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PiCKING UP STEAM

23 Jan - Post by Mel Maxwell

The Pilgrim rehab has really picked up steam in last few weeks. Much of the structural changes and reconfiguration in the house are complete and the new finishes are beginning to appear. The project is probably within about the 30 days of completion now. Here are some of the highlights:

A/C Installation complete.
Recessed lighting added to kitchen and dining room.
Installed french doors in dining room--natural light completely changed the house.
Completed all sheetrock work to include elimination of the exterior entrance into master bedroom and closure of master bedroom entrance into kitchen through former pantry--this now serves as a master closet.
Added living room coat closet and new entryway into master bedroom
Eliminated door entry way into 2nd bedroom in front of house; added window
Interior texture and paint complete--went with neutral and clean white walls; exterior walls prepped with primer coat complete. Going with a light gray exterior paint color to freshen the property up
Kitchen tile flooring install in progress and cabinets and quartz countertops on order--cabinet install on 3 Feb
Installed classic white subway tile in Master bathroom shower

Completed Conceptual view

Check out this conceptual rendering to get a feel for what the completed property should feel like in about 30 day time for the new renters.

Subto and networking

In addition to the progress on Pilgrim, we've joined Pace Morby's Subto mentorship to gain creative financing knowledge to help us add more tools to our bag. Pace is one of the top creative financing minds in real estate and we're super excited to join the Subto community.

We also made some connections with some seasoned multi-family investors. As I type, Dan is walking a 14-unit condominum property which is on the market for $700,000--we are trying to wrap it up as part of a joint venture. There are 12 other investors reviewing the property so it is by no means a done deal but we would not have even thought it a possibility a few months ago...stay tuned for the outcome on that one.

Last note...as we finalize the renovations, we're preparing to rent and refinance Pilgrim. Through our Instagram and some of our network, we have found some potential lenders that offer 30 year mortgages to LLCs and are exploring those as potential options. We're also exploring rental options to include standard market rents and Section 8 housing voucher programs.

Thanks for checking in...look forward to updating you again soon.

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