2955 E POINT
Updated Progress
09/22/25
The property’s estimated value has increased to about $350K, with an expected 90–100 day sale window in the current market. Gabriel is pursuing a DSCR loan at 6–8% interest to replace his current 13.5% hard money loan, as he needs refinancing soon to manage holding costs. Olya recommended reviewing the realtor’s marketing strategy, leveraging social media, online listings, and targeting investors, while suggesting a performance-based commission. Renovations, including drywall, flooring, and fixtures, should be completed within 30 days, with the contractor’s team working in parallel to expedite progress. Olya will also connect Gabriel with a potential lender and set up a group chat to coordinate the listing and sales strategy.
08/27/25
The team is currently working on drywall. Once that’s wrapped up, the next steps will move into painting, flooring, and completing the bathroom and kitchen. The borrower shared that they estimate about 60 days to finish the remaining work. I reminded him of the daily late fees, and he confirmed he’s aware of this. The borrower also noted that he’ll be sending us photos today after his meeting. The plan is to list the property on the market for sale once everything is completed.
07/29/25
The borrower shared that they are currently doing the final inspection, and right now, the project’s roughly 60% complete. Framing, plumbing, and electrical are all taken care of. What’s left is getting the drywall up, then they’ll move on to painting and flooring to wrap things up. He also mentioned he’ll be sending over some fresh photos later today.
05/19/25
The rehab is over 50% complete and moving along steadily. Contractors are showing up consistently and completing work on time. The project remains within budget, with $25K–$30K left on the current draw. A realtor is already involved, and plans for listing are underway.
05/02/25
The project remains under contract and is on track for closing, with all project milestones progressing as expected. While the asset is not yet on the market, listing preparations are actively underway. Title company details have not yet been confirmed, and that information will be shared once available. At this time, there are no reported challenges or delays, and the project continues to move forward smoothly in alignment with the planned timeline.
04/15/25
03/05/25
The permitting is almost finalized—everything is moving forward smoothly! Just about 30 days left to complete the project. Once it’s done, the plan is to sell, and that’s when the real excitement begins. Expect some great photos to come through soon, showcasing the transformation.
02/07/25
The property is currently awaiting inspection before proceeding with closing the walls, which is expected to take place this week. This marks a key milestone in the rehab process. There have been no issues or delays, and everything remains on budget. The next significant step is listing the property on the market. Photos will be shared with the PML once the inspection is completed.
01/10/25
The property rehabilitation is progressing well, with the electrical work completed and ongoing efforts focused on plumbing. Key milestones align with these tasks. No issues or delays have been encountered so far. The next significant steps in the rehabilitation process include drywall installation, painting, and siding replacement. Budget adherence remains on track, and photos of the property are available for sharing with the PML.
12/10/24
All necessary permits have been approved, and work is scheduled to begin next week. This marks a key milestone in the project, with no delays or issues reported. The next significant action in the rehabilitation process is the installation of sidings. Budget adherence remains strong, with expenses currently tracking as planned. Photos documenting progress will be available once work commences next week. The project is on schedule and proceeding efficiently.