Hollis Samuel
Charlotte, NC (USA)
Role(s):
Founder/Owner/Principal
Jahs Homes
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Startup
Location:
Charlotte
Industry:
Real Estate
Year Founded:
2009
Number Employees:
1-10 people
Business Stage:
Creation/Idea
Entity Type:
Limited Liability Company
Description:
The company started in New York City just over 2 years ago with an emphasis in short sales. However, New York market in my view became very difficult for short sales so I took my business to North Carolina where we can have better profits. We are able to buy these houses for 60 cents on the dollar and resell to new homeowners for 90 cents on the dollar. The one obstacle is that the banks are stipulating that the houses can't be resold within 30 days from closing. We need financing for this 30 days in order for the transaction to work. Hence the reason we are here looking for financing. To make 30% in as little as 30 days is great and we are willing to share our profits. moreover, the loan is secured by real property with about 40% in equity.