EAC, LP starting from March 22, 2017, partnered with HomeWorks Investments, Inc. to create rental portfolio in South Bend, Indiana and surrounding area. Our partners, Joe Colvin and Rob Manuszak are seasoned veteran real estate investors in South Bend for over 15 years. The following is a timeline of what our partnership has accomplished so far.
Capital Raised and Funding Sources:
· $121,521 raised from EAC Investors for this partnership. We will pay out 8% annualized interest quarterly.
· Using Marshall Reddick for short term financing at 9-10% for up to 12 months.
· Using 5Arch for long term financing 70% ARV for properties worth more than $50K, 6.5%, amortized 30 years with 10-year balloon.
· Using Marshall Reddick for long term financing for homes worth less than $50K, 7.5%, amortized 30 years with 10-year balloon.
Over the course of 6 months we have created the following:
· Total number properties bought: 14
· Total cost acquisition: $525,031
· Total rehab + additional costs: $111,959
· ARV for portfolio: $1,026,000
· Total equity created: $389,011
· Total cash flow: $2,592.16 monthly / $31,106 annually
View detailed timeline: EAC-SOUTH BEND TIMELINE