2016 08-09 EAC Community Weekly Newsletter

EXECUTIVE PARTNERS

Kevin Yoo, CEO

We are reorganizing our EAC Meetings. We would like to have multiple regional meetings and one general EAC Meeting. Currently, we are active in San Diego, St. Louis, Chicago, and Philadelphia. We will have bi-weekly meetings for each of those locations at a time that is determined by the team members for each location. The meetings will be run by the Managing Partner for each location.

1. San Diego – Vil Nikollaj

2. St. Louis – John Hostetler

3. Chicago – Tony Banawa

4. Philadelphia – Antonio Cerqueira

The above meetings will be limited obviously to discussions concerning the projects in each location. The meeting will be open to all interested. You must request an invite and a reminder to our EAC Virtual Assistant Madel Santiago – [email protected].

The General EAC Meeting will be held once a month and will be run by Dan Miley and John Hostetler. This meeting will be to give a general overview of all of EAC’s activities and our most current state of affairs. This meeting will also be open to all interested and you can attend via an invite by our Madel Santiago.

John Hostetler, COO

No updates.

MANAGING PARTNERS

Vil Nikollaj, Managing Partner

BNF – 6645 Avenida De Las Pescas:
Delayed completion date ~Aug 25.
Completed work: Exterior paint, second level roof, cabinets, countertops, pool concrete
Remaining work: Interior – tiling, cabinets, painting, first level roof, Exterior – Concrete, landscaping, finish pool
Pictures: http://bit.ly/2bfv7pA

BNF – 1222 Muirlands Vista Way:
Expected completion mid-Oct.
Framing near completion. Electrical and HVAC in progress. Expecting permits shortly.
Pictures: http://bit.ly/2bfxERK

John Allen – 4336 53rd:
Consulted with other brokers to confirm the value of the land and profit potential from build out is present. Reduced price to $650,000 to entice new buyers.
Expecting grading plans approved in the next 2 weeks.
EAC pursuing funding to build property if the property does not sell, EAC. With the high demand in San Diego, a CAP rate of between 4.5 – 5%, translates to a sales price of $4 – 4.5 million and net profits of $1 – 1.5 million.

PPS – 2672 Escala:
Listing removed. Partner seeking lower interest refi. From the refinance proceeds, 80% of EAC capital will be repaid and remaining 20% balance moved to 33rd.
Foreclosure process still proceeding as planned as a contingency.

PPS – 4748 College:
Reduced price ($525k-535k). Some interested parties, but no written offers yet.
Foreclosure process still proceeding as planned as a contingency.

PPS – 4184 33rd St #3:
On market with interest, but no offers. Planning to reduce price. Currently at $310k.

Lou Ellis, Managing Partner

Awaiting updates.

Chad Urbshott, Managing Partner

325 Cedar:
After getting the house cleaned out of all the trash that was left over the house is now listed and can be seen here http://galmls.paragonrels.com/publink/default.aspx?GUID=4a852c07-514e-447c-a979-40cb48eca70e&Report=Yes

3539 Judy:
The breach letter for this loan expired on Aug 5 and a referral to a local attorney was sent on Aug 8 to start the forfeiture process. That process will take 3-4 months at which time we’ll sell the property.

2275 Union Ave:
Servicing on this note transferred to Peak servicing on July 22 and a breach letter was sent on July 28. The breach letter will expire on Aug 28 and if we have not heard from the borrowers we’ll continue with a cancellation of contract and take the house back.

510 High Grove Ave:
Last week the borrowers called me anxious to get their down payment and first month’s payment in but I was away on vacation and not able to help them get that done then. I took it as a good sign though that they proactively called about wanted to pay us!
I have spoken to them this week and they are getting all set up with Peak and are making their payment tomorrow. Once this note has been performing for 4 months I will contact one of my note buyers and we’ll sell the note for approximately 80% of the unpaid principal balance for a very nice payout. We also get to keep the down payment and the monthly payments that were made in the meantime.

4113 Huston Ave:
Servicing on this note transferred to Peak servicing on July 22 and a breach letter was sent on July 28. The breach letter will expire on Aug 28 and if we have not heard from the borrowers we’ll continue with a cancellation of contract and take the house back.

Tony Banawa, Managing Partner

1008 Braemar:
Braemar may close this Friday but the village wants another set of permits so we are working out the details.

16920 Old Elm:
Old Elm is finished with the new door that the tenant requested and passed inspection.

20813 Homeland:
Had 2nd draw last Friday wired to EAC account. Wire sent to PFR from EAC, LP. Starting the tenant marketing.

7718 S Loomis
Moving along with rehab. GC thinks 2-3 weeks more to completion.

Antonio Cerqueira, Managing Partner

2502 Ingersoll:
About the deal: Fix and flip deal in up and coming Philadelphia neighborhood.
Duration: May-September 2016
Already Done: Demo, rough plumbing and electric, tiling, drywall, stairs
Update: Inspection done
Pictures: https://goo.gl/jSXDrq

2520 Ingersoll:
About the deal: Fix and flip deal in up and coming Philadelphia neighborhood.
Duration: May-September 2016
Already Done: Demo, rough plumbing and electric, some drywall
Update: Ready for inspection
Pictures: https://goo.gl/jjAfBu

2167 66th Ave:
About the deal: Fix and flip deal in Philadelphia
Duration: May-September 2016
Already Done: Unit 1 already renovated Unit 2 Rough electric and plumbing almost done
Update: rough plumbing and electric done. Sheet-rock in most of the house, tile laid on the kitchen. Tub in. Roof ordered.
Pictures: https://goo.gl/tXE88J (updated today)
Note: We got already an agreement of sale for this property.