Diary of a 3-Family Flip in New Britain, CT

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@Stu Basham We have 1 full time guy and 1 part time guy that generally handle the paint, flooring, demo, etc. The we have another full time guy who does our kitchen/bath renovations and any carpentry type stuff we need done. All three work well together.

As far as electrical work, HVAC work, major plumbing, specialized reno work (like windows) and roofing go we sub those out to licensed professionals. All of them are very responsive when we need work done. Not sure if it is because of the volume of work we need done or its the fact that we always pay them promptly, I tend to think the latter.

Just a quick update:

  • The gas company came out yesterday to perform the pressure test. We are a go.
  • Today the gas company will now come out and put the service on for the 1st and 2nd floors where the furnaces are installed.
  • Our electrician will be coming out tomorrow to wire up anything needed to complete the 2 furnaces and 2 hot water heaters.
  • If all goes as planned the next 2 days we should be ready for a draw inspection for draw 1 on Friday
  • 3rd floor apartment was cleaned yesterday and should be up for rent by Friday.
  • Not sure if there if anyone is interested in this type of stuff or not, but we needed to install a new shower diverter for the second floor shower. @Bill Labrecque and one of our employees completed that yesterday. Here are some pictures

Just a quick update leading into the weekend for our 3-family flip in New Britain, CT:

  • The mechanical and plumbing work is completed (draw #1) and has been disbursed by our HML. Below are pictures of the 2 new hot water heaters that were installed as well as pictures of some of the plumbing work that was completed in the basement.
  • The 2nd and 3rd floors are both going up for rent on Monday. I will post listing photos for the rentals then also. The third floor is completely set, but we figured just wait the extra couple days to get them up for rent together. This way we can play them off each other in an effort to get them rented quicker.

3-family flip in New Britain, CT Update

  • The 2nd floor rehab is now completely finished
  • The 2nd and 3rd floor units (pics below) are up for rent as of last night
  • As of now we have completed the work associated with every draw except the 1st floor rehab which will begin next week
  • For the rest of this week we have our guys working on some inspection items that were requested as a part of an inspection we have on a property we are selling. Nothing major, just some punch list type items. Our guys will also be finishing up work on the 1st floor of a 2-unit that I mentioned in a earlier post that we purchased in April. Since that unit just needs paint and flooring to put up for rent we figured the best course of action was to get that work completed and get it up for rent and then come back to this project and finish the 1st floor rehab
  • Last thing, would you guys be interested in a deal diary post like this one for the 2-family in Bristol we purchased recently? I would make it a completely different post. It is a different type of project than this one so I think people will get something out of it, but at the same time I do not know if people find these posts boring and repetitive.

- Leasing: We accepted an applicant for the 2nd floor yesterday and received their deposit today. They have requested a lease start date of 5/19.  Nice to have this unit filled, now the focus turns to filling the 3rd floor. We have a pending application for the 3rd floor that we are awaiting proof of income for before we make a decision. 

- We finished up the work associated with the inspection requests for a property we were selling quicker than we thought this past week. This allowed us to get a lot of work done on the first floor apartment of a 2-family we purchased in April that I mentioned in the previous post. Once that apartment is all set (probably 1-2 more days of work). Our guys will be back on this project finishing up the first floor. 

- Thanks everyone for the feedback on this thread, as well as those who reached out privately. I have decided to put up another deal diary thread for the aforementioned 2-family we are currently rehabbing also. Completely different project in terms of scope of work so I think people will get something out of it. My goal is to have that posted tomorrow or Tuesday at the latest. I will update this post with that link for those interested. 

  • We have been showing the 3rd floor apartment and have had some applications submitted. No accepted applicants as of yet. We are optimistic we can still have it rented soon. In our experience when the showings are at the quantity we are getting it is just a matter of time before we fill the vacancy
  • The accepted 2nd floor tenant is still all set to start his lease on Friday
  • Our guys are starting the painting of the trim and ceilings for the 1st floor and it is coming along at a good clip

For those interested, the link to our 2-family rehab diary can be found here

We accepted a tenant for the 3rd floor apartment late yesterday afternoon and collected the deposit last night. The tenant has requested a 6/1 lease start date which works for us since the apartment is ready to go.

So now the 2nd and 3rd floors are rented and our guys continue to work on the 1st floor.

  • Below are some progress photos for the 1st floor apartment
  • We anticipate to be done with this apartment late next week and shortly after that we will list the property for sale
  • The 3rd floor tenant was originally scheduled to move in for the 1st, but requested to move in this weekend which we are fine with.

  • Below are some progress photos of the first floor. Overall this unit is coming along nicely so far and should be set to go by mid next week. We decided to do a tile backsplash in this unit and stainless appliances which are being delivered next week. Lowe's actually has a 40% off sale we are going to take advantage of for the appliances
  • The 2nd and 3rd floor tenants have moved in also
  • Since the last update we also painted the common area entry ways and did any exterior painting that was needed also such as painting the front stoop, the front railings, etc.. Just some things to spruce up the outside overall.

The 1st floor rehab is complete, appliances have been installed, and today we are cleaning the unit and doing some basic landscaping out in front of the house. 

Our plan is to email potential buyers and agents who have already expressed interest in the home and tell them they have an exclusive window until Monday morning to view the house if they so choose. There are about 5-10 people who have shown interest. Who knows how serious they are, but we will find out either way this weekend.

Come Monday morning if there are no offers we will list the property on our local MLS.

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