The Pilgrim rehab was trucking along until a 'once in a generation' snow storm hit San Antonio! Dan and family were without power for about 36 hours as they dealt with snow and power failures like much of Texas. Anticipating the storm, Dan had the water turned off at the property which saved us a ton of potential damage. Even with that foresight, after the storm, we found three leaks that needed repair. With those issues fixed, the progress continues. We're now hoping for project completion by the end of March. Here are a few of the latest progress pictures:
Completed Work:
Repaired copper water lines damaged due to storm
Painted hardword floors--intended on refinishing but eventually decided painting was necessary
Kitchen:
Purchased Appliances--they arrive on 9 Mar!
Installed and painted closet doors
Painted and installed baseboards
Major To Do Items:
Kitchen:
Install Appliances
Install Tile Backsplash
Bathrooms:
Install new bathroom vanities, fixtures, and toilets
Install Rear Patio Columns
Demolish 2-story storage unit
New windows arrived--install happening any day now
Minor landscaping upgrades
Despite a slow down in progress on Pilgrim, we're still on the full court press to grow the portfolio. San Antonio is so hot, we're considering adjacent markets like Corpus Christi. We found a duplex at a pretty attractive price and put in a full price cash offer with 10-day inspection period contingency and 30-day close. The property has been recently updated and will have two renters at projected closing. Inheriting renters is definitely a risk but the deal offers pretty good cash flow and will take us from 1 to 3 doors--inspection is next Tuesday. Shout out to one of our investor partners who helped out with some cash for the deal. We'll let you know how it goes.
With the possibility of not 1 but 3 rentals at the end of the month, we've been working on rental property management. We're planning to handle property management on our own--we've set online tenant screening questionnaires through Survio to help qualify tenants before showings. We'll also use Cozy (now Apartments.com) free property management software to automate rent collection and manage repair requests.
We've also been working with lenders in preparation for the refinance on Pilgrim. We've found a lender through Instragram who provides 75% loan to value (LTV), 3.75% APR, 30-year mortgages to LLCs for investment properties. This is very exciting because everything we've modeled was on 20 year commercial loans. With a 30 year mortgage, our cash flow will be significantly better than we previously anticipated. We anticipate getting Pilgrim refinanced at the end of April and then we'll be looking for the next deal!
Thanks for checking in--catch up with you all later.