This is so amazing. To get out of our horrible economy and to grow we’re all going to need to do things like this. My thinking cap is on ……………
A news story caught my eye this morning: One Man’s Fight Against Foreclosure in Carpentersville.
Tom Roeser, president and co-owner of Otto Engineering, the largest employer in Carpentersville, Illinois is a great example of local investing. When the hard times hit, the foreclosures began, and then were followed by abandonment, graffiti, gang tagging and property destruction – he took action.
He started buying the foreclosures. If they were run down, he fixed them up.
“I couldn’t afford for Carpentersville to become Detroit”.
He also didn’t want potential customers turned off by the foreclosures and crime when they came to visit.
His approach to saving his own business has resulted in helping to save his community –
Why does his approach work?
“Typically, he buys a foreclosure for around $40,000 and puts $100,000 to $120,000 into rehabbing it and getting it market ready, including real estate commissions, holding…
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