EAC Community Weekly Newsletter

MARCH 2018

Market: South Bend, IN

Rehab Status:

  • 1129 Roosevelt St: tenant requested additional month in the home, which is delaying the start of rehab. Expect start mid-April.
  • 1007 Clover St:
  • 202 E Donaldson Ave (Auction)
  • 830 E Eckman St
    • Roof/Chimney issues finally resolved.
    • Property rented for $800/month starting April 1
    • Pics: http://bit.ly/2GRwjPR
  • 1118 Emerson Ave
    • Flooding repairs made. Insurance claims processed and awaiting final payment.
    • Property requires some additional electrical work and expected to complete mid April.
    • Pics: http://bit.ly/2JD1c8B
  • 406 Marquette Ave
    • Flooding repairs made. Insurance claims processed and awaiting final payment.
    • Tenants eager to move into the home prior to completion of work. Renting $1300/mo.
    • We will be submitting this property for refinance in April.
  • 2325 Corby Blvd
  • 822 Bowman
    • Demo complete.
    • Electrician and plumber to start mid-April
  • 1733 Freemont
    • Property not yet purchased, but seller allowed EAC to begin rehab.
    • Demo complete. Roof replaced.
    • Expect to complete rehab by the end of April.


Rental Status:

  • We are expecting to be at 98% occupancy by early April based on all units available for rent.
  • We are very pleased with our Property Managers and ground partners for pushing to get all units occupied.


Purchases/Closings:

  • Closed 12 properties (11 of 14 pack & 822 Bowman)
  • Remaining 3 of 14 pack expected to close mid-April


Financing:

  • Long-term plan is to hold all 51 units
  • Our plan is to refinance these properties in groups based on property valuation, seasoning requirements and loan maturity.
  • Appraisals have been ordered for the first 8 properties we acquired in June of 2017.

 

Market: Jacksonville, NC

511 Nelson:

  • Property closing delayed due to seller financing delays.
  • Expect to close 4/6.


Flips – 102 Northview

  • Funded a quick flip, 102 Northview, with New Chapter Homes LLC (Tyler Skipper)
  • $78k purchase + $18.5k rehab = $96.5k all-in cost and ~$130k ARV
  • Link to listing: http://bit.ly/2GVccfU


Rental Status:

  • We are at ~95% occupancy on our active rentals.
  • Currently working through some turnovers and evictions, but overall this portfolio is stabilized.
  • We are very pleased with our Property Managers and ground partners for pushing to get our occupancy up.

 

Market: Saint Louis, MO

  • Rental Status: we have small portfolio of properties held under EAC & retirement accounts. Overall doing well. Working through some repairs to get units back on the market again.

 

Market: Chicago, IL

  • 16920 Old Elm: new buyer has been located. We are making some repairs prior to appraisals.
  • 14538 Kimbark & 14331 Cottage Grove

 

14331 Cottage Grove 14538 Kimbark
Total Views 589 1674
Views Last Week 34 29
Views This Week 17 22
Current Saved Count 5 8

 

  • Properties are also being marketed via Chicago partner’s platform
  • Once all properties are sold, we intend to dissolve this entity.

 

Non-Performing Mortgage Notes: Chad Urbshott / Nathan Turner (multiple states)

  • 3539 Judy –Nathan will be purchasing EAC’s equity portion in April, resulting in no gain, but avoids a loss.

Comments are closed.