February 2017 EAC Community Monthly Newsletter

EXECUTIVE PARTNERS

Kevin Yoo, CEO 

Updates to come.

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John Hostetler, CFO 

Updates to come. _________________________________________________________________________

Vil Nikollaj, COO 

La Jolla, CA – Luxury Flips with BNF – George Flint 

Both properties removed and relisted on MLS to freshen up the listing at the start of selling season. Monthly caravan of top realtors resulted in 50-100 agents visiting properties. 

6645 Avenida De Las Pescas: Previous buyers that submitted low offer is coming back to property to visit again. Web: http://6645laspescas.com/
1222 Muirlands Vista Way: Delays to pictures due to weather conditions. Live launch party scheduled for March 9. Web: https://1222muirlandsvista.wordpress.com/

South Bend, IN 

Refinance in progress.  Appraisals performed on subset of properties Feb 21, 2016. We hope to have these all completed by Feb/Mar timeframe.

Jacksonville, NC – Lou Ellis/Tyler Skipper

Refinancing the following homes: 322 Cougar, 316-318 Starling St, 304-306 Starling St, and 113 Armstrong. Expected. This is also long overdue and we hope to have these all completed by Feb/Mar timeframe.

Remaining projects (11) are expected to be completed in the next 8-12 weeks: 312-314 Starling is first and has had all rough-in complete. Painter completing interior and kitchens will be installed. 324-326 Starling, 2245-2247 Onslow Drive, 2250-2252 Onslow Drive, 511 Nelson. We expect to refinance these properties as soon as they become rented.

Chicago, IL – Profit From Rentals – Justin Ericsson/Willem Young

18217 Idlewild: Planning to close in next 1-3 weeks.
14331 Cottage Grove: Property complete and will be appraised end of Feb. Seeking tenant placement. Part of refinance.
14538 Kimbark: Next test project in Chicago market. Plan to close end of Feb.
New acquisitions: Working on acquiring bulk portfolio of properties.

Saint Louis, MO

2913 Wyoming - Flip: awaiting approval to build garage from city. Initially we were not authorized by neighbors to build garage, so the designs were changed. EAC renegotiated with neighbors allowing EAC to build garage, but we need a waiver from city to allow larger 2-car garage. This is must for the neighborhood and will cause another delay of 1 month. Contractors completing remaining work in parallel.
6844 Crest - Flip: Project is complete and offer has been accepted.
3152 Oregon – Rental: Under contract for sale. Tenant court case being held Feb 24 for eviction. Plan to sell
8100 S Broadway – Rental: GC delayed with other projects, but expecting revised budgets to see what will be needed to complete this project. EAC intends to refinance upon completion and hold in our portfolio.
2835 Winnebago - Rental: Property under contract for sale. Plan to close first week of April. Requires 45-days to allow the sale. 3011 Utah: property gutted and ready for rehab. Comps do not support the effort. EAC will sell as-is.
3706 Jefferson - Flip: Property partially framed, but damaged due to storm. EAC will sell as-is.
3217 Texas – Rental/Flip: Property under contract for sale. Plan to close first week of April. Requires 45-days to allow the sale.
3404 Cherokee – Rental/Flip: Property under contract for sale. Plan to close first week of March.1

MANAGING PARTNERS

Chad Urbshott, Managing Partner 

325 Cedar: The borrowers made the Feb payment on time and starting next month I will begin to market this note.
3539 Judy: Forfeiture has finally started on this note. There were some discrepancies with the numbers that had been sent by the old servicer so it took some time to get that sorted out before the official demand letter could be filed. It was filed on Feb 1 and should complete in April at which point we'll sell.
510 High Grove: After several broken promises from the borrower we are proceeding with eviction. The irony is that the borrower never signed one of the pages of the contract and because of that we can skip the whole forfeiture because we never had a valid contract. No timeline yet so I'll update next time. 4113 Huston: I received a well over due request this week for a copy of the note. I had provided this months ago but it seems to have been misplaced. Now that they have a copy of the note the servicer is proceeding with forfeiture. No timeline ye so I'll report next time.
2275 Union: After having discovered a few weeks ago that the land contract had already been cancelled my realtor has shown the house to investors before listing and we just signed to sell the property for 30k with financing. This constitutes a new note and we'll be able to sell the note in May of this year. Our total expenses to date are approx. 16k so we'll do very well with this note. I will send the expense reports for each note to Chad and upload them to dropbox on Monday when I return to the office.

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, compound Remaining work: Finish plumbing finish, electric finish, flooring Pictures: https://goo.gl/jSXDrq Note: Progress, the property should be done in about 2 weeks. Kitchen and flooring replaced by higher end, looking for selling to homeowner. Met the top performing Realtor in the Zip code and he said with current finishing we should sell for about $150,000
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, drywall, compound Remaining work:, tilling, Finish plumbing finish, electric finish, flooring Pictures: https://goo.gl/jjAfBu Note: Progress, the property should be done in about 2 weeks. Kitchen and flooring replaced by higher end, looking for selling to a homeowner. Met the top performing Realtor in the Zip code and he said with current finishing we should sell for about $150,000
2167 66th Ave: Property Sold on 12/29/2016 for $103,300 (vs $95,000 projected) Pictures: https://goo.gl/tXE88J