The "Upscale Full Rehab in Montclair" rehabbing is underway and the developers have updated us on the progress. Bill Halick is Chris Goodson's partner and the main contractor. In this short video he walks us through the house and shows the work underway, including the 3rd floor attic, which is being remodeled to a master bedroom with ensuite bathroom. This is estimated to bring the value of the property up, and therefore the ARV down to about 62.4%. Full details were provided in this previous update.
Mr. Goodson and Mr. Halick would like investors to know that from the date of acquisition the work is right on track. There's a lot going on with the rehab! The following update lists what has been accomplished so far and what's coming up in the next few weeks:
- Demo'ed the entire basement, kitchen and bathrooms; as well as gutted walls for preparation of electric work.
- Exterior has been extensively repaired at the back of the house and much of the fascia that wraps the house near the gutters and roof.
- About 70% of the exterior painting is complete, despite cold weather.
- On the inside the rooms have been prepped for electrical upgrades and installations. We await permits from the town in order to continue which we anticipate this Friday.
- The kitchen has been redesigned; butler's pantry removed, interior wall pushed out to expand the kitchen floor plan.
- Half bath designed and laid out between kitchen and dining room against the back wall.
- Dining room wall cut and opened to create the desirable open floor plan. New headers and framing in kitchen as well as throughout the house.
- The master bathroom has been created and framed out along with washing/dryer nook and walk in closet all connected to the master bedroom.
- Plumbing has been roughed in throughout the entire house for all the bathrooms and kitchen. The majority of the plumbing has been completed.
- Going forward, this week we are working on the installation of about 33 new windows which arrived April 2nd. Painting continues on the exterior. Window installation should take 2-3 days.
- Next week, with permits received, we complete the plumbing and electrical. Then we'll have to coordinate with the town for their inspections -- tough to say how long that will take but hopefully not more than about a week.
- The permits are the one of the X factors that can delay things but so far so good. After the inspections then we insulate, sheetrock, tape & spackle then painting and crown molding.
- The new kitchen has been ordered and will be installed after the kitchen has been sheet rocked etc. This is estimated to be the 4th week of April.
- Bathrooms will be around the same time; we have have all the inspections cleared before we can complete that.
It's great to see the work happening and to get such a detailed update. The investment in this project is about 95% funded. Only $24,500 remains open for investment. The operators have been pre-funded by Patch of Land, so an investment made into this remaining portion begins to accrue interest immediately, once funds clear escrow. We expect a 12 month term and the APR is 13%. Original ARV was 70%, and as explained in a recent update, did not include the 3rd floor attic's full remodeled value. We still believe this is a fantastic deal at 13% APR.
