Keeping an Open Mind
How a Serial Entrepreneur Became a Real Estate Success
A successful entrepreneur with deep experience in start-ups, as well as in executive and financial management, Derek Cook has always been open to new business opportunities. His various ventures have included mortgage lending, restaurants, automobiles, and even the ATM industry. But his most recent successes involve those in the real estate investment industry.
A native Floridian, Cook got his first taste of real estate in Arizona while working in finance at Bank One (now JPMorgan Chase). Then he went to work for a mortgage broker before forming his own successful mortgage company. It was there that he had a revelation. “I was giving away so many leads to real estate agents that I decided to get my own real estate license and keep the leads myself,” Cook explained. So, he got his license in 2002 and began his real estate career first in retail then migrating to fix-and-flips.
After years of being on his own and with auctions becoming increasingly difficult, a friend recommended that he investigate buying a HomeVestors franchise. At that time, Arizona was a closed market, which meant that you had to buy an existing franchise and not one from Corporate. Cook found a franchise for sale, as did Donald Juvan. Both men wanted the same franchise, so instead of bidding against each other, they became business partners. They bought the Arizona franchise in October 2015 and began focusing on the fix-and-flip niche of the industry.
From the very beginning (and still to this day), Cook and Juvan enjoy the relationship, expertise and responsiveness of their Development Agent, Michael Ludlow, and Ryan Chenoweth. Both new independent business owners also took maximum advantage of the HomeVestors marketing system and the HomeVestors CRM. Cook explained, “HomeVestors has such an incredible reach, we would have been foolish not to take full advantage of that. And, we love having a national brand behind us.”
Due to both Cook’s and Juvan’s previous business successes, they never needed to borrow money from outside sources to acquire properties. And owning a small lending business helped as well. The partners’ company, Cook Enterprises, buys investment properties throughout Arizona, including Tucson, Flagstaff, Maricopa, San Tan Valley, and of course the Greater Phoenix Area. In 2021, Cook bought another franchise in New Mexico and Juvan owns an additional franchise in Northern Arizona.
Describing the Arizona real estate market, Cook explained that inflation and rising mortgage rates are affecting their business. “In March 2022, Phoenix had 4,000 houses on the market; today there are 16,000 houses. And they are on market for a longer period of time. However, iBuyers are canceling contracts left-and-right and leaving sellers high and dry. We are getting a lot of that business and simultaneously helping these people who have been left in an ‘ugly’ situation. HomeVestors gives me the additional tools to help people in these dire situations.”
Overall, business is good for Cook Enterprises – they have a staff of transaction coordinators, three acquisition agents, and a construction crew on the payroll for the property rehabs. Cook’s daughter, Clara, just graduated from high school and has expressed an interest in the family real estate business.
The Cook family lives in beautiful Gilbert, Arizona. Derek is married to Maren, and they have three children – Clara, Clay, and Janie.
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 855-454-4518, email sales@homevestorsfranchise.com or visit www.homevestorsfranchise.com. Each franchise office is independently owned and operated.
