Fernies | Application Preview
Fernies is applying for government grants to support their real estate business, focusing on property renovation and rental. The initial funding will cover repairs for a house they inherited, which will be converted into a short-term rental. This income will help manage maintenance and loan costs. Additionally, part of the funding will be used to acquire and renovate other properties for resale at a profit.
In the next five years, Fernies aims to expand by managing multiple renovation projects simultaneously and eventually establishing their own real estate company with employed contractors. They recognize the emerging housing market in their rural area but note a lack of 'turn-key' homes. Many properties linger on the market due to their condition, which Fernies plans to address by renovating them, filling a gap left by other real estate companies that do not engage in such extensive renovations.
Fernies faces little to no competition for their unique approach of transforming undervalued properties into desirable homes. Their strategy involves purchasing homes that have been overlooked, renovating them with a focus on quality, and ensuring they meet modern standards without appearing like low-quality flips. This commitment to quality and attention to detail sets them apart in their local market.
-
General Information
Business Registration Number: 884218634
Location: Crown City, OH, United States
Length of Operation: 1-5
Number of Employees: 1-10 Employees
Annual Gross Income: Less than $100k
Annual Gross Expense: Less than $100k
Open to Loans: YES
-
Funding Usage
Initial funding would be the immediate repair of a house we purchased from our mother that needs repairs. This property would be used a short term rental since it sits on her families farm and we would not want to sell. The short term rental income would help cover the maintenance cost and the loan expenses. The remainder of the loan would be to purchase and renovate property that we could quickly sell for a profit.
-
Business Plan
We plan on growing our business in the next five years by buying and renovating more properties that we would keep selling at a profit. We would love to have 3-4 projects going at a time, at a minimum. Eventually growing our business into our own real estate company, with contractors who are also employed by us. We live in a rural area in which the housing market is starting to bloom but houses that are "turn key" are hard to come by. We have several properties in our area that sit on the market, even when others fly off the shelf. The properties that sit are the ones that no one wants to touch. They cannot see the potential past the mess or the needed renovations. We are not afraid to get our hands dirty and clean them up. There is no one in our area who actually takes these properties and renovates them to make them nicer. We would be the first. There are lots of real estate companies and owners of rental properties in the area, but no one who actually fixes places up to make them nicer.
-
Self Identified Competition
There are no competitors in the area who do what we want to do. We do have some real estate companies in the area, but they would be helping us find and sell the properties in the area . There are also some rental property owners, but they do not flip or fix the houses to make them nicer. What makes us different is that we would actually take the properties that do not sell and purchase at a cheap price. We would then renovate the properties so that we could make a profit from them. Our goal would be to keep renovations to a minimum while still keeping them updated and up to code for all maintenance. We want our properties to not look like "cheap flips" but something we would want to live in as well.
-
Contact Applicant
Subscribe to our Administrator Dashboard to gain full access to this application. Learn More
