In the fourth quarter, Stonecrest’s real estate disposition team was able to sell thirty assets, while the non-performing notes department sold thirty-five, most of which were modified notes.
The larger bank and institutional sellers have expanded the number of auction companies to which they distribute their properties for resale. Stonecrest has built relationships with these newer auction companies and are now bidding on their portfolios, which we believe will increase the number of properties we purchase overall. Additionally, a number of auction companies are actively marketing to find more title impaired assets, which we frequently purchase.
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
Our featured property this quarter is located at 27 N. Kirklyn Ave., in Upper Darby, Pennsylvania. This 1,685 sq ft single family home sits on a 5,227 sq ft lot and has 3 bedrooms and 1 bathroom.
Investment Stats (rounded):
- REO Purchase Price: $53,774.65
- Expenses: $79,800.84
- Sold Retail: $160,000
- Gross Profit: $26,425.51
|Performance Since Inception|
|Land Contracts Summary|
|Face Value of Notes||$770,635|
|Non-performing Notes Summary|
|Modified Notes Summary|