Strategic Realty Fund sold twenty-four REO’s, sixteen mortgages and modified seven loans for a busy, productive quarter. We are also active in purchasing REO’s from our auction partners as well as purchasing non-performing mortgages from Clearview Capital and Springleaf Corporation.
The number of REO assets that are available for auction has remained steady, with Freddie Mac still being the largest seller. We continue to hear from our auction company contacts that Fannie Mae is going to start selling occupied properties in volume but, at this point, we haven’t seen any significant number of Fannie Mae assets coming to market.
In mid-May, Stonecrest will be attending the Mortgage Banking Secondary Conference where we will network and learn more about the latest industry developments. The mortgage and servicing industries are constantly evolving, but there is always an opportunity to purchase undervalued assets. The number and type of assets may change, but the opportunities are always there. It’s our challenge to figure out how to best to take advantage of those opportunities.
Our featured property this quarter is a 3-bedroom, 2-bathroom, 2,614 sqft single family home that sits on a 15-acre lot. It is located at 2662 Fairbanks Ferry Rd Havana, Florida.
Investment Stats (rounded):
- REO Purchase Price: $139,425
- Expenses: $17,008
- Sold Retail: $225,000
- Gross Profit: $68,567
|Performance Since Inception|
|Land Contracts Summary|
|Face Value of Notes||$1,047,872|
|Non-performing Notes Summary|
|Modified Notes Summary|