Riel Roussopoulos
Google News – Search
<p>Cory Nemoto, co-owner and founder of <a href=”https://kecocapital.com/” target=”_blank” class=”color-link” title=”https://kecocapital.com/” rel=”nofollow noopener noreferrer” data-ga-track=”ExternalLink:https://kecocapital.com/” aria-label=”KÉCŌ Capita”>KÉCŌ Capita</a>l, a private real estate lending company based in Honolulu, Hawaii, that flips houses in Hawaii, Las Vegas, and Seattle. The company also lends to investors nationwide. In Hawaii, the housing market supply cannot meet the demand for housing, as its population grows faster than new housing opportunities can be built. Irresponsible development routinely plagues neighborhoods while large corporations construct high rise, luxury condominiums to attract foreign buyers. Very few of these condominiums are actually owner-occupied, as it seems these foreign buyers choose to park their money in Hawaii’s appreciating housing market. As local Hawaii families desperately seek affordable housing, more high-rise condos appear, still out of local homebuyers’ financial reach. In 2020, the <a href=”https://www.hicentral.com/mpr/mpr-2020-12.php” target=”_blank” class=”color-link” title=”https://www.hicentral.com/mpr/mpr-2020-12.php” rel=”nofollow noopener noreferrer” data-ga-track=”ExternalLink:https://www.hicentral.com/mpr/mpr-2020-12.php” aria-label=”median price for a single family home”>median price for a single family home </a>in Hawaii was $870,000, and a condo was $455,000, while the <a href=”https://datausa.io/profile/geo/hawaii#:~:text=In%202018%2C%20Hawaii%20had%20a,%2480%2C212%2C%20a%203.15%25%20increase.” target=”_blank” class=”color-link” title=”https://datausa.io/profile/geo/hawaii#:~:text=In%202018%2C%20Hawaii%20had%20a,%2480%2C212%2C%20a%203.15%25%20increase.” rel=”nofollow noopener noreferrer” data-ga-track=”ExternalLink:https://datausa.io/profile/geo/hawaii#:~:text=In%202018%2C%20Hawaii%20had%20a,%2480%2C212%2C%20a%203.15%25%20increase.” aria-label=”median income”>median income</a> currently stands at $80,212. KÉCŌ Capital indirectly seeks to increase the housing market’s inventory by providing affordable capital to companies like Audrey Kikos’ to help them scale their business, thus allowing them to make a greater impact in their communities. </p>
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<img src=”https://specials-images.forbesimg.com/imageserve/6059453096922aef45833916/960×0.jpg?fit=scale” alt=”Audrey Kiko of Redhead Homes Properties” data-height=”960″ data-width=”720″>
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<p class=”color-body light-text”>Audrey Kiko of Redhead Home Properties</p>
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<small>Photo courtesy of Audrey Kiko</small>
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<p>Audrey Kikos’ <a href=”https://www.redheadhomeproperties.com/” target=”_blank” class=”color-link” title=”https://www.redheadhomeproperties.com/” rel=”nofollow noopener noreferrer” data-ga-track=”ExternalLink:https://www.redheadhomeproperties.com/” aria-label=”Redhead Home Properties”>Redhead Home Properties </a>is a real estate solutions company serving the Los Angeles and San Bernardino areas with the mission to rejuvenate neighborhoods to increase the standard of living and overall quality of housing for residents. She specializes in purchasing, renovating, and selling distressed houses, and her expertise in this area earned her a feature on seasons 1 and 2 of the HGTV show Flipping 101 with Tarek El Moussa to showcase her Woodland Hills house flip. Her business offers a wide range of services, such as foreclosure avoidance, debt removal, and renegotiation. </p>
<p><strong>Real Estate Investors Restore Communities</strong></p>
<p>Nemoto. KÉCŌ Capital and Redhead Home Properties specializes in purchasing distressed homes, renovating them, and reselling them at fair market value prices. Properties that are deemed too high-risk go untouched by banks and other traditional lenders while the communities starve for new housing accommodations. </p>
<p>Cash investors, such as Nemoto, are able to lend capital to other real estate investors so they can purchase and renovate properties deemed untouchable by banks. These real estate investors then place the newly renovated homes back on the market. In starving markets like Hawaii, this is extremely vital, as the state is in desperate need of more housing options. </p>
<p>Redhead Properties rehabilitates the worst houses in the neighborhood to sell them at or above previous market prices, which raises the value of all the properties in the area, in addition to offering more housing options for the community. In addition to just restoring houses, Kikos’ company takes on neighboring improvement projects, such as repaving roads. After flipping a house, she wanted to repair the road to fully revitalize the community and rallied the neighborhood to raise enough money to repave the road. </p>
<p><strong>Real Estate Investors Revive the Local Economy</strong></p>
