Stonecrest
StonecrestSince the inception of the Strategic Realty Fund, we have focused on purchasing bank owned properties and non-performing mortgages.
During the last half of 2014, we purchased 27 REO properties for $3.6 million through our relationships to a number of auction companies. Those properties are currently in one of three stages:
1. Eviction
2. Remodel
3. Listed for sale
We have also purchased approximately 140 non-performing mortgages for $1.22 million from Nationstar, who is a nationwide servicer. The pool is diversified throughout the country and our asset managers are currently working with borrowers to resolve delinquencies.
As the portfolio grows and matures, we may add land contracts and will modify some of the non-performing notes so that they begin to perform. On the bottom part of this quarterly newsletter, you’ll see a panel for statistics. As we move forward, the NA’s (Not Available) will be replaced with sales, profit, and rate of return numbers. In addition, each quarter we plan to highlight a property transaction. A sample scenario, not related to the Strategic Realty Fund, is presented below.
We should begin reaping the fruits of our labor during the first quarter of 2015 and beyond.
Featured Asset:
| Our featured property this quarter is a 1,670 sqft3-bedroom, 2-bathroom, single family home built in 1964. It is located at 144 Bailey Collins Drive, in Smyrna,Tennessee. |
Investment Stats (rounded)
- Purchase Price: $56,424
- Expenses:$30,765
- Sales Price $113,500
- Gross Profit: $26,311
Fund Performance:
| Performance Since Inception | ||
|---|---|---|
| Annualized Return | NA | |
| Wholesale/Retail Summary | ||
| Properties Sold | NA | |
| Sales | NA | |
| Cost | NA | |
| Gross Profit | NA | |
| Land Contracts Summary | ||
| Performing contracts | NA | |
| Face Value of Notes | NA | |
| Non-performing Notes Summary | ||
| Notes Sold | NA | |
| Sales Price | NA | |
| Cost | NA | |
| Modified Notes Summary | ||
| Loan Modifications | NA | |
| Mortgage Balance | NA | |