Stonecrest has raised over $11,000,000 so far in the Real Estate Growth Fund. We have been able to deploy the capital purchasing REO property mainly from Wells Fargo, Freddie Mac and a large east coast servicer.
We’ve used these funds to purchase over seventy-five properties, with many of them coming from HUD’s CWCOT and Total Debt programs. These programs allow the servicers and banks to liquidate these properties without first rehabbing them. They then sell the properties to investors like Stonecrest at substantial discounts. In one case, we were one of only two buyers that were able to bid on these pools properties.
The vast majority of these properties are vacant and many of them are already in construction, listed, or in escrow, and are being managed by our in-house real estate team.
Featured Asset:
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Our featured property this quarter is located at 4243 Neocho Street, Saint Louis, Missouri. This is a 1,150 sqft single family home with 2 bedrooms and 2 bathrooms. The house is on a 4,567 sqft lot.
Investment Stats (rounded):
- REO Purchase Price: $33,250
- Expenses: $7,959
- Sold Retail: $55,000
- Gross Profit: $13,791
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Fund Performance:
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