March 4, 2014 Investor Newsletter
509 Oak Lane, Jacksonville, NC 28540
The renovation of Oak Lane is very nearly complete and the house is expected to go on the market by this weekend. The financial details of this deal can be found below.
- Purchase price: $41,000
- Total closing costs of purchase: $1,000
- Total rehab costs: $19,000
- Total holding costs: $1,097
- Projected sales price: $105,000
- Projected final closing costs including commission and interest: $16,175
- Projected gross profit: $26,728
- Total of Promissory Notes: $61,000
- Closing Date: 1/27/13
- Projected End Date: 5/27/14
For this deal, we had one investor that is receiving 2% per month (24% annualized) ROI. The details of their investment are as follows:
- Principle Invested: $61,000
- Projected Interest: $4,813
- Projected Payout: $65,813
Original Oak Lane post (January 7, 2014):
One of our business partners, Lou Ellis of Ellis Construction Company, has brought us another single-family residence to fix and flip in Jacksonville, NC. 509 Oak Lane is a 1000 SF home with 3 bedrooms and 1 bathroom. The purchase price is $41K and the remodel will cost an estimated $19K. The estimated ARV of this house is $115K. This property has a huge fenced in backyard and beautiful hardwood floors. The kitchen and laundry room will be remodeled, along with repainting of the interior and exterior. Lou Ellis estimates that the rehab will take approximately one month to complete, with the sale of the home occurring roughly 3 months after that, for a total hold time of 4 months. We have now invested in a few of these fix-and-flips with Lou Ellis in the Jacksonville area, and we have been very happy with the outcome of these projects and are pleased to continue working with Lou Ellis and his team.
Kevin Yoo, M.D. | President
EAC GP, Inc.
858-449-9847
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