A late winter in the East helped us to sell forty properties from the retail division, garnering a solid gross profit. We were also able to sell eleven modified loans and increase the number of land contracts in our portfolio to forty-four.
In late February, we will be attending the Mortgage Banking Servicing Conference in order to meet with prospective sellers of REO’s and non-performing mortgages. The Conference is also a great way for us to get a sense of the market based on pricing, inventory and the other attendees’ thoughts on the real estate market.
Freddie Mac decided to cancel their auctions over the holidays but have already conducted their first auction for January. We are also seeing Wells Fargo, Selene and a number of other smaller sellers start to sell inventory through the auction channels and anticipate this trend to continue for the foreseeable future.
Our featured property this quarter is a 3-bedroom, 2-bathroom, 1,637 sqft single family home built in 2005. The property is located at 8925 Camelot Place, Pensacola, Florida. The lot is 7,400 sqft.
Investment Stats (rounded):
- REO Purchase Price: $79,218
- Expenses: $14,927
- Sold Retail: $120,000
- Gross Profit: $25,855
|Performance Since Inception|
|Land Contracts Summary|
|Face Value of Notes||$1,069,859|
|Non-performing Notes Summary|
|Modified Notes Summary|