March 2017 EAC Community Monthly Newsletter
EXECUTIVE PARTNERS
Kevin Yoo, CEO
Updates to come..John Hostetler, CFO
Updates to come.Vil Nikollaj, COO
San Diego, CA
La Jolla market is picking up, as expected during this time of year.
1222 Muirlands Vista Way: Two offers on property we are actively negotiating.
Link to property page: https://1222muirlandsvista.wordpress.com/
6645 Avenida De Las Pescas: Still buyers walking, but no written offers. Re-listing with range pricing.
EAC is seeking alternatives to refinance higher interest 1 st loan.
Link to property page: http://6645laspescas.com/
South Bend, IN
Refinances complete: 1154 Dennis, 1218 Byron and 2016 Berkley with portfolio lender.
Refinances in progress: 226-228 Cleveland is expected to refinance April/May timeframe.
Remaining properties needing refinancing: EAC is working on alternative methods of financing (other
institutions and private investors). Working through details with one solution, but if any investors are
interested in fully amortized loan, paying 8% quarterly, please email Vil ([email protected]).
New projects: Acquiring new properties with largest player in area. Currently testing out partnership
with 1-2 properties.
Jacksonville, NC
Refinancing complete: 322 Cougar
Refinances in progress: 316-318 Starling St, 113 Armstrong (mid-April), 304-306 Starling St (early-mid May)
Completed projects: 304-306 Starling (one side rented), 312-314 Starling (actively listed)
Projects in progress: 324-326 Starling (started). In queue: 2245-2247 Onslow Drive, 2250-2252 Onslow Drive, 511 Nelson.
Chicago, IL
18217 Idlewild: Closing April 3.
20813 Homeland: Appraised at purchase price with our portfolio lender. They would not adjust appraisal. We are making some additional modifications to the property and marketing this property to other investors.
14331 Cottage Grove: Property complete and appraised at $123k (-$2k below pro-forma). Waiting to be refinanced with Kimbark.
14538 Kimbark: Closed March 10. Expect 4-5 week turnaround for rehab.
New acquisitions: Working on acquiring bulk portfolio of rented 10-12 properties. Plan is to cash flow
units, perform rehabs as units go vacant, then refinance. EAC will be seeking to raising capital for down payment. Seeking funding of ~$250k at either:
– 8% ROI (duration 6-12 month), or
– If any investors are interested in buying portion of these assets to hold. Majority of principal will
be repaid upon refinance and balance via Cash Flow. No interest will be paid as investors will be
treated as equity partner, thus will see: profits/losses/depreciation/interest write-offs
Please email Vil ([email protected]) if interested.
Saint Louis, MO
2913 Wyoming – Flip: Home is complete, staged and preparing for soft-listing next week. Only open item is the garage, which went though the review board March 30. Expecting approval by mid-April.
3152 Oregon – Rental: Sold March 16
8100 S Broadway – Rental: Costs to continue remodel were too high. Property to be sold as-is.
2835 Winnebago – Rental: Property under contract and expected to close April 25.
3011 Utah: Property listed for sale as-is.
3706 Jefferson – Flip: Initial buyers backed out. Property is seeing a lot of interest since located in hot area. EAC will sell as-is.
3217 Texas – Rental/Flip: Sold March 9.
3404 Cherokee – Rental/Flip: Sold March 17.
MANAGING PARTNERS
Chad Urbshott, Managing Partner
325 Cedar:
We have a quote for purchase for this loan and should close in April. The expected return for EAC is a little over 10% however had we not done the seller finance option there was a good chance we would have lost money on this deal.
3539 Judy:
Foreclosure is proceeding with this note and so far the expected completion is September. I have spoken with a local investor though and will pursue that lead to see if we can exit out sooner. I also will continue to see if we can locate the borrower for a deed in lieu and speed up the process.
2275 Union Ave:
This is now a performing note with a local investor in Columbus and we’ll market the loan for sale in June of this year.
510 High Grove Ave:
The borrowers have stopped making payments and since they never completed the original paperwork (they were missing a signature) we are proceeding with eviction. This should be completed by the end of April and I will contact my realtor there for sale options.
4113 Huston Ave:
I spoke with the borrower last week and she agreed to sign over the property. This will be completed on April 30 and we’ll list for sale.
Other updates:
I recently engaged the services of a borrower outreach company who will search for and meet in person the different borrowers of the different notes. They are the ones who made initial contact with the borrower of Huston ave and I have them looking for the borrower of Judy as well.
Antonio Cerqueira, Managing Partner
2502 Ingersoll:
2502 Ingersoll: Investor buyer interested in purchasing for $155,000, which would net $141,000. Remaining items: Facade still needs to be finished, plumbing and fence also needs to be finished. Pictures: http://bit.ly/2noJGs8
2520 Ingersoll:
2520 Ingersoll: Met with realtor and confirmed listing price $150,000, which would net $139,000.
Remaining items: Basement cleaning and painting. Living room HVAC reworked, so needs drywall to cover. Outside fence repair. Handrailing and appliances.
Pictures: http://bit.ly/2ojBrlP
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