MIRAMAR BEACH, FL / ACCESSWIRE / September 16, 2021 / MasterBeat Corporation(OTC:MSTO), together with its subsidiary, SBQ Holdings, LLC and automotive division, JTEC Automotive, Inc., specializing in hard, tangible asset acquisitions with an intense focus on real estate, collectible classic automobiles, new & used auto parts and other tangible assets is pleased to announce that we have paid off a $210k note.
The company would like to give a corporate update outlining the company's direction and recent achievements. We set out to prove our model works with our short-term rental property strategy and the classic car Restoration/ Modification industry, we purchased a 1969 Pontiac Firebird and a property in Miramar Beach Florida called the Verano Palace. We profited on both.
We sold the firebird and profited $15k and sold the Verano Palace after 2 Years of proven self-sustainability, selling it for a profit of $300k.
On September 1, 2021, we announced that Malone Bailey, LLP. has completed the audit of the company's consolidated financial statements as of December 31, 2020, including the consolidated balance sheets and statements of income, changes in stockholders' equity, and cash flows for fiscal year2020, and the related notes to the consolidated financial statements thus completing 3 years audited financials for 2018, 2019 and 2020.
On Feb. 04, 2021, we announced that we entered into a Joint Venture Agreement to purchase land and build a vacation property like (Verano Palace) in Santa Rosa Beach, Florida paying $400,000 for the lot.
On June 07, 2021, we announced the purchase of a tract of land in Navarre, Florida for $365,000 to build another upscale Beach Vacation Home.
On July 13, 2021, we announced that we had purchased two additional properties in Santa Rosa Beach, Florida, for $475k each for a total of four parcels of land all being in the #1 State and #1 Geographic for Short Term Vacation Properties in the United States. Total land cost $1,715,000.
On April 06, 2021, we announced that we had acquired a 1969 Plymouth Road Runner for a Restomod (restoration and modification) build. This Build is expected to be completed by years end 2021.On March 17, 2021, we announced that we acquired a 1968 Chevy Camaro and that we will be building it into a Pro Touring Camaro with Blow by Racing out of Boca Raton, Florida. We expect the car to be finished by summers end 2022 in time for SEMA.
We are working towards building out these 4 properties and to continue to prove that our model works. We have bank financing offers for construction loans to build out these properties, but a 30% down payment is the requirement in which the banks are requesting of the company. These properties are going to cost the company between $1.7 and $1.9m all in per build with comps selling between $3.5 and $4m. with a potential annual short term rental income of approximately $300 to $400k. That is approximately a10% return for and investor who would purchase the property for the current selling comp prices. Our 4 properties are in the #1 state for rental properties, and we are in the #1 Location in that #1 state. Our 4 properties will have a value of approximately $14m to $16m with profits of $6m to $8m if all properties sell for what the current Comps are selling for. These profits will be used to scale up and build 10 short term vacation properties will potential valuation of $40m.
"We are extremely pleased with the progress we have made and believe that 2022 will be a great year for MasterBeat Corporation and all its operations., stated Josh Tannariello, CEO of MasterBeat Corp.
Masterbeat Corp CEO
SOURCE: Masterbeat Corp