Atlanta needs the positive ripple effects of Waypoint’s approach – reducing blight and creating jobs – as much as Atlanta citizens need the direct benefits of a newly renovated, well managed home with a path to homeownership built into the lease.
Atlanta, GA (PRWEB) August 28, 2012
Waypoint Homes, a pioneer in the REO to rental industry, announced today that it has begun purchasing homes in the Atlanta area. “Atlanta’s currently got the sixth-highest foreclosure rate in the nation and unlike some other cities, that rate is still going up,” said David Zanaty, who joined Waypoint in June as regional director. “Atlanta needs the positive ripple effects of Waypoint’s approach – reducing blight and creating jobs – as much as Atlanta citizens need the direct benefits of a newly renovated, well managed home with a path to homeownership built into the lease.“
Doug Brien, co-founder and managing director, explained, “We believe our commitment to ‘reinventing renting’ will appeal to people in Atlanta who are looking to rent a single family home. We’re committed to providing innovative lease options and professionally managed homes and we’re looking forward to partnering with local businesses and creating jobs at the same time we help to stabilize communities.”
With Waypoint’s 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.
Waypoint Homes works with local realtors and contractors in the regions where it operates to purchase, renovate, and rent single-family homes. The company owns more than 2,100 homes. Most are in California, where the company was founded, but a growing number are in other areas, including Phoenix, AZ and most recently Chicago, IL. Waypoint has purchased more than 15 houses in the Atlanta area over the past several weeks and has more in the pipeline.
Zanaty, a former commercial real estate developer, attended Emory University and the Georgia Institute of Technology before earning an MBA at Northwestern University’s Kellogg School of Management. “With our approach, residents feel more invested in their communities, which benefits everyone,” he noted. ”Having spent my career in Atlanta, I’m very excited to bring the Waypoint model to this region and to build the Waypoint team here in my home town.”
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 2,100 homes in California and Arizona and is rapidly expanding nationwide.