Bankers and just about everybody else agrees that a foreclosed home is an eyesore and destroyer of property values. But Peter McNamee of Sacramento who heads his own research firm, McNamee research, is working to turn them back into occupied properties.
His idea is to take these homes off the bank’s hands at a deep discount and rehabilitate them as rental properties for foreclosed families.
What this does, he says, is turn an eyesore in into a property that can stabilize home values in neighborhoods. The home can then be sold to families that have rebuilt their credit.
At the cost of $36,000 he has already rehabilitate a home and rented to a family whose home had been foreclosed.
He is working to buy other homes and develop a business model to guide others.