<p>Flipping and reselling houses requires a large team to successfully execute. High costs and possible bankruptcy loom over investors as they begin the arduous process of flipping these distressed homes, and selecting experienced and carefully vetted contractors is essential to success. Lending companies, such as KÉCŌ Capital, allows investors to purchase properties and create a trickle-down effect in the local economy. For investors to be successful, they’ll need to employ local contractors, material providers, construction workers, realtors, escrow agents, inspectors, painters, roofers, plumbers, electricians, landscapers, stagers, and more, thus boosting the local economy. </p>
<p>Redhead Home Properties sources contractors local to SoCal and is a family business, with Kikos’ son, mother, father, sister, and best friend helping with various aspects of renovations. Local workers from various industries, such as demo, general contractors, subcontractors, painters, and escrow/title companies, are involved in the renovation process, and Kikos continually maintains relationships with some of the best local businesses in the SoCal area. </p>
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<p><strong>Real Estate Investment isn’t just about the money</strong></p>
<p>Real estate investors are often described as only having interest in real estate for the money, and while this may be true for some, Nemoto and Kikos strongly disagree. They know real estate investing is more about helping their communities than just turning a profit. For Nemoto and Kikos, this industry is about helping people and communities. </p>
<p>Kikos’ company provides assistance to homeowners in financial distress and provides opportunities for private lenders or anyone seeking to begin investing in real estate to invest in her company with double digit returns. She started her company to “help provide a real estate investing option that wasn’t ‘only about the money.’” When asked about her company’s missions, she had this to say: “We are about people first, and the money will follow.” Many sellers don’t have the financial means to repair their houses before they’re permitted to sell them, but Kikos’ company purchases these homes for cash, regardless of the condition of the home. This allows those homeowners who must quickly sell their homes to sell them faster, and homeowners are able to leave any trash or furniture they no longer want in the home when selling to Kikos’ company. Redhead Home Properties also can help homeowners avoid foreclosure and with first month’s rent, security deposit, and moving services for their new home. </p>
<p>Nemoto’s company also offers assistance to homeowners in financial distress through a variety of programs to best fit the unique needs of each homeowner. Some of these programs include providing homeowners with cash to save them from foreclosure or settle any delinquent tax issues, taking over mortgage payments to provide homeowners with immediate relief, and paying for essential home repairs that the homeowner cannot afford. </p>
<p>“We’re working to provide investors with the capital and resources to amplify the positive impact they leave in each community they touch,” says Nemoto. Both Kikos and Nemoto’s companies exemplify the good real estate investors can do while simultaneously shattering the stereotypes of some surrounding real estate investors.</p>
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One year ago, in March 2020, the World Health Organization <a referrerpolicy=”unsafe-url” target=”_blank” href=”https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fwww.who.int%2Fdirector-general%2Fspeeches%2Fdetail%2Fwho-director-general-s-opening-remarks-at-the-media-briefing-on-covid-19—11-march-2020&esheet=52400721&newsitemid=20210324005600&lan=en-US&anchor=declared&index=2&md5=b69efa92dd8ab571578ef68498097fc1″ rel=”nofollow” shape=”rect”>declared</a> COVID-19 a pandemic. Since then, <a referrerpolicy=”unsafe-url” target=”_blank” href=”https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fmagazine.realtor%2Fdaily-news%2F2020%2F10%2F15%2Fnearly-16-million-people-have-moved-during-the-pandemic&esheet=52400721&newsitemid=20210324005600&lan=en-US&anchor=16+million+people&index=3&md5=d683489a8801e18ab1beb4ab3390e880″ rel=”nofollow” shape=”rect”>16 million people</a> have moved into larger households while millions more have creatively reimagined their current space due to a <a referrerpolicy=”unsafe-url” target=”_blank” href=”https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fwww.realtor.com%2Fnews%2Ftrends%2Fnation-faces-unprecedented-housing-shortage%2F%23%3A%7E%3Atext%3DOverall%2520housing%2520inventory%2520plummeted%252043%2Ca%2520result%2520of%2520the%2520shortage.&esheet=52400721&newsitemid=20210324005600&lan=en-US&anchor=lack+of+available+housing+inventory&index=4&md5=ed8c5b570d582cadb5c95d74822807aa” rel=”nofollow” shape=”rect”>lack of available housing inventory</a>.
