A small and innovative company, aptly named The Community Redevelopment Corporation (CRC), is fighting the tide of the recession by helping to take homes out of the hands of banks and putting them into the hands of home owners.
The CRC was formed in early 2009 although its two founders (and brothers) Brian Pittman and Chad Pittman have been in the foreclosure business and have rehabbed over 100 homes since early 2007 with the formation of their first company P2O Financial, LLC.
Their new venture, the CRC takes a much more community oriented approach. “The economic crisis isn’t something we have to suffer through or wait out, it’s something we need to do something about. It’s time for all of us to look at ourselves and ask, ‘What can I do to help?’”, says Brian.
He goes on to explain how the CRC brings big investors, small investors, homeowners, and community organizations together.
“Our high-net-worth investors finance the initial purchase from the banks as well as the rehabilitation of our homes. Our homeowners then pick the homes they want. We work with The Good Life Foundation to help us advertise to home owners and run financial literacy seminars.” For any homes which can’t be sold to home owners in a reasonable amount of time, “Our small investors scoop up the remaining homes at a reduced cost and with the help of our low down payment program.“
The CRC specializes in low to moderate income neighborhoods in a few key target markets including Memphis, Tennessee and Indianapolis, Indiana. Brian says properties in their neighborhoods many times rent for more than what they cost to own, a reality that is inconceivable in high value markets like California and New York.
“These areas are kind of like the neighborhoods that time forgot, but because of their high rent to price ratio, even in these troubled economic times, they’re a safe investment for our investors and a no-brainer purchase for our homeowners”.
Brian says that while business has been slow the past few months things are starting to pick up. “Until recently people have been very fearful about any type of investment including owning their own home, but recently I’ve seen a change in the mentality from ‘Oh no this can’t be happening’ to ‘What can I do to make the best out of this situation?’”.
http://www.crchomes.com
