It's not often that I get to write about bounty hunters in regards to commercial real estate
. In fact, this is the first time in a quarter of century.
So I'm pleased to report this week that bounty-hunting firm Bureau of Fugitive Recovery Inc., a thinly traded penny stock on the Over-the-Counter market, changed hands.
Chad M. Carpenter purchased 6 million shares of the outstanding common stock for $128,605 from shareholders in a private transaction. Carpenter immediately became the majority shareholder of the company, owning 71.8% of the outstanding voting shares and became its president and CEO.
Carpenter is also CEO of Reven Capital LLC, a private real estate investment firm in La Jolla, CA, focused on opportunistic investing.
With Carpenter taking over Bureau of Fugitive Recovery, the company is undergoing a radical change and giving up on bounty hunting to embark in a new line of business. It intends to hunt down and acquire portfolios of occupied and rented single-family houses throughout the U.S.
Instead of tracking down fugitives from the law, its business plan involves acquiring portfolios of rented houses from investors who have bought them low, fixed and rented them.
As of this week, the company has not made any acquisitions and lists total assets of just $12,000. To carry out its business plan, the company will need to seek additional funding, according to company filings at the Securities & Exchange Commission.
Carpenter could not be reached for comment for this story. According Reven Capital's website, the firm formed a new subsidiary on the same day as the bounty hunting transaction. The new entity is Reven Housing REIT, which intends to become the first publicly listed and traded company to focus solely on buying portfolios of rented houses.
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