First Security Investment Co. Inc., (FSICO), LA’s oldest minority-owned real estate company, will celebrate its 60th anniversary on May 25. The celebration honors founding owner Andre S. Vaughn and top-ranked real estate professional Evelyn A. Reeves, who has headed the company for the past 20 years. The anniversary event will take place at the FSICO headquarters on Crenshaw at 6 p.m.
In early years, being a minority-owned company, FSICO, faced numerous obstacles. They were restricted from selling HUD houses and Fannie Mae’s properties. They were barred from the Association of Real Estate Brokers. Consequently, they had to use other means and form their own association, the Consolidated Reality Board.
FSICO differs from other real estate agencies and brokerages because of its business focus. Since it’s founding in 1952, the company has educated and given employment to many people in the real estate business. In 1992, its employees testified before Congress to ensure that minority companies received an equal share of funding from the Resolution Trust Corporation. Currently, FSICO has representatives teaching courses in property management in universities. The company also trains and employs college students, who are expected to keep the business moving forward.
FSICO is a full-service company that provides real estate sales, property management, home loans, HUD-approved counseling, probate sales, reverse mortgages, pre-foreclosure and foreclosure counseling, homes for homeowners associations and single-family homes.