Denver, CO Live/Work Rehab - Micki McNie

Denver, CO Live/Work Rehab - Micki McNie

Flipper/Rehabber · York, UK · Member since 2013 · 895 posts · 453 votes

Alright, I'm going to try this deal diary thing out.  I'm one of those people who likes to have everything wrapped up so I can post a success story but this should be a fun process to go through so I'll bring you along with me. (I'll save my numbers til the end if you don't mind.)

Now that the Biker Bar is done I decided I would prefer to do deals closer to home and stuff I'm really passionate about.  What would meet that criteria here in Denver?  Small scale live/work that's super funky... basically my own personal dream home.

I immediately found a handful of candidates but the winner was on Federal near 10th.  This week we got under contract and have gone through environmental and mechanical due diligence - everything went well which makes me happy on the one hand but disappoints my inner negotiator who wanted some leverage on the price.  We're starting to work on drawings so we can get in line for permits which is going to take a while.

Going through this process on a building designated commercial is a bit more involved so I'm learning a lot. Fortunately a colleague who has experience really liked the project and is doing it with me.  Here's a little video of the space (apparently I'm a sucker for POS properties full of junk).  The vision is to create an industrial loft feel with an open plan.  The front 1/3 will be dedicated to office/commercial use and the back 2/3 will be living space, but the usage is flexible throughout.  We'll pop in a glass roller door to the back and create a zen garden and roof deck (which has killer views).  Stay tuned...

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Bill S.Pro Member
Moderator
Rental Property Investor · Denver, CO · Member since 2013 · 4k+ posts · 2k+ votes
10y

Let's have a meetup there at some point so we can see the work and you can get some free marketing.

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  • Rental Property Investor · AZ · Member since 2013 · 213 posts · 50 votes
    10y

    Exciting!  Can't wait to see the updates!!

  • Flipper/Rehabber · York, UK · Member since 2013 · 895 posts · 453 votes
    10y

    Ordered our kitchen today and the roof deck has begun... let there be light!

  • Bill S.Pro Member
    Moderator
    Rental Property Investor · Denver, CO · Member since 2013 · 4k+ posts · 2k+ votes
    10y

    Let's have a meetup there at some point so we can see the work and you can get some free marketing.

  • Flipper/Rehabber · York, UK · Member since 2013 · 895 posts · 453 votes
    10y

    @Bill S. I love that idea, I was hoping for an end of summer roof party but it might have to be a frosty, tailgate roof party instead.

  • Linda WeygantPro Member
    Investor and CPA · Arvada, CO · Member since 2015 · 2k+ posts · 3k+ votes
    10y

    I second @Bill S.'s idea!  I'm all for mulled wine and peppermint schnapps/hot chocolate!

  • Flipper/Rehabber · York, UK · Member since 2013 · 895 posts · 453 votes
    10y

    @Anson Young @Bill S. @Linda Weygant  What do you think about hosting the December meetup at 1015 Federal?

  • Dan MackinBusiness Member
    Real Estate Agent · Erie, CO · Member since 2014 · 1k+ posts · 512 votes
    10y

    Would we all carpool and park at 7/11?

  • Commercial Real Estate Broker · Denver, CO · Member since 2015 · 38 posts · 8 votes
    10y

    Wow!

    I can't believe Denver Fire is making you sprinkle a building that size!  Denver Fire is really making things hard around town and just don't seem to understand how the financial impact & timing of having to install fire suppression systems can really kill a great project.

    Good luck, I'm going to try to do a drive by of your project.  I was working with somebody on a property up the road on Federal but at $288/SF plus major rehab, the numbers just didn't make sense for this owner/user.

  • Investor · Louisville, KY · Member since 2014 · 202 posts · 111 votes
    10y

    @Micki M. Loving this project. I am looking to do a live/work here in Louisville Ky as soon as I can find a property in the right area. I look ALL THE TIME... Tough to find ok deals on live/work type properties here. Keep the updates coming and good luck. 

  • Linda WeygantPro Member
    Investor and CPA · Arvada, CO · Member since 2015 · 2k+ posts · 3k+ votes
    10y
    Originally posted by @Micki M.:

    @Anson Young @Bill S. @Linda Weygant  What do you think about hosting the December meetup at 1015 Federal?

     Will there be heat?  If so, then I'm in favor!!!

