VIEW POINTE PROPERTIES (2)

Business Description

   View Pointe Properties, LLC began as a service oriented company dedicated to help clients who do not meet conventional requirements, having high FICO scores, excellent credit, clear of bankruptcies, excessive debt, histories of default, and often incapable of raising funds for the customary twenty per cent down. It was structured as a means of solving issues which prevent them from gaining ownership in real estate. We formed the service organization to help people gain equity through a lease option contract which gives them three years to pay towards ownership, accruing equity with each principal payment, which is deducted from their cost after three years, and makes it easier for them to refinance, building up their credit history and gaining ownership of their home. We realized it takes a team of professional people to make this possible, which is part of View Pointe Properties efforts to gather investor partners, which make their profit on the shared interest and initial consideration presented at the beginning of the lease option agreement. Our business is unique in that regard, that we offer a professional collaboration of time, talents, funds, and guidance to help them overcome past errors and mistakes. We formed View Pointe Properties as a 401K LLC, which is set up to reinvest profits into real estate acquisition, to establish a retirement fund for the members. Dr. Fredric Cook and his wife, Debra Cook have successfully built Park City Music for the last fifteen years, which brings in income day to day, but does not create a retirement income. View Pointe Properties 401K, LLC is the vehicle which will gain equity, income properties, and funds for retirement.   Although we live in Park City, where the average income is higher than our neighboring Salt Lake County populace, there are still individuals who need to overcome challenges, and as far as we know, there is no other group set up to help them at this point in time. This is our mission, to make it possible for more people to gain home ownership, gain self-esteem and confidence in their ability to be responsible for their condition, and not rely on government hand outs or bail outs. This is our way of assisting our clients gaining worthwhile values in their lives, and setting an example to their families, friends, and neighbors that it is possible. It is our dream that within the next five to ten years, we will have a strong, vibrant company serving less fortunate people, helping them to increase their self-worth, their innate abilities, as well as providing them opportunities to become self-reliant, self-sufficient and somewhat free of fears that crop up when we are subject to the will of others, employers, family members, and those of us who thrive by taking advantage of their weaknesses and naïveté.

Services

   Initially, we hold an interview with the client, gathering a brief history of their situation, how they came to be where they are, and what their current state of mind, health, and wealth is. This is not an interview designed to be critical of their situation, but rather gathering a view of what they understand, what challenges they are having, and what they’ve done to confront those challenges. We ask what resources they have, a job, an income source, some savings, some credit available, and if they have family members who can help them in whatever capacity they are able to. It is meant to produce insight into their predicament, not directed to making them feel bad, angry or in any way hostile to themselves or others. It is not an indictment, but an indication of what available solutions exist. We are not here to make anyone wrong, or blame anyone for their condition, but rather focus on positive choices which can help them recover, gain stability, and prosper in life. We are not psychologists, just interested, compassionate people who offer help, without draining their current resources. 
    Secondly, we offer assistance to landlords, investors, and private lenders by establishing a screening process suitable to their needs, guiding people to adjust to each individual’s situation. We have resources to set up rent collection services to collect monthly rents automatically from either a client’s bank account or credit card. The service we currently use guarantees protection against credit card fraud, and is accepted by major credit card companies.

The Market

Park City:    Demand is greater in a ski resort community for suitable housing, and therefore, there is less flexibility with market values, however, there are occasional owners who may have purchased properties before the 2008, 2009 bust in real estate values, who are interested in selling, even less than market rates. There are also distressed properties that come available which can be purchased at a discount. Investors are attracted to Park City real estate, but know they will ultimately pay more per square foot than Salt Lake County properties. The question is, “how much rent is customary?” We have sources to clarify and resolve that question. The best news is Park City has a wealth of industry professionals who are interested in helping one another understand and create solutions. Park City has been a magnet attracting innovative and creative people to our mountain resort, many of which live here year around. Although there are many realtors in Park City, they are limited by a variety of regulations levied by lending institutions, and by clientele who can afford luxury properties. They do not have the time or desire to focus their attention on buyers who cannot qualify for conventional loans. It is estimated that 25-35% of people seeking home ownership fall outside the parameters and will welcome our team to help them gain equity and ownership.
Salt Lake City:
   Supply is greater in Salt Lake County, and investors have been actively purchasing properties there, which make the area more competitive. Because the size of the area is much greater, they have more time to invest in securing and selling properties. As we expand our network of landlords and private lenders to Salt Lake City, we will supply them with resources and vetting services which will save them a major percentage of screening buyers and tenants.
    It may be possible that a greater percentage of people in Salt Lake City fall into the similar plight, not having sufficient means to gain home ownership. We will reach out to community groups to find these people, who like those who have given up the task of seeking work, may have reached a foregone conclusion that it is impossible to work out the problems of securing their own home. What has happened in Park City will eventually happen in Salt Lake City that the word will go out that View Pointe Properties, LLC is here to help you bypass the usual channels and find creative solutions to gaining home ownership. These are the people who make up our targeted market.
   When they come to us, we educate our clients in a variety of ways of overcoming the barriers that have surrounded them in this process.

