proclaims that “MACK Companies Brings Luxury Back to Ex-NBA Player’s Mansion.” We must admit that this home was by far the most distressed property that we have ever worked on in this price range. The basement of the home was flooded and contained about 6,000 square feet of water that was about four feet deep. After removing the water, the entire 6,000 square feet had to be remodeled and extensive construction to bring the house back up to code standards after the damage had to be done.
We are pleased to tell you that MACK Companies has been selected by Personal Real Estate Investor Magazine for The Top 50 Real Estate Investment Opinion Maker & Market Leader Award. Annually Personal Real Estate Investor Magazine recognizes those individuals and businesses demonstrating vision, understanding, and a plan to bring investment services and products to this unique market of repeat real estate buyers.