We are thrilled to be up and running in Chicago. We bought our first house last week and we’ve got several others in the pipeline. I’m looking forward to building the Waypoint team here in my hometown.
Chicago, IL (PRWEB) July 30, 2012
Waypoint Homes, a pioneer in the REO to rental industry, has officially opened for business in the Chicago area. “We are very excited to be up and running in Chicago,” said Charles Young, who joined Waypoint in June as regional director. “We bought our first house in Aurora last week and we’ve got several others in the pipeline. I’m looking forward to building the Waypoint team here in my home town."
Doug Brien, co-founder and managing director, explained, “Our goal is to ’reinvent renting’ by providing a high-quality, professionally managed experience for our residents. We think our approach is a great fit for the Chicago market and we’re looking forward to partnering with local businesses and creating jobs as we grow.”
Waypoint owns nearly 2,000 homes in California and expanded its fast growing business model to Phoenix in May. Working with local realtors and contractors in the communities where it operates, Waypoint Homes purchases and renovates single-family homes and leases them to residents. With its trademarked Lease Plus Rewards program, residents sign a two-year lease on a newly renovated home. They qualify for the program by completing a personalized Financial Fitness consultation and during the course of the lease they earn points for paying their rent on time, maintaining their home, and completing additional financial education seminars. At the end of the lease term, they can convert their “Waypoints” toward the purchase of any home in any market where Waypoint does business, exchange the value in cash or choose from a variety of different upgrades to their home provided they are current on their rent.
Young, a Chicago native and former investment banker, grew up on the South Side and the North Shore and made his first real estate investment in Chicago’s River North District. After college he spent several years as a professional football player before earning an MBA from Stanford. “The boost toward homeownership that’s built into our Lease Plus Rewards program helps revitalize neighborhoods, which Chicago desperately needs,” he explained. “And for those who don’t want to or aren’t ready to buy, the lease structure provides other rewards designed to facilitate a longer term lease, which also helps encourage community stability. With the traditional rental model, residents are less likely to feel invested in their communities. Our approach makes renting a rewarding experience, while providing a path forward.”
About Waypoint Homes: Based in Oakland, Calif., Waypoint Homes (http://www.waypointhomes.com) has created a next-generation real estate company with an innovative business model to help address the lack of liquidity contributing to the prolonged U.S. housing crisis. The Waypoint solution centers on buying distressed single-family houses, renovating them, and then leasing them to residents via innovative leasing programs that are designed to provide a path to future home ownership for the residents. A leader in the emerging REO-to-rental industry since its founding in 2008, Waypoint has acquired more than 1,800 homes in California and Arizona and is rapidly expanding nationwide.