Econohomes History: A Leading Online Real Estate Investment Company
In 2006, Econohomes started buying and selling affordable properties priced under $50,000 to buyers who were unable to obtain traditional home loans. Led by a small team of real estate and investment experts, the company grew with sales in more than 30 states, primarily in the Upper Midwest.
It was a tumultuous time with the housing crisis beginning in 2008. A flood of distressed properties hit the market, inflation rose and unemployment climbed, putting extreme downward pressure on the value of houses and drying up demand from buyers who were hard hit financially.
This crisis spurred a turning point for Econohomes. We needed to shift our strategy to find a niche in this spiraling market. With some tightening, and serious evaluation we found the right mix to thrive as one of the top property investment companies.
We stayed true to our values and purpose to turn distressed properties into affordable homes. We creatively developed an efficient online system to get properties into the hands of investors quickly, and nurtured key relationships with mortgage lenders and servicers for a steady flow of properties. Combined with flexible options to finance investment property, Econohomes helped streamline the home investments process to make it easy for local investors to buy these properties and transform them into affordable homes.
With our strong network of customers and suppliers, we’ve grown our small company to become the leading online source for wholesale investment properties, buying and selling thousands of properties across the nation. Now with a strong network of local investors, together we’re part of a grassroots movement of local investors acquiring, rehabilitating, renting, and reselling the tens of thousands of distressed REO properties.