Our Non-Performing Notes department was active in the third quarter and sold thirty-five notes, while our Real Estate Department sold thirty-one properties.
Strategic Realty Fund contains a large number of non-performing notes. Many of these non-performing notes have already been modified or are in a certain stage of foreclosure.
For modified loans, our strategy is the following:
1. Our non-performing department works diligently with the borrowers to modify their notes and get the borrowers
paying again.
2. Our servicing department then manages the borrowers closely with the goal of having them make the next six to twelve monthly payments on time.
3. When that goal is achieved, the notes are called “repreforming” and there are many investors who will pay a premium price for these “re-performing” assets.
Overall it was a busy, productive quarter for the fund.
Featured Asset:
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Our featured property this quarter is located at 1801 4th Street, Richmond, California. This 1,434 sq ft single family home has 4 bedrooms and 2 bathrooms.
Investment Stats (rounded):
- REO Purchase Price: $152,193
- Expenses: $74,758
- Sold Retail: $325,000
- Gross Profit: $98,049
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Fund Performance:
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