Following a Calling
When A New Business Opportunity Called, Ross Herman Went All In
Ross Herman, the proud owner of a HomeVestors® franchise based in Minneapolis/St. Paul, started out in business as a public accountant. However, he always knew he would use that expertise to chase bigger dreams.
“I went the CPA route in order to see different businesses, operations, and management styles,” Herman said. “I always wanted to do my own thing, and used the accounting skills to watch for my next opportunity.”
Herman’s first opportunity came in the form of a startup food-service business that he successfully founded and later sold to a partner before heading back into accounting. He did not remain there long; HomeVestors appeared and was far too perfect a fit to resist.
The Beginning
Herman had a background in and affinity for real estate, albeit not residential property, thanks to his family’s ownership and management of commercial assets.
“I had grown up seeing my grandfather and father invest in and manage neighborhood retail shopping centers, so I always knew I would be intrigued by an opportunity to build an investment portfolio,” Herman said.
He opted to build an investment portfolio of single-family homes when he joined up with HomeVestors in 2002.
“I had always wanted to invest in single-family, and I immediately enjoyed spending time building, improving properties, providing opportunities for myself and my family, and providing opportunities for other families — whether they were buying or renting — to have a good place to call home,” Herman said. Although the early 2000s were tough for many real estate investors due to the heat of the pre-2008 market, Herman benefitted from HomeVestors systems, which began generating leads for his new business and enabled him to use HomeVestors financing for acquisitions.
“That was absolutely critical at that time, and new franchisees should always follow the systems that are laid out because they work,” Herman said. “When the markets change in unexpected ways [as they did in 2008 and again in 2020], following the system is what will ensure you survive those changes.”
Building Stability for Family & Community
When Herman first started out with HomeVestors, he focused mainly on buying, rehabbing, and reselling homes. “Business was good,” he recalled. He also began acquiring rental properties and began to build up his own real estate portfolio.
“When the market crashed, it was extremely challenging,” he said, adding that joining up with his present-day investment partner and mentor helped him refine his strategy and increase focus on improving systems and processes while acquiring more single-family rentals.
Herman said the best advice he could give new HomeVestors franchise owners is to stick with the systems in place for their success.
“Do not deviate. Focus on buying homes, and be consistent,” he said. “Be conscious of cash flow. Remember, if you turn your marketing on and off, you will miss opportunities to generate cash flow.”
He concluded, “There will always be real estate cycles and there will always be changes in real estate, but housing is housing, and everyone needs a place to call home. I see a strong future in this franchise, and I am excited to continue to follow the systems, revitalize houses, and create homes.”
Homevestors
What exactly does it mean to be aHomeVestors® 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.
