The national real estate market continues to improve and the demand for housing is increasing. Investors looking for consistently higher paying investments than what they can find with comparable fixed income investments are turning to performing modified loans.
This increased activity is supporting our objective of selling off Stonecrest Income & Opportunity Fund-1’s remaining assets and we have substantially decreased the amount of properties or loans in eviction or foreclosure. We have been able to sell a number of properties, land contracts and modified loans in the second quarter and have finished lengthy evictions for a number of higher value properties that are now going on the market.
With the second quarter distribution, the investors have received, on average, 80.1% of their capital account balance. The residual 19.9% will be returned over the next two quarters as we finish selling the remaining assets.
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Featured Asset:
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| Our featured property this quarter is a 1,502 sqft 3-bedroom, 2-bathroom, single family home built in 1956. The lot is 6,098 sqft. It is located at 5052 Sunny Spruce Terrace, Jacksonville, Florida. Investment Stats: |
- Purchase Price: $62,567
- Expenses: $25,735
- Sales Price $103,000
- Gross Profit: $14,698
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Fund Performance:
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