  • Flipper/Rehabber · York, UK · Member since 2013 · 895 posts · 453 votes
    10y

    Good luck @Jason James.  Some friends just sent me one in Spokane, it's really tempting ;)

    @Linda Weygant there should be heat but I make no promises, you know how it goes.  I told my PM to make sure there's a functioning toilet and furnace by them time I get back from vacation (which I planned because this was supposed to be sold already!) in case I have to move into the building.

  • Flipper/Rehabber · York, UK · Member since 2013 · 895 posts · 453 votes
    10y

    So of course due to all the delays my big two week off-the-grid vacation to Japan happened right in the middle of rehab.  Thanks to having a great project manager I was able to get away and relax, trusting that things were happening.  I didn't come back to a finished building but we're moving forward at a good pace now.  I'm a little meaner when it comes to cracking the whip so I have high hopes of a habitable space by Christmas.  Hopefully I can host the Jan meetup! (@Linda Weygant there is still no heat).

    A couple pics of the progress, and one asking 'how many contractors does it take to figure out a spiral staircase kit?'

  • Flipper/Rehabber · York, UK · Member since 2013 · 895 posts · 453 votes
    10y

    and here's the latest walk through

  • Flipper/Rehabber · York, UK · Member since 2013 · 895 posts · 453 votes
    10y

    I'm not going to get much done over the holidays since all my guys are leaving town so I'm savoring the daily victories.  Here's video of the latest walk through.

    Also photo #1 is why you need to remember that you're demo-ing a cinder block wall before you have the dumpster removed, and also to be VERY specific about what's supposed to happen to the debris.

    Photo #2 - who needs a gym membership when you can spend an hour un-burying your Bagster? Sometimes it's fun to do the things that are supposedly below my paygrade, and someday I will learn that I can't wear my "nice" clothes because I will always end up covered in job site dust. There's no such thing as "just stopping by" right?

  • Flipper/Rehabber · York, UK · Member since 2013 · 895 posts · 453 votes
    10y

    Isn't it pretty?

  • Flipper/Rehabber · York, UK · Member since 2013 · 895 posts · 453 votes
    10y

    Getting ready to host the Denver meetup, thought we'd clean the floors for y'all.

    Polished

    Sealed

  • Rockford, IL · Member since 2015 · 343 posts · 95 votes
    10y
    Wow very cool. I also look for the biggest POS. A friend that helps me from time to time. Asks what is there a website
  • Lender · Denver, CO · Member since 2015 · 275 posts · 35 votes
    10y
    Sounds amazing!
  • Rental Property Investor · AZ · Member since 2013 · 213 posts · 50 votes
    10y

    That looks great Micki!!

  • Flipper/Rehabber · York, UK · Member since 2013 · 895 posts · 453 votes
    10y

    One last walk through for you. Staging started today and there are some finishing touches but we will be listed this weekend.  If only I had a TV I could host a Superbowl party as an open house! Thanks again to everyone who came to the meetup this month, you'll be pleased to see I have a kitchen now.

  • Flipper/Rehabber · York, UK · Member since 2013 · 895 posts · 453 votes
    10y

    Here's the before

    and after http://tours.virtuance.com/461534?a=1

  • Linda WeygantPro Member
    Investor and CPA · Arvada, CO · Member since 2015 · 2k+ posts · 3k+ votes
    10y

    Looks amazing.  Well done!  What is your asking price?

  • Flipper/Rehabber · York, UK · Member since 2013 · 895 posts · 453 votes
    10y

    @Linda Weygant the property is listed at $435,000.

  • Flipper/Rehabber · York, UK · Member since 2013 · 895 posts · 453 votes
    10y

    So, you know that moment when you've worked hard for months, you finally get everything looking pretty. It's staged, it's listed, people are scheduling showings... and then someone sends you a photo of water seeping in under the baseboards.

    By the time I got there a large puddle had collected in the middle of the room and two other leaking areas were discovered. These are the times when I want to cry, but I didn't cry. And I didn't even lose (much) sleep over it last night because if I've learned one thing it's that problems can be fixed and crying doesn't help.

    There's not much more painful than watching someone cut through your brand new ceiling and watching water pour out.  

    The good news is the problems were identifiable and we caught it early enough that damage was minimized.  Thank goodness for concrete floors and for upcoming sunny weather that will allow us to get this fixed.

  • Rental Property Investor · AZ · Member since 2013 · 213 posts · 50 votes
    10y

    Oh gosh, I'm so sorry that happened. That was painful for me to watch! I'm glad the problem was identified before any major damage took place.

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