‘Ugly Houses’ franchise brings in pretty penny

WEST PALM BEACH, Fla. – Jan. 14, 2010 – The ugly house business is booming.

Don Cameron, who owns a West Palm Beach franchise of Home Vestors, better known as “We Buy Ugly Houses,” was recently recognized with the company’s “Rising Star Award.”

The award is given to franchises that have seen significant increases in business.

Cameron’s company, Hi-Land Properties, buys, refurbishes and resells homes. Yes, he’s a flipper. But don’t hold it against him.

While flippers are largely blamed for the real estate price run-up that led to the historic market crash, Cameron said he’s learned from mistakes made during the boom.

He now hopes to help revitalize the market by fixing up vacant, abandoned and foreclosed homes – rehabilitations that will add value to neighborhoods.

“We’re giving people a lot more value for their money,” Cameron said. “We’re offering a yearlong warranty on all our fixes, and basically people are getting a brand new house at a discount.”

Cameron acknowledges there was a time when the market was going so crazy that his company would flip a home with few improvements.

“As soon as we got a property, people were interested in buying it,” he said.

Those days are long gone.

In 2007, Hi-Land did just 50 homes – less than half of its typical business.

In 2008, it managed to flip 75 homes. By the end of 2009, the company had done deals on 110 homes, beating its own projections.

Cameron, who has owned Hi-Land since 2000, said much of his business now is with first-time buyers spurred by the up to $8,000 tax credit.

Dallas-based Home Vestors has about 200 franchises in 33 states.

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