Timur Yusufov believes that the rebirth of a community begins in the imagination of a man devoted to family, friends, and community. Such is the dream being brought to fruition by one such dedicated man. A hundred years have come and gone since the first coat of paint was laid upon the walls. Yet the challenge to renovate and renew is only the start for Real Estate Entrepreneur Timur Yusufov.
As his portfolio of properties grows, so is the breath of life brought back into the rejuvenated properties. This is the gift that this coupling of two partners and their team return to their community. The group was started when Timur and his brother-in-law purchased a five-property group of row houses. The properties were a hundred-years-old and all boarded up and abandoned. The group gathered a team of talented renovators and preceded to change the face of the Baltimore City streets. As one set of homes are updated, they are put up for rent. The newly rehabilitated and remodeled homes with air conditioning have become the most desired homes to rent in the area. While the rentals are in the process of being filled, Timur Yusufov and his partners are negotiating for new financing for the next group of homes and the process begins again.
Timur Yusufov is the Chief Financial Officer for this group of investors. He is the person who they rely on to acquire the financing for their ventures. It is challenging to get financing for distressed properties. He has built relationships with bankers and loan officers. Timur has built confidence in them and continues with the quest of transforming the community.
While Timur Yusufov’s portfolio of properties expands, he is not limiting himself to only renovated property rentals. He has also invested in businesses such as a rehabilitation center for people who are recovering from injuries, an adult daycare center, a produce store, and a pharmacy. He has also invested in a line of health & wellness supplements products which he has not yet marketed to the masses as of yet. He is always open to discuss new projects or investments, especially if it will improve the equity in his homes or his community.
Timur Yusufov is a proud father of four children. Though it is rare that he has very much time off, his free time is spent with his family. The twins, ages thirteen, practice martial arts. He likes to read and enjoys spending time in the gym first thing in the morning.
How did you get started in renovating distressed properties? What inspired you to start this business?
In 2005 I purchased a property. I renovated it, and I rented it out for about 10 years. I was always interested in real estate. I think that owning property gives you a bit of security. If you own a business, it can go bust. But if you own property, you have equity in the property. I was interested in buying commercial buildings in the area. I am always working on projects of one kind or another. I usually do two or three things at a time. Sometimes projects will fail. Most projects are successful. I keep myself busy.
When you were starting out, was there ever a time you doubted it would work? If so, how did you handle that?
Actually, with my first purchase, I was planning to remodel the home and then sell it. But the housing market fell, and I would have lost a lot of money, so I ended up renting it instead. I got cold feet for a while after that. I thought it was prudent to put the idea of buying and remodeling properties on a back burner until the market picked up again. I decided to research more and educate myself more before making any additional purchases.
How did you get your first customer?
My partner is a real estate agent. I am the investor, and I did the renovations. It was up to my partner to do all of the marketing. She put the property up on her website and advertised on sites such as Zillow. That is how she sold my first property.
What is one marketing strategy (other than referrals) that you’re using that works really well to generate new business?
Social media and mass marketing. The internet is a huge part of our marketing strategy.
What is the toughest decision you’ve had to make in the last few months?
The toughest decision we had to make was whether or not to refinance our properties. We would have had to pay an enormous fee to have the cash flow to be able to continue to purchase more properties. It was a tough decision because it was a fifty-thousand-dollar fee. But we had to do it if we were to continue to do what we wanted to do.
What do you think it is that makes you successful?
I am constantly analyzing. I go back every six months and see if there was anything that I could have done differently. I try to look at where I may have made mistakes. I go over everything and see where I might be able to improve. I make sure I am using my team where their talents are the strongest. I make sure we are using the right wholesalers. I make sure the quality of the renovations is the best they can be. I see how well we did with staying on time and on budget. I look at everything. After I analyze everything, I can make plans for the future.
What has been your most satisfying moment in business?
The most satisfying moments that I have with any business or projects that I have is when I can recognize the expansion and the success of growth. It is when I can hire more people to work on my projects. I always try to make sure that they are happy working for me.
What does the future hold for your business? What are you most excited about?
In the real estate business, it is all about growing my real estate portfolio. It is all about expansion. It excites me to have many businesses going on at the same time. As long as I am busy and working and figuring out how to make my business better and more expansive, that is what most excites me.
What is a recent purchase you have made that’s helped with your business?
It is not so much what I have purchased in as much as it is being able to negotiate the financing or find the financial backing that I need to continue our growth.
What is the best thing that you are currently doing?
There is joy in the fact that I am improving a community. We are taking 100-year-old distressed properties that are boarded up and are eyesores and have criminal activities happening. We renovate them and modernize them. Instead of illegal activities going on in these properties, we make them welcoming to families who want to come back to Baltimore City. Where there was crime, there are now homes and a community. If more investors did what we are doing for this community, it would raise the standard of living for everyone and build the equity of the community.