Jim Boyd
Memphis, TN (USA)
Role(s):
Founder/Owner/Principal
PRENet, LLC
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Startup
Location:
Memphis
Industry:
Real Estate
Year Founded:
1998
Number Employees:
1-10 people
Description:
We are a residential real estate investment company. We buy and sell single family houses. Our objective is to acquire houses that have at least 35% equity and immediately resell them. We buy primarily in the metro Memphis TN market, which includes northwest Mississippi and Atlanta, GA.
We run an aggressive marketing campaign which supplies us with a large number of leads on prospective properties. We evaluate each property and select only those that meet our strict buying guideline; that is the total cost of purchasing and rehabbing the house (if necessary) must be less than 65% of the houses current market value. We also acquire properties with less equity via Quit Claim Deed and simply assume payments on the current mortgage.
Our exit strategy is to market our properties for resale at just below full market value to attract as many qualified buyers as possible. In conjunction we offer a Lease with Option to Purchase at just above market value for families who can not qualify for a mortgage immediately. Our lease option is very attractive to many potential home buyers who have been turned down for a loan because it is based on their ability to pay rather than credit history.
We are at a growth phase where we are looking to increase our portfolio by taking advantage of the incredible opportunities the current real estate market is producing. We recognize that the high foreclosure rate, the decline in property values and the sub-prime mortgage crash have made this an excellent time to purchase investment property; we just need the capital to acquire the best deals when we find them. Therefore, we are seeking an investor partner(s) to finance properties we buy.