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Genentech, Inc. Bahar, eds. Radhika G at Investment Management Regulation , with Clifford E. Kirsch, 3d edition, Fathom Publishing Review of David L. Kirsch, 2d ed. Ann Taylor Schwing, ed. Eventually, the bank said, it could sell the houses to investors.
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Waypoint executives say they can handle large volumes because they have developed computer systems that help them make quick buying decisions and manage renovations and rentals. On a recent morning, he walked through a vacant three-bedroom home with a red tiled roof here about 60 miles east of Los Angeles, one of the areas flooded with foreclosures after the housing market bust. Scribbling on a clipboard, he noted the dated bathroom vanities, the tatty family room carpet and a hole in a bedroom wall.
1-6180339887.userengage.io/manual-de-usuario-peugeot-206.php Twenty minutes later, he plugged these details into a program on his iPad , choosing from drop-down menus to indicate the house had dual pane windows and that the kitchen appliances needed replacing. But critics say newcomers could stumble. The big investors are wooed by what they see as a vast opportunity. There are close to , foreclosed properties sitting on the books of lenders , according to RealtyTrac, a data provider. An additional , are in the foreclosure process, and according to the Mortgage Bankers Association, about 3. With so many families displaced from their homes by foreclosure, rental demand is rising.
Others who might previously have bought are now unable to qualify for loans.
The homeownership rate has dropped from a peak of Economists say that these investors could help stabilize home prices. View all New York Times newsletters. Until now, Waypoint, which focuses on the Bay Area and Southern California, has been buying foreclosed properties one by one in courthouse auctions or through traditional real estate agents. The company, founded by Mr. Wiel, a former Boeing engineer and software entrepreneur, and Doug Brien, a one-time N. An algorithm calculates a maximum bid for each home, taking into account the cost of renovations, the potential rent and target investment returns — right now the company averages about 8 percent per property on rental income alone.
Maehler, who previously advised investors on commercial mortgage-backed securities deals, clicked on a map and saw that rents on comparable homes the company already owned could justify a higher offer.
The house also had a pool, which warranted another price bump. The sting of the housing collapse, driven in part by investors who bought large bundles of securities backed by bad mortgages, makes some critics wary of the emerging market. Waypoint executives say they plan to be long-term landlords, and usually sign two-year leases.
It tries to keep existing occupants in the house — although only 10 percent have stayed so far — and offer tenants the chance to build toward a future down payment. Because the inspectors are not allowed inside these homes, they are driving by 40 of them a day, estimating renovation costs by looking at eaves, windows and the conditions of lawns.
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