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Hippo’s findings signal a new era of homeownership in which homeowners take on a more active role in investing in their homes, driven by an increased desire for added comfort and an inherent need to protect what has become most Americans’ largest financial asset. In the past year, twice as many homeowners spent $10,000 or more on their home than in the previous year. Even as pandemic-fueled social restrictions decline and people begin to return to work and school, 71% of homeowners said they will continue to invest in their home with the same level of interest in proactive improvements.
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<i>Hippo’s Survey Findings Include:</i>
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<b>Homeowners are making more home improvements, upgrades and repairs</b>
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<i>The pandemic has paved the way for increased investments made inside and outside of the home.</i>
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<b>12.3% of homeowners bought a new home </b>or property within the last year.
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<b>More than half </b>(54%)<b> of homeowners have made improvements</b> to their property since the start of the pandemic.
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The <b>backyard is the #1</b> <b>spot</b> <b>for home improvements</b>, followed by the kitchen, home office and home gym.
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<b>66% of homeowners spent more than $1,000 on home improvements and/or home repairs </b>in the past year.
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The number of <b>people who spent more than $10,000 on home improvements and/or home repairs doubled</b> in the past year as compared to an average year (increased from 5% to 10%).
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<b>52% of homeowners said they’ve become more involved in taking care </b>of their home in the past year.
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Of this group, <b>millennials were the most proactive in taking care of their homes </b>(64%)<b> </b>signaling a strong start for this generation of up and coming homeowners.
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<b>71% of homeowners said that they will continue making the same amount of home improvements</b> moving forward as they did over the past year.
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Due to increased time spent at home, <b>1 in 3 homeowners have repaired their plumbing</b> in the past year, <b>making it the #1 home repair</b>.
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<b>Homeowners still have dreaded to-do list tasks that are neglected</b>
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<i>While home maintenance can be a tedious task, being proactive led to less repair work and strain on homeowners in the long run. Every dollar spent on maintenance can <a referrerpolicy=”unsafe-url” target=”_blank” href=”https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fwww.getrichslowly.org%2Fsave-money-with-regular-home-maintenance%2F&esheet=52400721&newsitemid=20210324005600&lan=en-US&anchor=prevent+up+to+%24100&index=5&md5=32fa30b0a1824349601a99e9f8c0c9fc” rel=”nofollow” shape=”rect”>prevent up to $100</a> of repair costs.</i>
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<b>76% of homeowners have at least one task that they dread</b> as a homeowner.
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<b>Cleaning the gutters was the most dreaded task</b>, while <b>lawn care</b> came in a close second. The third most dreaded task as a homeowner was <b>cleaning the oven</b>.
