January 1, 2014 Investor Newsletter
505 Sage Court, Jacksonville, NC 28540
We have completed work on one of the two North Carolina projects we were working on with Ellis Construction Company.
505 Sage Court, Jacksonville, NC 28540 is a 1,542 SF single-family property with 3 bedrooms and 2 bathrooms. The purchase price was $40K, and the rehab costs were roughly $35K. The house is expected to sell for about $125K. Due to the fact that it is now the winter months and the house would take longer to sell during the holidays and due to the fact that our investment was expensive, Ellis Construction decided this house would turn out a better profit if it was rented out for a year, and sold at a time when the market was more favorable. To do this, he obtained alternative financing and repaid our principal and interest as promised, approximately 3 months after the project start date.
This was the first time we had worked with Ellis Construction, and we placed a significant amount of our own money into this deal. We are very pleased with the outcome of this project, as well as the progress that has been made at the other Jacksonville property, 1105 Castle Drive. We will update you on that project as it nears completion in the coming weeks.
We are also working on a new buy and hold project with Ellis Construction, which we are eager to share with you as it develops.
Kevin Yoo, M.D.
858-449-9847
http://www.eacinvestments.com
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