Celebrating 12 Years
How a Chance Meeting in a Hospital Changed Their Lives Forever
While sitting in his office at a hospital in Massachusetts, Stephen Bowen, Nurse Practitioner, was paid a sales call by Michael Falotico, a partner in an oxygen medical supply company. The medical discussion soon turned to real estate, and six months later the two formed a partnership and began their journey to becoming successful real estate entrepreneurs.
The Prelude
Bowen, 61, and Falotico, 45, came from diverse backgrounds and life experiences. But their common denominator were the changes happening in the healthcare industry. Bowen needed additional income because he lost his pension at the hospital he was working at, and Falotico’s medical supply company was being adversely affected by new government regulations and reforms.
At the time of their initial meeting back in 2010, Bowen was already dabbling in real estate. Then, he was introduced to HomeVestors by Aaron Katz, a HomeVestors Development Agent (DA). Working full-time as a Nurse Practitioner on a hospitalist team, Bowen knew that he would need a partner if he were to buy a HomeVestors franchise and become an independent business owner.
Falotico, a 15-year veteran of the medical supply industry, was the right guy at the right time.
The Beginnings
In March of 2010, while the country was recovering from the recession, the new partners bought their first HomeVestors franchise. Immediately, they began implementing the HomeVestors proven systems and never deviated. Falotico really did not know much about real estate, even though he grew up in a real estate family, so he had no choice but to follow the systems. Bowen said, “I’m a science guy. I did the research, the systems worked, so I did what the systems said to do.” And it paid off.
In the first year, their new company, Constitution Properties LLC, bought four homes. Seeing their initial success, they invested more money in advertising and in their second year they bought eight homes. They increased their advertising budget again, and in the third year bought sixteen homes…and every year thereafter they bought more homes than the previous year. They achieved this rapid growth by utilizing the financing provided by HomeVestors. In their first ten years as HomeVestors independent business owners, they grew their business every single year, the first franchisee to ever do so. In 2019, they were the #5 franchise in the country; #4 in 2020; and #11 in 2021.
The Present Day
Bowen and Falotico now own four HomeVestors franchises covering Boston, Worcester County, Manchester, New Hampshire and Hartford, Connecticut. They are also Development Agents for all New England, a role they have had since their fifth year as a franchisee.
The partners also started a brokerage firm, Moor Realty Group, and a rental holding company, New Year Holdings. They have a team comprised of three buyers (one of which is Bowen’s oldest son), a lawyer who handles contracts and listings and serves as the office manager, a bookkeeper, and two administrative assistants.
Besides building their own personal portfolios, they focus on fix and flip (80% of their business), buy and hold (10%) and wholesaling (10%).
Bowen and Falotico celebrated their 12-year business anniversary this March. The day Bowen was interviewed for this story was the same day he retired from his medical career after 22 years. Bowen’s former motto was “I heal houses and I heal people.”
Falotico summed it up by saying, “What I love about HomeVestors is that they let you build your business as big or as small as you want. And, there is wonderful camaraderie and friendship between our franchisees. There is no competition within HomeVestors, we all work together.” Bowen added, “As long as you follow the system, have the desire and the dream, you can succeed.”
Homevestors
What exactly does it mean to be a HomeVestors® business owner? Owning a real estate business is life changing and naturally comes with risks! When you become a HomeVestors business owner, you get immediate access to motivated seller leads, financing resources for qualifying purchases and repairs, one-on-one coaching with your local Development Agent, proprietary software for analyzing properties and deals, and access to a nationwide network of coaches and peers. Your house-buying business is yours and you run it as your own venture with a focus toward your individual business goals.
If you are interested in a franchise, call 855-454-4578. Each franchise office is independently owned and operated.
