Ed Weinberg, of Dex Property Solutions, Inc, a real estate solutions company, is interviewed by Rich Tehrani of Content Boost.
Click below for the video…
Rich: Hi, Rich Tehrani at Content Boost. Thanks for watching. We’re in our Norwalk, Connecticut studio and Ed Weinberg is joining us on the set.
Rich: So, you’ve got an exciting thing that you’re doing that, I’m glad you’re hear to talk to us about. Can you tell us the name of the company?
Ed: Sure. Dex Properties Solutions, Inc.
Rich: Fantastic. And what are you guys doing?
Ed: We’re real estate solution providers and redevelopers. We buy real estate that often can’t be bought with a conventional mortgage because of some defect in the real estate. We fix it up in some way that it can get conventional financing, we bring it up to the level one would expect in this century, and we either rent out the property or we sell the property.
Rich: Very cool. So, it sounds like if I have a home that fits that description, that I’m looking to sell and I haven’t been successful, that going to a company like yours would be one of my options?
Ed: Well, what makes us a good option is that, because we’re investors, we don’t have to worry about financing since we often pay cash. So if you’re in some sort of a situation where you can’t sell your house because there’s something wrong with it, it could even be something as small as your furnace doesn’t work, and without a working furnace, a bank isn’t going to give you a mortgage. We’ve looked at houses that have wells that have run dry, that have a missing septic system, or a roof that leaks. Often we’re buying from banks. When we’re buying from a bank, we might purchase a property that has no plumbing in it, or that the plumbing that was in it has frozen up over the winter, and so all the plumbing needs to be replaced.
Rich: Or the copper pipes are stolen?
Ed: Or the copper stolen.
Rich: Understood. Other things could be, as well. I guess you could have an oil tank in the ground.
Ed: Sure. Right. It can, and they could be very expensive to fix.
Rich: Lead paint.
Ed: Lead paint, and other environmental issues. Basically, if there’s a piece of property and it’s got a defect that we know we can fix, because you can’t fix all defects, then we are interested.
Ed: If your house is built over a sink hole, I’m not sure we’re ready to
purchase that yet.
Rich: So where geographically do you invest?
Ed: That’s a very good question. We’re a member of a network of thousands of investors across the country, and because of that, if you happen to be in an area that we’re not interested in–we’re primarily in Connecticut, but if you are in an area that we’re not interested
in, we can often find somebody who is interested in it. We also look at ourselves as consultants. Even if we are not interested in purchasing a property, we might be able to tell the owner how they can fix solve the problem. We can either recommend a real estate agent who we deal with regularly, or we can tell you what you need to do to maybe improve things. We look at that as giving back, and we don’t actually get anything out of it,, but maybe some day when you’re ready to sell the house, or maybe you’ll know somebody else, or that person will know someone else who has a problem, hopefully they’ll send them to us.
Rich: That’s very very interesting. And so, you’re, primarily here in the Connecticut area, so if someone’s watching, if they’re in Connecticut that’s great, and if they’re not, they can still work with you and that you can find find someone to help them out.
Ed: Yes, we work with people in The greater Bridgeport area, including Stratford, Fairfield, Milford and Trubull, the greater New Haven area including North Haven and East Haven, the valley, including Derby, Shelton and Ansonia, and the Shoreline, including Branford, Guilford, and Madison.
Rich: Should they call even if their home is theoretically able to be sold?
Ed: Yes, and there are some reason why they might want to. It’s possible that, for one reason or another, either financially or for other reasons they need to sell their house quickly. Maybe it’s during a divorce; maybe feuding relatives in an unwanted inheritance or a probate situation, because we are investors we can make a very fast offer, and maybe they want the money quickly. They don’t have to fix up their house, and there is no commission, and generally no closing costs, and we can usually structure it so they can move out on their schedule.
Rich: Great. What are the other things they need to know, if anything? Have we left anything out?
Ed: After we fix the houses, we are often looking for someone to sell the houses to. We have some programs that we can sometimes use for people who don’t qualify for conventional financing, or who don’t have a lot of money to put down, and because we’re giving them a
house where basically in many cases a house in which everything has been updated, they don’t have to worry about a roof, they don’t have to worry about a furnace failing, they don’t have to worry about air conditioning…It is basically close to a new house.
Rich: That’s fantastic. Well thanks so much for being on the program.