Eagle Nest Condominiums
11 Condominiums were acquired for $600,000 with a 66% Loan-To-Value with seller financing at 6.25% (interest only loan). Loan was paid off within 30 months of original contract. 1 property was sold with 10 units currently under management. 9 properties are long-term rentals with 2 unit as a furnished rental.
We have completely remodeled 2 of the units. Over time we will have a mix between selling these long-term units or remodeling and converting to furnished rentals. We continue to adjust how we approach each property as the market dictates and pivot to what is best for the fund. Once remodels are complete the units will rent at a premium.
Eagle Nest - Traditional Rentals
The Condo's were acquired with tenants living in all of the properties. As contracts end, rents are being increased to market value. Unit remodeling will depend on market conditions. 1 unit currently remodeled.
Eagle Nest - TDY Rental
2 furnished property used as a mid-term rental for traveling nurses and military members going through training at Kirtland AFB. The local hospital and research labs have 90 day contracts with tenants looking for a furnished property to live at during their contract.
Kirtland AFB has a large collection of military members who are TDY for training and we offer them an off base option that rents for a daily rate of $90 or $111 for members with a letter of non-availability. Other military members will use a furnished rental until they find a permanent housing option.