Mark Cambria
Houston, TX (USA)
Role(s):
Founder/Owner/Principal
Neighborhood Renovation Company
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Startup
Location:
Houston
Industry:
Real Estate
Year Founded:
2007
Number Employees:
1-10 people
Description:
We buy select single family homes that need work, renovate them and rent them to quality tenants. We buy and renovate the houses with our own cash funds,then refinance long term with 75% or 80% LTV loans. We get most cash invested back out, make a 20%-25% equity profit and achieve an average $200 per month net cash flow after ALL expenses. We have bought 5 rental houses since August 2007, but now must seek alternative long term financing due to Fannie Mae maximum loan limits of 4 houses per person, recently reduced from a maximum limit of 10.
We are not interested in Hard Money Loans as we have funds to buy and renovate. I can accept a variety of loan types, i.e. interest only, 20 yr amortization, 70% LTV, 3-5 year balloon, partnerships, etc. I am trying to continue to take advantage of the best buyer's market in our lifetime, without resorting to guru scams or preying upon those in the process of losing their house. I buy houses already foreclosed on and listed, usually fixer uppers, which earns me a commission as an agent on most. The equity/profit is legitimate, verified by accurate appraisals and earned by creating value, not just finding deals below market.
My goals are to continue to build a rental portfolio rather than flip houses as most of our competitors are doing. Our business plan is detailed and well thought out, but we must alter it because of the current mortgage/financial crisis. Let me show you how and why our market niche is the best and most secure place to be in the real estate industry. I have 14 years experience as a Real estate Broker and renovator and I am currently a licensed agent in Texas.