Menu
Urban and rural property
After Dismal Year, Homebuilders See Hope in 2012
Home Sales Rise to 11-Month High
Report: Foreclosures Down, But Discounts Abound
Home Sales Sunnier as Spring Buying Season Approaches
New Home Sales Dip, But Beat Expectations
Fannie Mae, Facing Deficit, Asks Fed for Another $4.5 Billion
Home Values Build for 3rd Consecutive Month
Real Home Price Recovery Not Expected Until Spring
Home Sales: Rise Reflects Steady Improvement
Economists: Housing Recovery Finally Here
Home Prices Increase in Most Major U.S. Cities
Pending Home Sales Near 6-Year High
Home Prices Rise 6.3% in October, Most in 6 Years
Housing Market 2013: Predictions of What's to Come
Housing Recovery Officially in Full Swing, Data Suggests
Can't Get a Mortgage? Here's Why
Trulia Housing Barometer: Housing Market 52% Back to Normal
Home Prices Post Best Yearly Increase Since 2006
Tom Roeser Buys Up Town's Foreclosure Stock to Keep It Thriving
Housing Is Back! Best Moves for Homebuyers
Trulia: Housing Recovery Marches on in March
Are Real Estate Commercials Skirting Realities of Homebuying?
Trulia: Housing in 'Early Stages' of Multiyear Recovery
Obama Proposes Fundamental Overhaul of U.S. Mortgage System
Tom Roeser Buys Up Town's Foreclosure Stock to Keep It Thriving
Tom Roeser is on a one-man mission to save Carpentersville, Ill., from falling into the fate of so many post-industrial Midwestern towns, where neighborhoods have become littered with vacant, foreclosed homes. Over the past several years, the 60-year-old president and co-owner of the town's largest employer, a maker of switches and communications gear called Otto Engineering, has bought 193 foreclosed homes, completely rehabilitated them and is either selling or renting them at a discount to local residents.

Roeser's crusade to save this small Northeastern Illinois town started in 2005, soon after a townhouse condominium complex located about two miles from his factory was hit hard by foreclosures and started spawning crime -- graffiti, gang tagging, property destruction. The Morningside neighborhood where the complex was located looked unkempt and depressed, and property values were plunging.

"It really was neglected," said Roeser. "I went to the town, the county; I went to Habitat for Humanity; I told them that we needed to do something about this neighborhood. I couldn't get help from anybody." So Roeser proceeded to buy 69 of the foreclosed condos in the complex himself. Most of the homes he's bought at auction for less than $30,000, then fixed up. Today, he rents out a renovated 800-square-foot, two-bedroom apartment for $675 a month, about $200 below market value.

By 2008, Roeser saw benefits in buying distressed, single-family homes in other parts of Carpentersville. Not only would he be curbing foreclosures and crime in his community, but he didn't want his customers, which include such big outfits as Motorola, John Deere and the U.S. military, to get turned off when they came to visit. "I couldn't afford for Carpentersville to become Detroit," he said.

There were plenty of distressed homes for Roeser to choose from. Carpentersville was hit hard by the Great Recession. The unemployment rate peaked at 12.5% in January 2010 as many local businesses closed. The foreclosures soon followed. Last year, the area was one of the hardest hit in the country, with 1,042 homes receiving some sort of default filing, according to RealtyTrac. That's a lot in a city with only 9,000 homes.

Roeser's company has at least $10 million invested in the homes right now. "I take the worst houses you can see and tear them completely apart and rebuild them," he said. Typically, he buys a foreclosure for around $40,000 and puts $100,000 to $120,000 into rehabbing it and getting it market ready, including real estate commissions, holding costs and taxes. He then sells the place through Homes by Otto for about $160,000. He does not expect to profit. "The plumbers make money, the electricians make money, everybody makes money and the people get a new home at cost," he said. "I come out of it whole."
  
Shopping for a Home in Winter
Secrets to a Successful Move
Saving the Best for Last
Renting to Own
New House or an Old One?
Make Them An Offer They Can't Refuse
Lifestyle Choices Affect Bottom Line
Inspecting Your Home Inspector
In Love With Two Houses?
How to Track Down Foreclosure Properties
Home-buying With Others
Five Keys to Successful Negotiation
Five Key Areas to Pay Attention to When Buying a Home
Finding a Good Home Inspector
Find the Perfect Neighborhood
Don't Overlook a Home's Potential
Do You Have Buyer's Paralysis?
Debt Reduction Not Required to Buy
Debating Between a Condo or a House
Contingencies Your Home Offer Should Include
Can You Afford to Buy a House?
Buying a Home With Loans from Family and Friends
Buyers, Get an Edge During The Busy Spring Season
Affordability Options for First-time Home Buyers
14 Things to Consider Before Buying a Home
12 Red Flags That Should Raise Concern
10 Summer Moving Tips
Experts Predict Annual Home Value Appreciation to Exceed 6 Percent in 2013
Menu
Housing Starts Rise in July but Fall Short of Forecasts
Giants Masking Billions in Losses for Overdue Mortgages
Home Sales in July Rise to Levels Last Seen in 2009
Rise in Rates Reduces Demand for New Mortgages
Mortgage Rates Rise to Their Highest Levels in 2 Years
The 5 Best States to Buy a Home - If You're a Banker
Home Prices Rise in June at Slightly Slower Pace
Pending Home Sales Slip in July but Remain Solid
Foreclosures Fall 25% in July from a Year Ago
Home Prices Climbed 12.4 Percent in July
Mortgage Applications Rise, as Interest Rates Slip a Bit
Mortgage Rates Edge Up to Near Yearly Highs
What You Should Look for When House Hunting
What is PMI?
Trying to Buy A Diamond In The Rough?
Trouble Pulling the Trigger on Your First Home?
Title Insurance: Who Needs It?
Title Insurance
The Hidden Costs of Homeownership
The Art of House Hunting
The Appraisal Contingency
Sometimes Smaller Is Better
Signs That You're Ready to Buy
Should You Pay Discount Points?
Visit Statistics
http://google.com/

http://bing.com/

https://gepatit-info.top/

https://serdechnic.com/

https://buy-meds24.com/

https://dverirespekt.ru/

https://www.sribno.net/

https://undergroundcityphoto.com/

https://detskiezabolevaniya.com/

http://grafaman.ru/

http://innoslicon.com/html/product/index.htm

https://yginekologa.com/

https://yes-com.com/

https://www.baikaleminer.com/

https://bitmaein.com/shop

https://www.artdeko.info/

https://aerodizain.com/

http://xn--d1abj0abs9d.in.ua/

http://lider82.ru/

http://sta-grand.ru/

http://snabs.kz/

https://sky-mine.ru/

https://rybalka-opt.ru/

http://snegozaderzhatel.ru/

https://xn--e1aaajzchnkg.ru.com/

http://hit-kino.ru/

http://www.regionshop.biz/

https://xn--80aaafbn2bc2ahdfrfkln6l.xn--p1ai/

https://pp-budpostach.com.ua/

https://vykup-avto-krasnodar.ru/

https://gcup.ru/

https://mega-polis.biz.ua/

http://vanrise.com.ua/

http://infra-e.ru/