A self-taught carpenter, Russ Hemmis considers himself to be a jack-of-all-trades. Being able to do everything from framing, plumbing and electrical to drywall, flooring and trim has allowed him to take on large-scale projects. In 2002 Russ started flipping houses, and helped may families buy their first home with a rent-to-own program. Since 2007 Hemmis has been a co-host and on camera carpenter for HGTV's "24 Hour Design". "Design on a Dime", "The Big Reveal", "$250,000 Challenge" and A&E's "Flip This House".
Successfully flipping homes has brought Russ, and business partner Marcus Hunt, to the philosophy that "there is no better way to learn than to jump in and try it… that or fix it when you've jumped too hard. The worst that can happen is I'll fail and have to do it again, and then maybe a third time." This humorous attitude carries into their performances and television presence.
Russ Hemmis is a self-taught carpenter and founder of Rent to Own (RTO) Investments, a successful real estate investment company assisting first time homebuyers. RTO Investments specializes in purchasing fixer-upper homes, giving them a quick facelift and then offering them on a rent-to-own basis. However, RTO distinguishes itself by applying 100 percent of rent money paid toward the purchase of the home, rather than just a portion.
The idea came from a friend in Australia who had a similar rent-to-own business, and gave 100 percent of the rent paid by tenants back to them as a down payment on their first home. Interested in trying something similar in California, Russ began purchasing rental properties. However, having paid most of his investment into actually acquiring the properties necessitated a polishing up in his carpentry, electrical, plumbing, drywall and cabinetry skills. The first dozen houses served mostly as trial-and-error. However, the process eventually evolved into a system, and RTO Investments was born.
Russ continued to purchase homes in areas like Lancaster, Palmdale and Bakersfield where nice three-bedroom/two-bath homes were selling for under $200,000. Russ was careful to select homes that had been on the market for longer periods of time, as these homes are more easily bargained for. It is because of this that home were mostly in need of yard work, new flooring, walls repair, replacement of sinks and faucets. Careful choice in properties restricted loss for the company, as a few thousand dollars of correctly done surface repair (generally out-of-pocket) would increase the value of the homes dramatically.
About two weeks later, the homes are ready to be put up for a one-year or 18-month lease. At the end of the lease, tenants will purchase the property, with 100 percent the rent paid applied to the balance. But RTO doesn’t stop there – they also work with tenants to improve their credit, so when the home is actually purchased, the tenet’s credit is also greatly improved. Russ has recently moved the company and investment properties closer to Hollywood.
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