MJM Capital returns 66% on its cash in residential real estate rehab business in CA and AZ for 2010 YTD [Scottsdale, AZ]
Scottsdale, AZ [Sept. 20, 2010] – MJM Capital, LLC (“MJM”) announces its results, to date, for 2010 in its distressed residential asset acquisition business unit. Returning 66% on its capital in 2010 to date, the MJM team continues to execute its strategy with near perfection.
The latest success comes from a recent sale of a San Diego, CA single family residence. The property was purchased for $290,000, directly from the lender, at a slight discount to market value. The team at MJM Capital spent approximately $23,000 on rehabilitation work upgrading the flooring, fixtures, kitchens, bathrooms and landscaping. After being priced aggressively on the market, MJM is in contract to close on the 28th of this September at $390,000. Start to finish this recent project took less 90 days.
“Our strategy continues to be successful because we are able to identify quality properties with healthy upside. The real success is the velocity at which our team can execute our plan. We are able to purchase assets on the spot from sellers (mostly lender owned), quickly complete necessary rehab work, and then get them back into the market at attractive prices,” stated Chief Financial Officer, Thomas McDonald of MJM Capital.
MJM is continuing to identify and acquire distressed assets in California and Arizona directly from lenders and servicers. MJM recently launched a new Scottsdale, AZ based fund named MJM Asset Management. The fund is well capitalized with substantial liquidity to continue to acquire assets in the Southwest region.
About MJM Capital
MJM Capital is a real estate investment and corporate advisory firm. MJM’s investment management division is actively acquiring residential and commercial assets primarily in the Southwest.
To learn more about MJM Capital.
- Contact Information
- Thomas McDonald
- MJM Capital
- Contact via E-mail
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