Foreclosures equal opportunity for Carpentersville business owner

There aren't too many places in the county where you can buy a single-family home with updates like stainless steel appliances, washer and dryer, new carpeting, doors and windows for under $150,000.

But a local businessman is offering just that with renovated homes in Carpentersville at bargain prices.

Tom Roeser, president of Otto Engineering, has purchased 25 homes in the aging Meadowdale section of town to improve the area - and ultimately the village.

"We absolutely gut the houses," Roeser said. "These are horribly constructed houses and some are uninhabitable.

"They have mold, water damage and the electrical is unsafe," he added. "When we are finished with them, you have basically a brand-new house for $140,000."

Roeser is selling the homes at cost, forgoing any potential profits.

"I am not making a nickel on these 25 homes," Roeser said. "This is where my business is and this is where my employees live. If I can do something good, then why not do it."

Most of the properties Roeser purchased since December were vacant due to foreclosure. That has allowed him to acquire the homes at a fraction of their value, leaving room in the budget for considerable renovations.

So far, two of the homes have been sold and five others are on the market.

"This is a once-in-a-lifetime opportunity, and is an example of what can be done to address the foreclosure problem," Roeser said.

The first home he sold was to a young couple who graduated from Dundee-Crown High School and wanted to stay in the area.

Community Development Director Cindy McCammack said the program helps clean up the village.

"We don't want housing units that are vacant and not maintained," McCammack said.

Roeser said he wants to encourage others to undertake similar projects.

"I am not doing this as a philanthropist. I am doing this as a catalyst," said Roeser, who has also invested in downtown properties, as well as townhouses in the village's Morningside neighborhood. "As any chemist knows, a reaction can't happen without a catalyst, but before and after the reaction the catalyst stays the same. In this case, I remain the same, but the village is greatly improved."