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The top three most neglected tasks include maintaining the <b>plumbing</b> (15.1%), <b>heating </b>(13.2%) and<b> electric</b> (12.4%)
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The U.S. Department of Home & Urban Development recommends an annual maintenance routine in order to avoid injuries and illness, and to reduce allergens. Despite this guidance, <b>68% of homeowners admitted to not having a</b> <b>home maintenance checklist or routine </b>that they follow annually.
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<b>Homeowners are becoming more proactive with their home care responsibilities</b>
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<i>Americans are completing approximately <a referrerpolicy=”unsafe-url” target=”_blank” href=”https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fwww.homeadvisor.com%2Fresearch%2Freports%2Fmarket%2F&esheet=52400721&newsitemid=20210324005600&lan=en-US&anchor=511+million+home+maintenance+jobs&index=6&md5=90181934583f8b62eb6003fac587f459″ rel=”nofollow” shape=”rect”>511 million home maintenance jobs</a> each year. Nationally, homeowners are completing about 16 jobs per second. </i>
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<b>1 in 3 homeowners have a home maintenance checklist or routine </b>that they follow annually.
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Of these motivated homeowners, <b>76% believe they’ve become even</b> <b>more proactive in taking care of their home</b> in the past year.
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<b>Homeowners in the Northeast </b>(57%)<b> completed the most home care tasks</b> and repairs this year, followed by the <b>West</b> (53%), <b>South</b> (51%) and <b>Midwest</b> (48%).
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After completing a significant home improvement or home repair, many homeowners are missing a critical next step. More than half (53%) of homeowners said they made changes to their homes while<b> only 40% updated their home insurance policy</b>.
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<b>More than half of homeowners </b>(55%)<b> who did update their home insurance policy were millennials</b> – this generation is quickly becoming the most active in their homeownership responsibilities.
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<b>Smart Home products continue to grow in popularity</b>
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<i>In 2010, people owned 12.5 billion connected devices; by 2025, the number of connected devices is estimated to reach <a referrerpolicy=”unsafe-url” target=”_blank” href=”https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fwww.mckinsey.com%2Findustries%2Ffinancial-services%2Four-insights%2Fdigital-ecosystems-for-insurers-opportunities-through-the-internet-of-things&esheet=52400721&newsitemid=20210324005600&lan=en-US&anchor=50+billion&index=7&md5=1025fb2029ab940fa57e26db8e0d16c3″ rel=”nofollow” shape=”rect”>50 billion</a>. Increased comfort with Internet-enabled wireless devices, sleek design, and ease of use are increasing consumer adoption of smart home.</i>
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<b>Nearly half of homeowners </b>(44.6%)<b> purchased smart home products in the past year.</b>
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Of those, the leading smart home products purchased were <b>smart home assistants, smart lights, and</b> <b>smart speakers</b>.
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<b>Millennials took the lead in upgrading and prioritizing their work-from-home setup, compared to other generations</b>
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<i>With millennials being the <a referrerpolicy=”unsafe-url” target=”_blank” href=”https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fwww.gallup.com%2Fworkplace%2F324218%2Fmillennials-finally-workplace.aspx&esheet=52400721&newsitemid=20210324005600&lan=en-US&anchor=largest+generation&index=8&md5=ae047f666eb6cd0f3428df4084db76cf” rel=”nofollow” shape=”rect”>largest generation</a> in the U.S. labor force, the majority of remote workers are from this age group. </i>
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In the past year, <b>52% of homeowners spent money on office equipment</b> (desk, upgraded wifi, video conferencing equipment) while <b>35% spent money on living room decor</b> (lighting, living room furniture, bookshelf, accent decorations).
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<b>Video conferencing equipment</b> (e.g., ring light, microphone, green screen) <b>was purchased the most by millennials </b>(71%), followed by Gen Z (16%).
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<b>71% of millennials also purchased smart Wi-Fi</b> compared to only 6.7% of<b> </b>boomers who purchased smart Wi-Fi.
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The most <b>popular smart home devices purchased by boomers were smart home assistants</b> (e.g., Amazon Echo, Google Home).
