________________ Janice Gesila______________________________________
Valor Homes 100 LLC begain in January 2009. We are very proud of our people. They are dedicated to our mission, vision and values. While we do make mistakes, we always try and correct them. In addition we try and find the cause of the problems and fix them so the mistakes are not repeated.
Angie is the manager of Valor Homes and has been here the longest. Robert is our Leasing Agent who shows the homes to prospective customers. Julie's primary focus on renting the homes. Justin is our Repair Dispatcher who handles repair issues as well as ensures homes are completely move in ready when a family is ready to move into their new home. Jessika is responsible for payments and she is trained to work with families to be sure the rent is paid on time. The accounting group consists of Janice and Anita (controller).
The quarterback of the repair group is Justin. He dispatches the maintenance team and helps direct them to their next job. He's been trained to respond quickly to repair requests and treat customers with respect, patience and understanding. We treat repairs seriously and understand that getting them completed in a timely manor is of upmost importance to our customers.
Our mission is to provide long term affordable homes to families.
Our Vision is to become a world class managed company and the best in the property management industry.
Our Values are to always treat the customer great, to get better every day and to always act with the highest integrity.
We try to accomplish this mission in the following ways:
1. We purchase homes out of foreclosure at steep discounts.
2. We try to choose homes in safe neighborhoods that are conducive to raising a family.
3. We remodel the homes so they are very attractive to tenants and require low maintenance going forward.
4. We install bars on the windows and the doors of all of our homes as added security for our valued tenants.
5. We attract and reward investors with a good return on their investment.
6. We arrive at a rental price that will pay the investor a fair return. This rental amount is usually 10%-20% below the current market price to rent homes.
7. We try and attract tenants who are honest, that can afford the rent, and that have the potential to stay in our homes several years.
8. We treat everyone fairly and build good long-term relationships.
Valor rents homes to people with good character, and good credit is preferred but not necessarily a requirement. We believe in long term relationships and working with people. A person’s home is more than just an asset. It is a place that provides shelter for families while they make lifelong memories.
Here is what Valor promises:
1. We will keep the home in good repair
2. We will keep the rent below market rate
3. We will work through problems with honest tenants who communicate in a timely manner
Here is what Valor expects from a tenant:
1. The tenant will keep the home in reasonably good condition
2. The tenant will immediately communicate whenever there are any problems
3. The tenant will pay the rent on time
Valor Homes 100 LLC was started January 1, 2009. The founders identified two distinct market opportunities. While there were many great companies managing commercial real estate and apartment complexes, there were very few great companies managing single family homes for rent. There were certainly no large companies managing single family homes. Because of the collapse of the real estate market, the opportunity also existed to purchase single family homes at steep discounts. The founders built Valor Homes to acquire a large number of single family homes for long term rental. They were not looking to flip the homes for a quick profit. Instead, the founders designed Valor Homes to build long term value by becoming a world class managed company.
Valor Homes’ Strategy is to purchase foreclosed homes for cash that fit a certain criteria in nice neighborhoods, and then remodel each home to a high standard while achieving a specific annual financial return based on rental income. Remodeling is done with a focus on low long-term maintenance and customer (tenant) value proposition. The homes are then rented to qualified customers. Valor Homes is looking for "happy customers." These are customers who appreciate the value proposition being offered. Valor Homes offers a great home at a reasonable price. The "happy customers" will take care of small repairs while calling Valor Homes to deal with the large repairs, understanding that this understanding is what keeps the rent rates low. Valor Homes aspires to always keep the homes repaired to their standard.
Funding comes exclusively from private equity ($16MM as of October 2010 with additional committed) with no bank financing. Eventually when the economy improves, bank funding may be added to the balance sheet for further growth. The investors have owned companies for several generations and are committed to building Valor Homes for the long term.
Valor purchased 214 homes in the first seven months of 2009. The homes were all remodeled to the same specifications. In every home they put ceramic tile in the kitchen and bathrooms. Laminated flooring was put down throughout the rest of the homes. In basement areas, tile was used exclusively. The plumbing and electric was also upgraded as needed. Initially the remodeling and the repairs were done by outstide contractors. Valor stopped buying homes in August 2009 so they could complete the remodeling and rent out the purchased homes. The infrastructure had to be built and the founders did not want to continue buying until operating targets were achieved.
Valor was generally unhappy with the results of the outside contractors with respect to remodels and repairs. In order to improve this Valor Repairs LLC was started in 2010 with its mission to repair and remodel the properties owned by Valor Homes. Valor Repairs aspires to be a great company in its own right. Many of its employees are licensed (electricians, plumbers, HVAC, etc) and they are trained to be courteous, responsive and competent in meeting the needs of Valor Homes and its customers. The results have dramatically improved for Valor Homes since starting Valor Repairs.
Valor started acquiring additional homes in October 2010 with an initial goal to reach 1,000 homes as fast as the operations can handle responsibly. As of December 2012, Valor has acquired over 300 homes.