Updates to come.
Market: San Diego, CA
1222 Muirlands Vista Way: Closed August 18 with a substantial loss on this project.
Market: South Bend, IN
Selling properties due to low appraisals:
- 226-228 Cleveland – was slated to close 9/1, but buyers backed out. Under contract with new buyer to close 10/16 or sooner
- 201 Cleveland – Previous buyer on 4plex interested in this property.
- Both 126 E Broadway & 201 Cleveland – are planned for Sept refi as well.
- Currently up to 14 units with 3 more purchases planned in September.
- EAC investor funding acquisition and rehab of 406 Marquette.
- EAC will be testing the short-term vacation model on one of our properties 1009 Kinyon, which is in the Keller Park neighborhood, ~2 miles from Notre Dame campus.
o Currently we have bookings for football weekends with average charge of $330/night.
o Considering the fact the expected rent would normally be $650/month, we hope this experiment goes well and we can expand with other rentals.
Market: Jacksonville, NC
Refinances in progress:
- Pursuing 2 parallel refinances for all 6 duplexes:
o Both Lenders taking much longer than expected.
o Expect to complete refi end of Sep to mid-Oct
- 324-326 Starling – property received Certificate of Occupancy and is on the market
- 2245-2247 and 2250-2252 Onslow Drive – delays due to weather. Expect to complete mid-Sept
- 511 Nelson – Permits pulled. Rehab underway. Expect to complete by end of Sept and list on market.
Market: Chicago, IL
EAC will be selling all current holdings at this time given current medical condition of partner. Will re-evaluate at a later date.
16920 Old Elm – 10 months positive cash flow.
14331 Cottage Grove – rented and listed for sale within PFR community.
14538 Kimbark – rehab complete. Tenant being processed for Section 8. Potential buyer found through PFR community.
Market: Saint Louis, MO
2913 Wyoming – closed Aug 16
8100 S Broadway – Some interested parties in purchasing as-is. No offers.
3011 Utah – No offers.
3706 Jefferson – Some interested parties in purchasing as-is. Highest offer $30k.
Note: An investor in the EAC community is selling notes due to an immediate need of funds for another project. Notes are $50-$100k range each owed by EAC paying 8% on fully amortized 30-year loan with balloon payment in 5 years. Please let us know if you are interested in assuming their note.
EAC-South Bend: EAC is seeking investors interest in 8% cash flow paid quarterly. The minimum investment will be $20,000. Redemption requests of funds invested can be made at any time after 1 year. Most redemption requests should be honored by 90 days.
NC equity interest: EAC is seeking an investor to purchase equitable stake in NC holdings with 8% cash flow. With depreciation deductions at 30% tax rate, this would be ~10% with equity on back-end. Either part of the 40-units EAC holds or select few properties and hold on your own for simplicity. Will share same Property Management support (8% fee and dedicated staff).
4113 Huston – closed Aug 16 for $35k.
3539 Judy – No change since July update. Still in foreclosure process. Plan to sell on MLS once foreclosure complete for $40k.
325 Cedar Circle – No change since July update. Waiting to sell note. Have one low offer on table, but looking to sell for more.
2275 Union – Buyer is ready to sell. Still trying to figure out issue with title. This note along w/ Huston were bought from a group that had some legal and lien issues. Shouldn't impact our notes as it was cleared on Huston.
510 High Grove – Buyer to resume payments Sept, then it's three months min to season. Unlikely this will sell before end of Dec, if not Jan.
Updates to come.