""Econohomes"":http://www.econohomes.com/, an online source for wholesale investment properties based out of Austin, Texas, is now offering fully renovated residential properties from its REO inventory.[IMAGE]
The company says these rent-ready and homeowner-ready properties are ideal for both real estate investors and prospective homeowners.
The market is flush with distressed REO properties, and Econohomes believes bringing these properties back to productive use requires a broad-based, grassroots approach that includes both owner-occupants and investors, ranging from ""do it yourself"" types to turnkey buyers interested in already restored properties.[COLUMN_BREAK]
Econohomes says its renovated offerings fit the bill for owner-occupiers who don't want to have to deal with repairs and for investors looking for a home they can quickly rent out to generate positive cash flow.
The company is actively exploring ways to expand its supply of renovated homes to add to its existing inventory of more than 1,000 REOs for sale across more than 40 states.
""As a country, we need to think creatively about how to attract more buyers to the real estate market to help alleviate the incredible supply imbalance,"" said Jeff Ball, Econohomes president and CEO.
""Unimproved properties attract investors capable of unlocking additional value through 'sweat equity.' However, there is a much larger market of potential investor buyers that want fully renovated properties at attractive prices that they can rent and hold,"" Ball added.
Econohomes says its strategy of offering renovated properties serves to bring distressed real estate back to productive use and create jobs for local service providers, while attracting local investors to reduce the overhang of homes for sale.
Econohomes buys residential properties in volume at discounted prices from mortgage lenders and servicers and makes these properties available to buyers online.