Competition

   There are property management companies who address some of the issues, but take little time or effort to consult their buyer-clients in available means to that end. Often, the good managers have most of their attention on providing the best service to handle their properties, and so the client is left to his/her own devices. The concept is to place their emphasis on the quality of the work done, and exchanging that service for funds directly. Our concept is to question, collaborate and come to workable solutions. That’s how they get referrals, primarily on the healthy satisfaction from their clients. Their attention is directed to maintaining a viable facility for them to live in. Our attention is on creating a client interested in finding and discovering effective solutions that are exchanged by fees.    It places our clients in a positive mindset to be able to continue making positive solutions. So, in many ways, we have little or no competition, because of the emphasis and importance we place on our services. Unlike a tradesman whose sole attention is on exchanging a product or service, our attention is to help our client gain more certainty, belief and practical knowledge s/he can build upon to confront and solve problems and issues. Unlike the tradesman who collects for products delivered, estimates and fees for labor costs, installation, and finishing services, our service is complementary, and the only payment we require is not hourly, daily, weekly, but the compensation we receive initially, and the monthly interest charged over the three year period. We know we can help people make adjustments in their lives that are intellectual property that they can retain for the rest of their lives, and that, to anyone is priceless.

Operations

   Operations are defined as the processes used to deliver our services to our clients, landlords, and equity partners. At this stage in our development, we have no employees, only independent contractors, who work part-time for us and have other sources of income. We only provide 1099s for our contractors, professionals, attorneys, CPAs, Limited Equity partner investors and members of our LLCs. There are two LLC organizations, View Pointe Properties 401K LLC, which is our retirement organization that reinvests all profits back to the organization, and View Pointe Real Estate, LLC which handles the execution of Lease Option Agreements, Tenant-Landlord contracts, and member acquisitions and distributions of profit. They are separate entities, one for retirement only, the other for profit.    At the start up stage, we work both companies from our home office and Park City Music. We have secured legal representation from Robert Saunders in Park City, Utah for contractual agreements, adjustments to our operating agreements for each entity, and Landlord contracts, tenant contracts, Lease Option Agreements, and creation of distribution agreements between equity partners, landlords, and members of each LLC.

Management Team

   Dr. Fredric Cook has been a businessman since 1975 when he opened, managed and taught at the Los Angeles Academy of Dramatic Art, sharing his knowledge and success as a professional theatre, film, television actor and director. He founded and was the Executive Director of the Alexander Repertory Company from 1977 to 1982.   He taught as an Associate Professor at Hunter College from1982-1985 developing a cross-over curriculum between theatre and film. When his wife gave birth to their two children, they moved back to Los Angeles to raise them, and resumed his film, theatre and television career until 1997 when his family moved to Park City. Upon discovering that there was no music store, he and his wife, Debra, and son, Aaron opened Park City Music that year.   This drew in musicians who wanted to share their knowledge with students. Dr. Cook completed his PhD at Rochville University in Sarasota, Florida and became the Executive Director of Utah Conservatory which was formed in 2000 and has grown with 22 instructors and 350 students. The idea for View Pointe Properties came up in 2010 when students needed help getting their families relocated to Park City. View Pointe Properties, 401K LLC was formed March 11, 2011. 

   Debra Cook has been a teacher and entrepreneur since the mid seventies, and has successful private studios in Provo, Utah and Hollywood, California. Debra co-founded National Realty Counselors, Inc. in 1990 (through 1995) thin Fort Lee, New Jersey. NRC does negotiations to reduce real estate and personal property taxes for commercial, industrial properties throughout the United States. Debra was responsible for office management, initial evaluations of properties, and property analysis. She was involved in some negotiations with clients such as Lever Brothers, Lipton Tea and National Starch & Chemical. As a voice teacher and professional singer, she collaborated with Seth Riggs, a well-known vocal performance coach who has had several Broadway and Hollywood performers as his students. Debra is a member of Screen Actors Guild and American Federation of Television and Radio Artists, who has performed on stage, film, television and opera, having completed seven seasons at Utah Opera. She has a master’s degree in music from Brigham Young University and has several of her students who have been given major scholarships at universities coast to coast.