BRUCE FISHER

San Bernardino, CA (USA)
Role(s):
C-Level Executive (CEO, CFO, etc.)

Ameriservice Corporation

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Location: San Bernardino
Industry: Real Estate
Year Founded: 2007
Number Employees: 1-10 people
Description: Ameriservice Corporation (also referred to as “ HomeVess”) is a start-up business scheduled to commence operations upon receipt of funding. The Company will be a property restoration and management firm, buying REO (real estate owned) homes, renovating them, and putting them back on the market for rent, sale, or rent-to-own. The San Bernardino-based HomeVess will take on larger volume of properties, concentrating on entry-level single-family homes in the San Bernardino, Riverside, and Los Angeles County neighborhoods, with a goal of acquiring 10-20 properties each month through a variety of sources. Statewide expansion will follow when feasible. The Company will hold and rent out a majority of its properties and sell its remaining stock. Before any purchase, HomeVess will enter an evaluation period, during which the Company will analyze the purchase price, renovation costs, and potential selling price of the home. If the property will turn a profit, the Company will acquire the home and begin renovations, which will include mechanical, cosmetic, and minor structure changes. To reduce overhead, it will form partnerships with a local contractor, real estate agency, and property-management company to handle day-to-day renovation, sales, and management tasks. The Company will also have a working agreement with Home Depot to purchase materials at a bulk discount, which will allow it to provide higher-end finishes at low cost. There is a major overstock of REO properties locally, many of which can be purchased and renovated at a cost well below market value, creating a property that has positive cash flow or can be resold for a profit. The Company is confident in its decision to launch its real estate business in these markets while recognizing there may be opportunities in other markets as well, including those locally. Bruce Fisher (Phone # removed)