For property owners with an outdated vacation rental,
Eveon Capital will modernize the property while providing owners with predictable revenue and continued full ownership.
1.Why
2.Who
3.Where
4.When
5.Who
6.What
1. Why: Sustainable value for all stakeholders
Property Owner
• Guarantees existing rental income
• No investment to renovate
• Owns property with renovations throughout (e.g., can sell whenever)
Property Owner
• Lower risk than buying properties
• Scalable model to apply to additional properties
• Income producing to facilitate future investment
Better Beach Rentals
• Reduces costs by eliminating customer contacts and service requests
• Increases revenue via higher gross booking revenue and fewer concessions
• Improves ratings by improving renter satisfaction
2. How: Increase rents with a renovated property
Eveon Capital invests in modernizing the property
Leveraging its own funds, Eveon Capital will invest in new appliances, countertops, flooring, furniture, décor, etc.
Eveon Capital will maximize rental income
Eveon Capital will actively market and manage the property to increase bookings and ensure customer satisfaction
Eveon Capital pays the homeowner a stable rent
The homeowner will receive both a predictable monthly income and the renovated property at the end of the lease
3. Where: 110 Sellers St. (one example)
Standalone
$103k
With Eveon Capital
+$17k
Better Beach Rentals
+$19k
Eveon Capital
$87k
Revenue: Standalone vs. with Eveon Capital
4. When: 6 months to plan, 6 months to renovate
5. Who: Meet the team
Mani Sundaram
Founder
- • Oak Island real estate developer
- • Has built / renovated numerous Oak Island vacation rental properties
Sumesh Kaza
Project Lead
- • Former business unit CFO at JPMorgan Chase & Co.
- • Manages several Oak Island vacation rental properties
Priyanka Sundaram
Designer
- • Former brand marketing lead
- • Has designed multiple Oak Island
Better Beach Rentals
Advisor
- • Property managers
- • Expert on Oak Island rental market
6. What: Key lease terms
Homeowner always controls property
• Homeowner is free to sell property at any time • Lease would be assigned to new owner
Eveon Capital pays bills
• Recurring bills (e.g., utilities, pool maintenance) are the responsibility of Eveon Capital
• Non-recurring bills paid by Eveon Capital and amortized at 8% to homeowner over remaining life of contract
Homeowner keeps all improvements
• Eveon Capital will invest $10k-$50k in modernizing the home (e.g., new appliances, countertops, furniture)
• At end of lease, homeowner keeps all improvements
Eveon Capital handles small repairs
• Eveon Capital will oversee repairs with Better Beach Rentals approved vendor
• Costs are the responsibility of Eveon Capital
5-year lease with one 5-year renewal
• Homeowner is guaranteed existing annual net income over the life of the lease
• 5% rent increase at renewal
Eveon Capital coordinates large repairs
• Eveon Capital will oversee repairs with Better Beach Rentals approved vendor
• Costs paid by Eveon Capital and amortized at 8% to homeowner over remaining life of contract
If you are interested in working with us on one of our long term lease project please get in touch with us below.
We look forward to chatting soon