Overall, EAC continues to sell off non-performing assets and reduce footprint to a few select markets vs. being spread out in too many markets we’re in today. We will focus our attention on maximizing our South Bend, IN and Jacksonville, NC markets.

Some of you may not have received December 2018 Newsletter due to some technical issues. Please see link: http://eacinvestments.com/wp-content/uploads/2018/12/2018-12_EAC_Newsletter.pdf

Market: South Bend, IN

Rental Status:

  • At 90% occupancy, but the rental market will be picking up in February/March.

Refinancing:

  • None required. Intend to refinance remaining properties in 2019.

 

Market: Jacksonville, NC

Rental Status:

  • One unit in turnover and one pending eviction.
  • Post hurricane repairs all made and rental demand is high, allowing us to remove unwanted tenants and increase rents.

Flips:

  • 2634 Idlebrook (ON MARKET)
    • Financials: $87k purchase + $20k rehab = $107k with ARV $160k (66% ARV)
    • Rehab:
      • Scope - Paint interior, paint kitchen cabinets, Install laminate countertops in kitchen, Install subway tile backsplash and new hardware on kitchen cabinets, Install LVP flooring throughout, new light fixtures, pressure wash, Install one flower bed, install new white appliances.
      • Progress – Rehab complete. Property listed.
      • Listing – expect listed end of Feb once weather permits photos
    • 303 Chestnut (IN PROGRESS)
      • Financials: $156k purchase + $62k rehab = $218k with ARV $325-350k (62-67% ARV)
      • Rehab:
        • Scope - Extensive rehab on property that was not impacted by the storm, but surrounding areas were. Demo interior of home, demo dog kennels in backyard, remove wallpaper, new sheetrock, expand master bathroom interior paint throughout, install new kitchen with quartz countertops, install new lighting, install LVP flooring throughout, install tub with tile surround in master bathroom, install fiberglass tub inserts in remaining bathrooms, install new vanities, mirrors, and accessory kits, pressure wash house, sidewalk, and driveway, repair siding on exterior of home and paint, install all new doors interior and exterior, install new door knobs and hinges, install all new windows, install new front porch columns and handrails, install new stainless steel appliances, fridge, dishwasher, stove, microwave, water penetration after storm, so roof is being replaced as well as laminate flooring.
        • Progress – Ready for Rough-In inspection. Sod installed.
        • Picshttps://goo.gl/B7QdM5
      • Expected completion May 2019
    • 169-171 Village Circle (IN PROGRESS)
      • Financials: $65k purchase + $10k rehab = $75k with ARV $100k (75% ARV)
      • Rehab:
        • Scope - Storm damage: cleanup, roof, sheetrock, paint, cosmetic.
        • Progress – over 50% complete. Roof repaired, framing and insulation complete. Expect to complete rehab end of February.
        • Picshttps://goo.gl/QdNc2y
      • Expected rehab completion Feb and refinance in May 2019
    • 129 White Oak (IN PROGRESS)
      • Financials: $73k purchase + $22k rehab = $95k with ARV $135k (70% ARV)
      • Rehab:
        • Scope – New Roof, windows, flooring throughout- Laminate, carpet, sheet vinyl, light fixtures, appliances, vanities, mirrors, toilets, accessory kits, kitchen counter tops, back splash, hardware, Interior paint throughout, landscape and pressure wash
        • Progress – Roof has been replaced, all exterior doors replaced, old windows removed and openings prepped for new custom windows. The interior has been demoed.
        • Picshttps://goo.gl/9RxkZQ
      • Expected rehab completion in May 2019

 

Market: Saint Louis, MO

  • Rental Status: Only one vacant unit.
  • We plan to sell all of our Saint Louis rentals in 2019 beginning in February using Roofstock.com.

 

Market: Chicago, IL

  • 16920 Old Elm: Rental property listed for sale $149k - https://goo.gl/brkxXT
    • Working through tenant and Section 8 issues
  • 14538 Kimbark: Rental property listed for sale $125k - https://goo.gl/tpHn3E
    • Working through tenant and Section 8 issues
  • 14331 Cottage Grove - Owner occupied listed for sale $150k - https://goo.gl/yQZH2M

 

Market: Birmingham, AL

  • Selling 4 single family rentals. Negotiating with buyer to purchase as package.

 

Opportunities/Needs:

  • We will reach out to investors as projects become available.

 

Contact Vil with any questions vnikollaj@eacgp.com | 858-876-4845