Homeward Properties Inc | Application Preview
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General Information
Business Registration Number: 0101-0408-65
Location: Cresskill, NJ, United States
Length of Operation: 6-10
Number of Employees: 1-10 Employees
Annual Gross Income: $250k to $500k
Annual Gross Expense: $250k to $500k
Open to Loans: YES
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Funding Usage
The funds we are seeking will be directed towards the development of 5 new manufactured homes on currently vacant land in Salem County. These homes will be subsequently offered to the Salem Housing Authority, providing much-needed affordable housing options for families in need within the community. The total cost per home, inclusive of land purchase, ordering of the home from the manufacturer, and setting the home upon the land to make it ready for move-in, is estimated at $150,000. Our endeavor aligns with the broader objective of finding affordable housing solutions for families in South Jersey.
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Business Plan
Our target is to provide affordable housing solutions in New Jersey by leveraging our expertise in setting up manufactured homes on private land. Over the next five years, we have planned to construct 2-3 homes annually, offering viable residence options for the qualified housing vouchers program of the Salem Housing Authority. Each home will cost us $150,000 and will be rented to families in need, meeting the rental criteria set by the Housing Authority to ensure safe housing which is in the range of 1600-1800$ per month to the renter. This will significantly increase the available housing opportunities in Salem county, which are much needed in the current scenario. Our houses will be brand new, featuring 3-4 bedrooms and 2 bathrooms, and will be equipped with a NEW kitchen, HVAC , plumbing, and electric systems. Manufactured in Virginia and transported to New Jersey in compliance with the NJ wind zone code. Each house, from land purchase to home setup, takes approximately 4-6 months. With this initiative, we firmly believe that we can effectively alleviate the housing shortage in Salem and the surrounding counties. Homeward Properties Inc., with a reputable seven-year history in the industry, is a trusted name in selling, setting up, and renting Manufactured Homes in New Jersey. With our extensive experience and profound market knowledge, we are dedicated to providing personalized services that cater to the diverse housing needs of our clients. We offer compelling and affordable housing solutions for families in need. Our homes are brand new, yet they come at the same cost as a 1940s home with outdated systems and deteriorating wood. The economies of scale are enormous, and we are confident in our ability to increase the pace if needed.
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Self Identified Competition
While it can be challenging to identify our direct competitors due to the bespoke nature of the majority of development in the space, several companies do emerge as potential contenders. These include: * Select Modular Homes, Inc * NJ Home Builders & Renovation, * SJ Hauck Homes. These firms predominantly focus on custom-built modular homes, tailored to the specific requirements of individual families. However, our approach at Homeward Properties Inc is distinctly different. We specialize in delivering ready-to-move-in homes, primarily catering to the Salem Housing Authority and other housing authorities within the South Jersey area. This enables us to meet the pressing needs for immediate, quality housing in these communities. Homeward Properties Inc. offers a fresh perspective on the affordability issue in New Jersey. With a focus on creating sustainable, value-driven housing options, our company is at the forefront of making affordable housing accessible to those in need. As house prices continue to rise and the median house crossing 236,500 in Salem county and 432,000 in New Jersey , we believe that our solution provides better quality compared to old houses, much better value for money, all at a more affordable price for the residents.
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