Humble Beginnings. Great Expectations.
In 2006 we were investing in homes near Notre Dame Stadium to furnish and rent for football weekends. We aspired to not only create a fun business revolving around Notre Dame football, but also help rejuvenate a beautiful neighborhood just south of Notre Dame's campus. Our business model was predicated on finding diamonds in the rough and renovating them, and there were many great projects within our budget near Notre Dame. We suspected that the best financial rewards could be found in foreclosures, but banks and their servicers were not interested in selling distressed properties then; the great recession, after all, was still only on the horizon in 2006 and 2007.
In 2007, following a lengthy search, we found a great home in need of some love, and during our diligence discovered that the owner had purchased the property via something called a tax sale. We bought the home, but we also resolved to understand how we ourselves could access this market and reduce our acquisition costs. In 2008, we pooled together our capital and did just that, purchasing eight tax liens from St. Joseph County, Indiana. We foreclosed on one of the homes and realized that we had stumbled onto something scalable.
In 2009, we created an investment fund to purchase portfolios of tax liens throughout Indiana. We founded the company on the hypothesis that there would be abundant opportunities to invest given the cooling housing market. In retrospect it was obviously the right call and the real estate market quickly collapsed. We grew the scope and size of the fund, eventually purchasing tax liens in multiple states including Arizona, Indiana, Illinois, D.C., and Maryland. In 2015, we decided to abandon the fund structure and strike out as an operating company with our own capital.
Today, we are exactly that: a real estate investment firm financed by leading debt partners. We focus our investments entirely on the markets of Maryland and D.C. and are the largest institutional investor in these communities. Though we foreclose on very few properties, we pride ourselves on working with property owners to avoid foreclosure, assisting those owners in securing our premium proceeds when we do, and restoring the homes we foreclose on such that they are no longer burdens on their neighborhoods and again part of the community's tax base.
Our aspiration is to continue to grow into markets where we feel our technology and systems will give us an edge over the competition. We don't aspire to be the biggest unless we can remain the best, but we will continue to grow large enough such that we can handle the needs of the municipalities and real estate markets that we serve. We believe we execute our business model the right way: local governments get needed funds, we treat borrowers fairly, and we restore distressed properties and their surround communities.
We wouldn't have it any other way.
Total Invested: $200MM+
Headquarters: Chicago, IL