2015 12-15 EAC Community Weekly Newsletter

EXECUTIVE PARTNERS

Kevin Yoo, CEO

I want to send out a special plea to all of our Partners that we have a page for you on our website. We need to complete them. For many of you we are missing pictures, bios, and other pertinent information. Anthony Mwangi, our Executive Administrator and Madel Santiago, our Virtual Assistant will be reaching out to you to complete these pages. Please be helpful in getting this done. A complete and up to date website as you know is so important to our organization.

John Hostetler, COO

Awaiting updates.

Olga Levin-Diaz, CFO

No updates

MANAGING PARTNERS

Vil Nikollaj, Managing Partner

2420 Upas:
– Received latest word that funds have been received by RBD from IRA account
– Upon the funds clearing, we will reconvey property back to RBD
– Property has not had much progress, so we are eager to end this project
– Determined alternatives with attorney if we not repaid this week, including last resort of foreclosure

2608 Magnolia:
Property closed last week and funds were received.

3152/3154 Oregon:
– Making very good progress and on track for January completion
– Roof complete
– Framing up and drywall started
– Gas will be finished today
– Exterior doors start tomorrow
– Plan to finish drywall this week

Chad Urbshott, Managing Partner

Awaiting updates.

GROUND PARTNERS

Lou Ellis, Ground Partner from Jacksonville, North Carolina

Awaiting updates.

Steve Shaffer, Ground Partner from Southbend, Indiana

226-228 Cleveland:
The property s moving along rather well, framing, concrete, trees and closing up of the outside is complete. Siding and final closing of the outside will begin Dec 22 and should be complete within a week. We will then begin the push to insulate and drywall.

201 Cleveland:
In final stages of finish, punch list being completed. Units are on the market for rent.

1337 College:
Rented

1649 College:
Rented

1218 Bryon:
Rented

1154 Dennis:
Rented

2016 Berkley Flip:
Design changes have been made, drywall finish is being completed in the basement. Kitchen will be the next step. Target end of January for completion and into the rental market mid January to pre rent.

126 E Broadway RBR:
No action being taken on the project at this time, mid January to begin flip on this property.

Andrew Davis, Ground Partner from Orlando, Florida

602 Emma:
We are still working on getting all the squatters out of there and securing the property.

1215 Avenue L:
The tenant in the rear unit is making it very difficult to rent out the front unit. She should be evicted by the end of the month. The feedback from prospective tenants is positive other than the back tenant creating a nuisance.

Giovanni Gracias, Ground Partner from San Diego, California

4748 College Ave:
– A new issue with the City of SD came up last week.
– They requested from us for a foundation repair inspection from a certified foundation specialist to make sure the repairs and calculation shown on our plans match up and are accurate.
– That report was submitted and we have a scheduled final inspection again this friday which should be the last inspection
– Once we have the final we have about a week worth of work to complete until we hit the market
– Not ideal to hit the market around the holidays but since the SDSU runs a semester schedule my Realtor recommends we hit the market regardless.

2672 Escala Circle:
– Property is still on the market.
– Activity has picked up significantly the last week and its been shown 8 times since last tuesday
– Feedback on finishes and remodel has been good thus fur
– No pushback on pricing
– We are continuing to market the property

12081 Calle de Medio:
– We are still in escrow and pushing to close by 12/31.
– Buyer sent request for repairs and we are working through the list this week
– Buyer’s final walk thru is scheduled for next week.

George Flint, Ground Partner from San Diego, California

1222 Muirlands:
We only have 4 more comments to respond and correct with the city, then we will finally have permits. City of San Diego is very backed log trying to meet end of the year deadlines and new water requirements.

We hope to have permits before Christmas.

Pescas:
We have about 18 more comments to respond and correct with the city. We hope to have permits by first week of 2016.

John Allen, Ground Partner from San Diego, California

4336 53rd Street:
– The mechanical/electrical/plumbing plans are being completed. Structural engineer has done all the work except the soldier piles and tie-backs for the retaining walls exceeding 8 feet. I am getting another engineer on board for this work. Once that has been completed, we are ready to submit for building plan check. We have re-submitted our corrections for grading plan check and expect to hear back from them in the next couple weeks.
– I have been working with Matt Weaver regarding the sale, and it is slow season for developers. Everyone seems to say the same thing, that they would like to talk after the 1st of the year. I have one interested party from Orange County circling at the moment.
– I believe the best strategy right now would be to pull the listing for the rest of the year, and then re-list it beginning in January at around $850,000 so it has a fresh market time. I spoke with Matt Weaver and he agrees that this strategy is a good one. He has someone calling about it every day, and mentioned that one of the potentials is driving by the property tomorrow, but it would serve us well to take this approach. Those who know about it will still work their due diligence.
– After meeting with John and Kevin at their office, Kevin had a good point that in some cases, he would rather start with a lower list price and let the market drive up the price with activity, rather than force the market up to our price. This is the approach we would like to take.

Samuel Lord, Ground Partner from St. Louis, Missouri

3441 Shenandoah:
Still waiting on call back from the inspector. Recently changed inspectors around in city and had similar issue at another property. Will be moving our team in to bring in supplies and prep for drywall/paint. Electrician and plumber awaiting for similar (inspections).

4759/61 Alaska:
4759 Tenants have been moved out completely. They were heavy smokers so good cleaning of wood trim and paint out will be required. Will replace existing sink with vanity in bathroom and make repair to tile. Kitchen, we will replace the old cast iron sink with cabinet and counter top. May add tile on top of existing built in cabinets in-lieu of replacing. May have this unit pre-rented at $600.00. Will begin work ASAP once our costs are known.

4552/54 Virginia:
New tenant in. Must make minor repairs to the building per city inspector and access roof to repair leak in front parapet that was noticed while removing old wiring in front room closet.

3501 Iowa:
Getting bids to repair ceiling in 2 bed on second floor. will be putting carpet into the 1 bed on second floor and replacing carpet in entry stairwell after we repair subfloor which was dropped 3 inches. Have bid to fill holes in basement walls and repair to the back entry arch. awaiting 2nd bid as first was somewhat high.

3116 Michigan:
tenants have complained of mold issues in basement. eradicated what was there by ozone generator as well as a mold killer and then bleached walls. Only happening in one area of basement. will have to paint walls and keep an eye on it. there was no mold issue in house until late summer/early fall and at dry part of the summer weather. believe mold spores may have transferred with the tenant as they have filled the basement with boxes, furniture, and bags.

3438/40 Ohio:
Had leak in 2nd floor drain line. removed ceiling and put temporary fix. will need to cut line where break is and install proper fixture to repair. Will then replace ceiling with new sheet drywall, tape, mud and paint.
Had call back for squirrel? but could not find any entry place. believe it could be mice so setting appropriate traps.

Other updates:
Overall, going good here. Shenandoah remains the one thorn in our side which we are in process of remedying and getting it finished.

Nathan Turner, Ground Partner from Ontario

4233 Comanche:
Late last week I got confirmation that the seller signed the needed document and had sent it to the recorders office for recording. I called our realtor and she sent out a locksmith to change the locks only to find that someone was living there and didn’t know about any foreclosure. I sent out the documentation to the realtor proving the foreclosure happened and that she needed to leave.

This morning I got word that the occupant is the previous owner’s daughter and that the mother had passed away 4 years previously. She accepted that the foreclosure did take place and was willing to accept the $500 I had offered for her to move out voluntarily instead of being evicted by Jan 16 (30 days). She understands that she needs to move out all contents from the house and yard and leave the house in broom swept condition.

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