1817 HUGHES LOOP

Updated Progress

05/14/25

The borrower’s unit has been deployed overseas, which has shifted the dynamic on-site a bit. He does have someone stepping in to help with the rehab, but from what we gather, the work isn’t quite meeting his expectations. There’s still a fair amount left to complete, including the kitchen, bathroom, bedroom, and garage. That said, he’s working on a solution. He has about $30,000 remaining in the rehab budget and is now exploring the option of selling the project to another investor. The idea would be he’s looking to sell this project to another flipper at a price to cover everybody’s payoff. Ralf is setting up a Zoom call this week with the borrower and a potential buyer to talk things through.

03/04/25

The renovation is moving forward, and while a few unexpected challenges have popped up, everything is absolutely solvable! Roof leaks have been fixed, though the roof is definitely nearing 10 years old. There were also some rotten floor joists, mold and water damage, and a few irrigation issues. Nothing major—just a few hurdles to clear. Thankfully, a great contractor is on board to tackle all the necessary repairs.

The biggest challenge at the moment is staying on a budget. After crunching the numbers, there’s about $36,440 remaining (not including draw fees) to complete the two bathrooms, kitchen, laundry room (mud room), painting, and both interior and exterior finishes. While that has stretched the timeline a bit, it’s definitely manageable.

While the finish line is a little farther out than initially planned, the project is still on track. With the support of fantastic contractors and realtors, this renovation will absolutely come together—just taking a bit longer than expected. Things are progressing, and the end result is going to be worth the wait!

01/16/25

The property rehabilitation is progressing well, with only a slight delay due to a scope of work (SOW) revision. The project is now back on track. Key milestones have been achieved, including the completion of tear-out, rebuilding a load-bearing wall, repairing drywall throughout the home, and installing flooring. Currently, the team is awaiting the inspection report to proceed with painting and the garage door installation. The only notable issue encountered was a rotted floor joist, which was promptly addressed upon discovery. Moving forward, the next significant steps include completing the painting, doors, trim, windows, and garage door. Budget management has been effective, with all expenses staying within the allocated budget so far. While there is a slight concern regarding the painting costs, it is not expected to have a significant impact. Updated photos are not yet available, but a video walkthrough of the property is ready to share if needed.

12/18/24

The property rehab is progressing smoothly, with demolition completed and drywall installation scheduled for Friday. Wall repairs and natural texture application are underway, while flooring is nearing completion. A company has been arranged to install the garage door. Key milestones achieved include the demolition and significant progress on flooring. No issues or delays have been reported, and the project remains on budget. The next major steps involve drywall installation and painting, focusing on the bathroom and kitchen. Photos of the property are available for sharing with the PML.