October 2016 EAC Community Monthly Newsletter

Kevin Yoo, CEO

No updates.

John Hostetler, COO

Awaiting updates.

MANAGING PARTNERS

Vil Nikollaj, Managing Partner

BNF – George Flint
6645 Avenida De Las Pescas, La Jolla (SFR High-End Flip)
Schedule: Received Certificate of Occupancy Sept 25. Open House held every weekend since then with much interest in new contemporary design. Large Open House Party launch Oct 20. Plan to promote Muirlands with renderings/marketing material at Pescas party.
List price: $3.5M – $3.75M (Pro forma $3.7M. 45 agents provided feedback on price: $3.2M – $3.8M)
Listing Link: http://bit.ly/2dTE5t4 or http://www.6645laspescas.com/

1222 Muirlands Vista Way, La Jolla (SFR High-End Flip)
Schedule: Latest target completion date Dec 1. All permits resolved. Retaining wall in progress. Drywall near completion. Brown coat on stucco will be on very soon.
List Price: $4.5M – $4.9M (pro forma $4.6M)
Listing with renderings: http://bit.ly/2djFOny

Southern California Alliance – John Allen
4336 53rd, San Diego (18-unit Apartment Land Entitlement)
Schedule: Closing will be by Wednesday 10/19. Another doc needs to be recorded at closing for Buyer. Closing delayed due to buyer LLC/escrow issues
Sale Price: $670k. Projected final annualized ROI for investors 20.5%

PPS – Giovanni Gracias
4748 College (SFR Flip)
Schedule: Closing scheduled for Sept 28. Inspection performed (minor issues). Appraisal partially complete (heater issues). Expect contingencies to be removed Wednesday Oct 19. Foreclosure auction sale avoided by filing for bankruptcy.
Sale price: $490k. EAC will receive partial payment of debt and place remaining balance on two other properties in Burbank and Santa Luz (San Diego), CA. Expected completion December.

Lou Ellis, Managing Partner

Awaiting updates.

Chad Urbshott, Managing Partner

No updates.

Tony Banawa, Managing Partner

16920 Old Elm:
Original renter backed out last month but new tenant found. Currently in the process of HUD inspection because of new tenant on Oct 24th. Refi completed October 31st.

20813 Homeland:
Inspection for new tenant is scheduled for Nov 4th.

14331 Cottage Grove:
Cottage Grove is bought mainly for the light rehab needed and immediate equity we have in the property according to Justin. This will be 100% financed as cash back after refi is $1,848 over investor funds. We will more than likely use that to pay down other properties where 100% financed was not achieved right away. We are scheduled to close on this on October 31st, 2016.

18217 Idlewild Drive:
Idlewild is in good condition. We are putting in $8,333 in rehab to lightly improve property to pass HUD inspection for new tenant. Justin has found a buyer for Idlewild as of November 2nd for the price of $149k. No more rehab other than the $8.3k we have already put into it. No tax proration’s, estimated $7k seller closing costs, which is a net of $142k on roughly $110-$111k cost basis which is roughly a $30k profit for the partnership.

7718 S Loomis:
Closing soon. No exact date but real soon. All rehab is done.

Antonio Cerqueira, Managing Partner

2502 Ingersoll:
About the deal: Fix and flip deal in up and coming Philadelphia neighborhood.
Duration: May-September 2016
Completed work: Demo, rough plumbing and electric, tiling, drywall, stairs
Remaining work: compound, Finish plumbing, electric, flooring
Pictures: https://goo.gl/jSXDrq (updated today)
Note: Again with permit problems, do not think this can close until early December

2520 Ingersoll:
About the deal: Fix and flip deal in up and coming Philadelphia neighborhood.
Duration: May-September 2016
Completed work: Demo, rough plumbing and electric, some drywall
Remaining work: Finish drywall, compound, tilling, Finish plumbing, electric, flooring
Pictures: https://goo.gl/jjAfBu
Note: Again with permit problems, do not think this can close until early December

2167 66th Ave:
About the deal: Fix and flip deal in Philadelphia
Duration: May-September 2016
Completed work: Unit 1 already renovated Unit 2 renovation finished
Remaining work: Both units already renovated, ABC’s own inspection done, came just with minor things We expect this deal to close in about 4 weeks.
Pictures: https://goo.gl/tXE88J
Note: Both units are rented now. Original buyer was unreasonable with inspection, our ground partner found a cash buyer who will close before end of the month