Project Updates 12/2/13

It’s been a couple of weeks since I gave an update on my current rehabs.  Things have been progressing more slowly than my past rehabs which can be directly attributed to a number of factors.  I will elaborate in my next post but I can say that there will be some major changes to my business in the future that will allow for a more streamlined rehab process.  In the meantime, here are the status updates on my rehabs:

Rehab #8, Wenham

Believe it or not, there has been no progress on this rehab.  We have been interviewing contractors for the last couple of weeks and are having difficulty finding a good contractor who will provide reasonable pricing.  We’ve found that many contractors will inflate their pricing because they see we are in a bind to get the project done.  We want at least 3 good quotes before we move forward with any contractor and so far we’ve had 2 provide us with reasonable estimates.  This time I’ll be vetting each contractor and visiting their recent construction projects to ensure the quality and legitimacy of their company.  It’s pretty sad that I’ve started to work under the assumption that everyone is out to screw me but I’ve had some bad experiences lately.  In any case, even though we expect to finalize our decision soon, we will likely have to wait another several weeks until the contractor can get to our project.  We anticipate we’ll have to hold this property until the spring anyway due to landscaping so waiting another couple of weeks isn’t the worst thing.  Especially if it means we’ll get a good, responsibly contractor.

Rehab #9, Reading

The framing has been completed on this project and our HVAC guy has already started running ductwork for the new heating and central air conditioning system.  The electrician and plumber will be in next week and should have their rough inspections by Friday.  I went to the property over the weekend and took some pictures.

 

Rehab #12, Salem

The rough inspections for all our subs are complete and we just need to get an insulation inspection before we can start the wall board.  We’ve had yet again more contractor issues with this property which have really slowed things down.  This contractor was referred to me by a real estate agent and although he was doing some decent work in the beginning, we noticed lots of missing copper in 2 of our houses that he’s worked in.  I’m hoping I’ve met my quota for A$$h@le contractors so my luck has to change, right?

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  • Shaun Reilly

    Man that is rough having Wenham sitting that long.
    Are you holding out on that 3rd quote or are you going to evaluate the 2 you have to see if either of those guys cuts the mustard?

  • It’s not an ideal situation, however, I funded the deal with cash so I’m not incurring any holding costs for financing. I requested references from the contractors and will be visiting one of their current jobs this weekend.