Altisource Portfolio Solutions (ASPS), a provider of real estate technology, announced its latest housing venture, this time to ease the financial burdens and struggles these investors face, especially mom-and-pop investors.
The company launched Residential Investor One, a cooperative designed to ease the real estate process for residential real estate “fix and flippers” to institutional investors managing larger home portfolios.
There is a need for this, explained David Wisen, senior vice president cooperatives and origination services for Altisource. “We try to bring smaller players together and enable them to become more profitable through our scale and our technology. By grouping them into one space, we can bring in vendors and let them be able to access them in an efficient way,” he said.
The company already launched something similar with Wholesale One, and while this model may not be applicable to every area in the housing market, there are key sectors, like rental investors that could use the benefits of a cooperative.
“The residential rental and resale investment market historically has been fragmented, lacking the buying power to reduce the costs for the products and services needed to buy, manage, improve and sell properties,” he said.
Members of the cooperative will have access to a range of services including:
- Access to capital to help investors renovate properties and expand portfolios
- Discounted rehabilitation, maintenance and ancillary products and services (e.g., flooring, paint, appliances, office supplies, technology, shipping)
- Outsourced property management services
- Reduced transaction costs to buy and resell homes
- A community peer group to build relationships and share best practices