By Ashley-Victoria Smith
Many things have slowed down since 2020 but one thing hasn’t, even with the limitations and restrictions and that’s real estate. This past year we have seen massive growth in home buying, including short-term rentals, and AirBnbs — thanks to many working remotely allowing more freedom to travel and work from wherever. However, there are still thousands of families nationwide who unfortunately have suffered from foreclosures or evictions from their homes due to the effects of the pandemic and inflation. It is heartbreaking, and one of the last things that any of us want to think and/or talk about. Just ask Ifeoma Edeh, founder of Devine Elevation LLC.
Interview with Ifeoma Edeh
Losing a family home of more than 20 years is what drove once a stay-at-home mom, Ifeoma Edeh, to learn more about real estate, home ownership laws, and to ultimately start her own business: Devine Elevation LLC. Her business helps families avoid the hardship she and her family had to endure.
Devine Elevation offers strategic options to prevent foreclosure. The business accomplishes this by developing great relationships and customized game plans for families to help them overcome and reverse the consequences of late mortgage payments.
Prior to starting Devine Elevation, what was your occupation?
I was a stay-at-home mom of four children and a student working on my bachelor’s and master’s degrees.
What made your decision to enter real estate?
It was a personal painful experience with foreclosure ― losing a house my family and I lived in for 20yrs. This circumstance led to my continuous quest for knowledge. My goal was to learn everything I could about strategies to mitigate foreclosures and advocate for other families.
How does the “buy houses, cash offer” work?
Our goal is to provide the best possible solution through creative or seller financing. An example $200,000 property, we may offer the owner of the property a cash offer of $216,000 with the agreement to pay $1,000 a month for the next 18yrs. It is a residual income for the owner, especially if the owner is going through pre-foreclosure or inherited a home he or she wants to get rid of.
What is the number one reason for foreclosure and how is it preventable?
There are several reasons for foreclosure. The number one reason is financial setback due to illness or loss of income. We offer Subject-To, as a solution to the homeowner who is behind on mortgage payments. This strategy helps the homeowner who is in the pre-foreclosure stage. It prevents the stressful process of foreclosure and eliminates the hassle and expenses involved in selling a home.
Some people say that “renting” is a waste of money and time. Others say that depending on the person’s lifestyle and needs, it actually balances out. What does Devine Elevation say? Is buying a home worth it or is it better off renting?
It depends on the lifestyle, financial situation, and personal goals. Buying a home is worth it more than renting. Although it comes with a certain degree of commitment and financial obligations to invest in an asset that one can build equity. However, it can be sold or handed over to the next generation.
The AirBnb market has skyrocketed within the past two years. With remote work being offered more with companies, many people are traveling and renting out AirBnbs. Do you see more short-term rentals in place or a gradual decrease in those numbers?
The market trend of short-term rentals will continue to increase rapidly. This is due to people who travel for work, business, or pleasure. Short-term rentals give people flexibility. They can move from one state to another and not be stuck with long-term lease rentals.
Does Devine Elevation plan to expand nationally or stay within the current coverage area?
Devine Elevation plans to expand outside its coverage area in Illinois. It will expand to other states in America and eventually internationally.
What can clients expect when working with Devine Elevation?
Integrity and dependability. Our success is measured by the success of our clients.
About Ifeoma Edeh
Ifeoma Edeh is a quality-focused and solution-oriented management professional with a drive and commitment to provide quality customer service to clients. Although she has a master’s degree in Healthcare Administration, Real Estate is her chosen industry to make a difference in people’s lives. One of her favorite quotes is “People will forget what you said, people will forget what you did, but people will never forget how you made them feel.” – Maya, Angelou. Edeh is also a member of the Chicago Area Real Estate Investment Association (CAREIA), an association that provides a network platform sharing information on several strategies to provide property solutions to people.
