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The financing for our rehab project was sorted out prior to closing (see financing the rehab post) and we had everything in place to start the rehab the day of closing.
Prior to closing we completed all the inspections necessary to reveal any and everything we may not have know when we walked the property the first few times. It is also a great idea to have a licensed professional note all the issues and potential liabilities. I need to add here that the projects we are involved in are improving not only the building and property, but the neighborhoods they reside. We are not of the “slum lord” category and we take pride that our rentals truly are the best in the area. With that stated, we hire licensed professionals who complete quality work for very cost efficient prices and abide by all the permitting requirements of the city and applicable codes.
I have two contractors I work with who fit that category and I would gladly recommend their services to any reader here. Since the properties are often times in bad shape when we get them we take the opportunity to “do it right the first time”. That means replacing windows, plumbing, electrical, roof, gutters, flooring where needed and applicable. We want the best units around and avoid deferred maintenance for many years with the right approach to rehabilitation.
Having an extensive background in construction & development helps complete the package of our services rendered. We manage the asset from acquisition through rehab and into management creating the one stop shop. This also provides the client the assurance that we want it done right the first time so we don’t have to revisit problems again and again in the management for years to come.
So specific to this project, we are using Trusted Home Improvement and our resident handyman to complete a majority of the construction categories. The first line item is security. We are replacing all exterior doors with glass with solid core doors for safety and durability. From there we move into plumbing & heat. We put the windows on order with the window provider/installer and we are only 2-3 weeks out on their schedule. Once we have those in we can paint, install flooring & deliver the appliances. Everyday without a tenant is money lost so speed and efficiency is of the utmost importance. Our aim is to be done in 4-6 weeks and 100% occupied within 2-4 weeks from the completion date. We try to be realistic and assume the worst in our planning and projections. We won’t simply tell you what you want to hear to gain your business, we want repeat customers who trust our work ethic, business practices & performance. Our results will speak for themselves.
Click on the video to see one of our past projects. (These are before and after photos)
As we finish the rehab of this Hyde Park project I will post Part 2 for more details.