Stonecrest’s Real Estate Growth Fund has been actively purchasing properties and non-performing notes. The majority of the purchased properties have been vacant, which is facilitating a quicker rehabilitation and sale. This is despite the harsh winter in the Midwest and eastern parts of the country, which always slows the sales process down.
Our acquisition department has expanded the number of auction companies with which we are working to now include Xome and Hubzu. This increases the number of properties on which we are researching and bidding. The large sellers have increased the diversification of auction companies that they are using to sell their inventory.
Outside of the auction space, we have increased our marketing efforts to purchase properties in California that are either delinquent in property taxes, in foreclosure, or have title issues needing to be resolved. We currently have an active mailing, telemarketing and door knocking campaign in fifteen California counties.
Our featured property this quarter is located at 178 Chain Ferry Road, in Mattaponi, Virginia. This is a 1,448 sq ft single family home with 3 bedrooms and 3 bathrooms. The house is on a 0.33 acre lot.
Investment Stats (rounded):
- REO Purchase Price: $84,014.00
- Expenses: $30,092.59
- Sold Retail:$154.900
- Gross Profit: $40,793.41