Fortunato Campesi

Ridgewood, NJ (USA)
Role(s):
Founder/Owner/Principal

Fortune Realty Group

Find More Startups Startup
Location: Ridgewood
Industry: Real Estate
Year Founded: 2014
Number Employees: 1-10 people
Business Stage: Growth (not profitable)
Entity Type: Limited Liability Company
Description: Business Plan for Bergen County Investments, LLC Bergen County Investments, LLC is a start-up company in Bergen County, NJ. It is the mission of Bergen County Investments, LLC to purchase distressed properties at a discount, complete improvements and renovations, and resell properties quickly for a net profit. The Company BCI will be a limited liability partnership registered in the state of NJ. Its founder is Fortunato Campesi, a RE/MAX real estate agent who has been successfully selling real estate since 2002. Fortunato Campesi began selling real estate in 2002 as a part-time associate, but decided to leave his corporate sales position in 2006 to pursue his passion for real estate full-time. In his first year full-time, Fortunato Campesi was published in Rismedia’s Real Estate Magazine as a Top 50 Realtor on the Rise in the United States. Since 2006, he has been a Circle of Excellence award winner, annually. The Circle of Excellence Designation is awarded to individuals who sell over 15 million in real estate per year. Fortunato Campesi completed 32 transactions in 2010 alone and over 25 transactions so far in 2011. The company plans to be leveraged through private investment and a limited number of loans. The company expects to begin purchasing properties in April 2011. The Services BCI offers a full range of services from locating the distressed properties to facilitating the sale of these properties. BCI will also manage contractors, select material for renovations and improvements, and prepare and market the properties for sale. Properties targeted will be any property that will be sold at a discount, which includes divorce sales, pre-foreclosures, foreclosures, Real Estate Owned, and estate sales. These properties will be carefully analyzed to make sure they can be purchased, improved, and quickly turned for a profit. The Bergen County Market One of the wealthiest counties in the US, Bergen County has been affected by the economic downturn, but not as adversely as other parts of the country. This is mainly due to its close proximity to New York City. Within its 234 square miles, Bergen County offers residents a combination of upscale shopping, a comprehensive transportation system, proximity to Manhattan's work centers and cultural attractions, excellent educational and healthcare facilities, plus beautiful parks. There are 5 higher education centers. Bergen County has buses, trains and ferries for public transportation. There are many local theaters, art centers and guilds. It’s ideal location and diversity is why Bergen County has such appeal. It simply has everything from the very urban to the very rural. Known across the country for its excellent schools, Bergen County is the most populated county in the state with over 825,000 residents in 70 municipalities. Yet 70% of it is residential and that means plenty of breathing room. Economic activity is vigorous – the labor force is fairly healthy, the economy is diverse and consumer spending is much stronger than other parts of the county. Financial Considerations BCI’s start-up expenses and funding required are moderate at $300,000. We are searching for -Equity Funding (Venture Capital, Angel, Private Equity, etc.) or an unsecured Line of Credit/Loan Funding. BCI is hoping to leverage buying power with cash offers and to offer quick, hassle free closings. Cash purchases will also minimize carrying costs associated with conventional financing. Sales Strategy BCI’s sales strategy is to focus on lower end properties in mid-level towns of Bergen County that can be purchased in the 100K-275K range. Properties would need anywhere from 25K-70K in renovations and would be sold in the 300k-400k range. There are still plenty of buyers in this price range due to first time home buyers that qualify for FHA financing. FHA loans are loans which are insured by the Federal Housing Administration, which require as little as a 3.5% down payment for first time home buyers. The goal for Net profits on properties “flipped” would be in the 30K-80K range. BCI’s first year goal for properties flipped would be 3-5. Once capital is raised to purchase more properties at one time, BCI’s goal would be to complete 8-10 per year.