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Interestingly, 75% of millennials said that completing a home improvement project has enabled them to <b>take a personal hobby to the next level</b>.
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During the pandemic, the personal hobby that takes the rein for millennials is <b>producing content (e.g., music, podcasting, blogging, etc.) </b>at 77%, followed by baking (68%) and personal fitness (65%).
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“The past year’s shift in how we live in our spaces has fundamentally changed the way we take care of our homes, with long-term effects,” said Rick McCathron, President of Hippo. “Our homes are no longer places where we spend minimal time —with our households becoming the primary haven where we work, socialize and rest, we’ve discovered that more people are becoming proactive in taking care of their homes. This increase in time at home is leading to a larger amount of home improvements, and at Hippo, we’re always underscoring the importance of maintaining your home while ensuring that homeowners are getting the best possible protection when home upgrades are made.”
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Hippo is playing an active role in helping homeowners maintain their homes. Hippo customers have access to Hippo Home Care, a virtual home concierge service that provides proactive home care and maintenance services. Homeowners can receive annual remote home checkups by certified Home Pros that work with customers to guide them through an inspection of certain systems around the home. Hippo Home Care has delivered thousands of home checkups and its Home Pros have performed over 11,000 preventive actions. Hippo has the most widely adopted smart home program in the U.S. homeowners insurance sector,** providing homeowners with smart devices that equip them with the information to better protect their homes and access premium discounts on their home insurance policies.
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<b><span class=”bwuline”>Methodology</span></b>
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Survey insights were collected by Hippo among 1,000 homeowners in the U.S. ages 18-65+ through AYTM (Ask Your Target Market) from February 12-17, 2021.
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<b><span class=”bwuline”>About Hippo</span></b>
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Hippo offers a different kind of home protection company, built from the ground up to provide a new standard of care and protection for homeowners. Our goal is to make homes safer and better protected so customers spend less time worrying about the burdens of homeownership and more time enjoying their homes and the life within. Harnessing real-time data, smart home technology, and a growing suite of home services, we are creating the first integrated home protection platform. Hippo is headquartered in Palo Alto, California with offices in Austin and Dallas, Texas and insurance products available to more than 70 percent of U.S. homeowners in 32 states. Hippo Insurance Services is a licensed property casualty insurance agent with products underwritten by various insurance companies. For more information, including licensing information, visit <a referrerpolicy=”unsafe-url” target=”_blank” href=”https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fprotection.greathorn.com%2Fservices%2Fv2%2FlookupUrl%2Fb833fb40-e6fa-4955-8bfb-5e0d5e2dfb5c%2F455%2Fc207880bab620f6a9b8cef2253b1044013817813&esheet=52400721&newsitemid=20210324005600&lan=en-US&anchor=www.hippo.com&index=9&md5=31b3583e7a6355407b13def1ccb6efce” rel=”nofollow” shape=”rect”>www.hippo.com</a>.
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<i>*According to Statista 2020 U.S. household data <a referrerpolicy=”unsafe-url” target=”_blank” href=”https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fwww.statista.com%2Fstatistics%2F183635%2Fnumber-of-households-in-the-us%2F%23%3A%7E%3Atext%3DHow%2520many%2520households%2520are%2520in%2Chouseholds%2520in%2520the%2520United%2520States&esheet=52400721&newsitemid=20210324005600&lan=en-US&anchor=https%3A%2F%2Fwww.statista.com%2Fstatistics%2F183635%2Fnumber-of-households-in-the-us%2F%23%3A%7E%3Atext%3DHow%2520many%2520households%2520are%2520in%2Chouseholds%2520in%2520the%2520United%2520States&index=10&md5=1f830fed460ac2990deaed15c851a5f0″ rel=”nofollow” shape=”rect”>https://www.statista.com/statistics/183635/number-of-households-in-the-us/#:~:text=How%20many%20households%20are%20in,households%20in%20the%20United%20States</a>.</i>
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<i>**Statement attributed to Matteo Carbone, founder of the IoT Insurance Observatory </i>
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