The story of EN Properties L.L.C. proves the old business adage that it is better to be quick then dead.
The 27-year-old entrepreneurs Victor Naar and Jason Epstein have parlayed their interest in residential real estate and a penchant for moving fast into a multimillion-dollar business
Based in Yonkers, N.Y., EN Properties locates distressed properties, some of them in Fairfield County, buys them, renovates them and sells them quickly for profit.
"Time is everything with us. By the time we close we want to have a plan in place for the renovation and sale," said Naar.
The partners said a quick turnaround is so important to their business, they generally sell homes for 5 to 10 percent below market value in order to ensure rapid sales. Their average hold time is approximately four months between the close of purchase to close of sale.
EN Properties acquires homes through a number, of avenues, including foreclosures, estate sales, auctions and private sales, through banks and brokers.
It evaluates opportunities based on a formula that takes into account "soft costs" such as title and attorneys' fees. If the principals see an upside to a property, the company closes with cash in 30 days or less.
"We can't fall in love with the bricks, we have to fall in love with the numbers," Epstein said.
The principals act as co-presidents. Epstein handles property acquisition and Naar tends to construction management and property sales.
The pair's relationship goes back to their days at New Rochelle High School in New York. Epstein and Naar kept in contact after receiving their undergraduate degrees from Clark University in Worcester, Mass., and the State University of New York at Albany, respectively, "We sort of fell into what we are doing," Naar said.
Epstein was working on Long Island, for a N.Y.-based developer and said he knew he wanted to get into the real estate business. When the opportunity came, he called Naar.

Their own money
The pair purchased their first house in Yonkers in 1997 with $10,000 of their own money.
When they analyzed market conditions, their options and the costs involved, they decided to renovate and sell the property quickly.
"When the home attached to it became available, we used the money from the first one to buy the next and it ,seemed to snowball from there," explained Epstein.
Once EN Properties built a track record, loans and private investments became readily available.
In 1999, the firm purchased 45 homes in Westchester County, N.Y., and five more in Fairfield County worth a total of $11 million.
EN Properties is now taking steps to maintain its short-term cash flow so it may continue to acquire a significant housing inventory.
Most of the company's 25 employees are paid on commission to control overhead costs.
"Now, we are also looking to buy and hold larger income-producing properties and possibly enter into development," according to Naar, who said the goal is to obtain 50 to 75 rent-producing apartments per year.
On about 20 percent of the properties it buys, the firm engages in real estate "flipping." Naar explained that the company will come to terms on a purchase price and then immediately sell its contract to another buyer at a profit.
Flipping is a prime example of how hot the region's market for residential real estate is today-- where homes can be bought, sold and bought again in the blink of an eye. Some say companies such as EN Properties are just tiding the wave.
"We've heard that before. We believe that we are positioned well for any possible downturn. Our turnaround time keeps the risk down," Naar responded.

'All relative'
"It's all relative. In our business, some people prefer a down market. You buy the properties cheaper and there are more of them available," Epstein added.
They have set a goal of selling 80 to 100 properties for a total of$17 million to $18 million in 2000.
EN Properties currently looks for one- to four-family homes ranging in price from $200,000 to $700,000 in Westchester County and $500,000 to $2 million in Fairfield County.
A typical renovated home features a new kitchen, new baths, a new roof, floors, boiler and an upgraded electrical system.
If EN Properties buys a home from a broker, it returns the listing to that broker upon completion of the renovation.
When EN Properties purchases a home directly from a bank or at auction it is listed on the company's website (www. enproperties.com) and on the Multiple Listing Service (MLS) under ENP Realty. These properties pay a 2.5- or 3-percent commission to the selling agent.
EN Properties takes bids from contractors who handle sheetrocking, tiling, light plumbing, electric and carpentry.
Naar said they prefer to have one contractor who can handle the whole project because it makes managing it quicker and easier.
The firm currently has personnel researching real estate markets in Boston, Mass., and Philadelphia, Pa., with plans to slowly take their business model national.