@Tammy Skeath Any update on where you landed with this deal? All
Hi @Britta A. , yes we closed earlier this month and have been working away on construction. Construction is going very well. Contractors have been especially helpful during this time. Several of them even lowered their bids. We hope to be done by June. Hopefully, in time for restrictions to be somewhat eased and to rent the units. We have 1 unit occupied, we plan to evict that tenant once restrictions are loosened. Thanks for checking in!
That's excellent news -- best of
Hi All, I wanted to give you an update on this quad. So we did pull contingencies and everything went as good as could be expected!
Construction came in within our contingency budget (105k all in with a couple of surprises. Also, because we closed on April 4th and everything was so uncertain we were able to get a 5k credit at closing. Also the contractors were all out of work and I think that helped to get everything done in record time. We finished construction in the first days of June and just today we got the last unit rented. All rents came in at market rates even though they took almost 2 months to rent. I worked with a property manager and we were really strict with our screening of tenants given the economic uncertainties so that might be why it took us a bit longer. Anyway, I think following through with this deal was definitely the right choice. Thank you all for your input! Here are some before and after pics.
Congrats on this deal! It came out amazing