Respected family and friends, As we bid farewell to summer and welcome the autumn season, we wanted to provide you with a brief update. A few years ago, as you may know, we started a family business called Eaglecap Legacy Wealth Partners. Our business is to make it simple for anybody to partner with other investors to buy real estate, in particular, apartment buildings! We find it gratifying to beautify neighborhoods by rehabilitating apartment buildings, and at the same time, to deliver superior returns to investing partners. We have put together a select group of family and friends like you who may be curious about the apartment market or how apartment building ownership works. We hope to periodically share helpful and informative insights about apartment investing and some of the particular deals that Eaglecap is working on.
SUMMARY
-The Multifamily Apartment Market continues to slowly churn out deals.
-The Hermiston 17-unit property is coming together and the numbers are looking good. Under contract!
-The Pendleton 33 unit project hit some milestones. Getting close!
MARKET
-The multifamily market continues to slowly close deals.
-The higher interest rates are making many deals just not feasible.
-Owners who are anxious to sell are needing to drop prices for the numbers to work for potential buyers.
-Whereas it’s been a seller's market for many years the market is now shifting to the buyer, which is great news for deal hunters like us.
DEAL
-This week we put the Hermiston 17-unit deal under contract!
-We look forward to starting due diligence inspections this next week where we will walk through every single unit and evaluate it for rehab needs.
-We have exciting plans for this deal so let us know if you’d like more info!
OPERATIONS
-We continue to push the 33-unit project in Pendleton toward completion. --This week the plumber hit a huge milestone and finished up rough plumbing in our final phase of the development.
-We also began trimming out the exterior doors. We are using upgraded waterproof PVC trim which is more expensive than wood but is virtually maintenance-free and impervious to weather. It should look great for many years longer than wood. This is the same trim we also use on all our bathroom walls for the same reason.
We hope you found this first update valuable. Please feel free to let us know what you find interesting in future updates.
As always, if you would like more information on apartment investing or would like to get involved please reach out.