INV Ref – PRX5863 – Suncrest Capital Group

146 E COURT ST

Updated Progress

04/15/25

After speaking with Julie (the borrower), she confirmed that she is wholesaling her project to another flipper. She’s currently working with a realtor to assist with the transaction and is scheduled to meet with both the buyer and the realtor tomorrow. Julie feels confident that she’ll be able to move the projects and ensure her investors are paid off. In the meantime, we’ll follow up with her at the end of the week to get a clear understanding of how the meeting went. If everything checks out, we’ll begin requesting payoff letters from the investors on her deal.

03/14/25

Great progress is happening in rehab! Flooring work is well underway, with three-quarters of it getting done, and the team is set to arrive around to keep things moving. Drywall and cleaning are already completed, and a flooring board has been replaced to ensure a solid foundation. No permits are needed, keeping the process smooth and efficient. Updated photos will be shared soon to showcase the latest improvements. Everything’s coming together, and the momentum is strong!

03/06/25

The rehab is moving along smoothly and hitting key milestones! The walls are finished, and flooring started yesterday—progress is definitely picking up. Refinishing three corners of the house is underway to preserve some of the original charm, and the first part should be wrapped up by next week. Work is moving forward in the room areas, with finishing the subflooring in progress. A huge section of the bathrooms and bedrooms is also being tackled, along with full plumbing work—tearing out the old bathroom and installing new plumbing underneath the house. There are no delays with permits and the goal is to hit the market by the first week of April. Photos will be sent soon for sharing with the PML.

02/10/25

Progress on the property at 146 E Court St is moving well. Drywall installation has been completed, and materials were sourced from Home Depot. A key milestone includes addressing smoke-related issues on the floors in multiple rooms. No major delays have impacted the timeline, and the next significant step is finalizing the drywall work. The project remains on budget, thanks to the efficiency of the contractor. Photos of the progress will be sent today for review

01/20/25

The contractor was unable to take additional pictures today due to an injury but progress on the property remains on track. This week, the stretch rock installation is being finalized, and sheetrock will be completed next week. A minor delay occurred in the family room and front left bedroom as the corner of the house required leveling to ensure a smooth and high-quality drywall finish. Preparations for window replacements are underway, with the old windows being removed and temporary boarding installed until the new ones are in place. Overall, the project is progressing well, and the target completion date of February 14, 2025, remains unchanged.

1/06/25

Stage 1 demolition has been completed in the living and family room entry areas. The family room entry was extended and squared off for alignment with the French door removal. Kitchen cabinets, appliances, the island, and the drop ceiling were removed, with flooring scraped and drywall work underway. Family room windows, a small door, and interior openings to the laundry room were removed and are being closed up; stretch rock sheets are being used for a cleaner finish. In one of the two front bedrooms, shutters, drop ceilings, and doors were removed, and the interior door to the family room is being closed off while maintaining the main entrance access. Stretch rock installation has begun. Living room demolition included removing shutters, rotting paneling, and the drop ceiling. The non-operational fireplace and a second bedroom door were enclosed with drywall to accommodate an electric fireplace insert and built-in shelving. The master bedroom saw the removal of carpet, the drop ceiling, built-in cabinets, shutters, and drapes, with closet cleaning completed. In the master bath, demolition was completed, including removing two entry doors, the sink mirror, and the tub. Framing and drywalling are underway for a double vanity, and a jetted tub has been prepped for installation. The third bedroom is fully demoed and ready for drywall this week, with the fireplace closed off and under consideration for either an electric insert or drywalling. In the first front bedroom, demolition is complete, and framing/drywall work has started on the second entry door and fireplace.

12/10/24

The borrower has encountered some delays in accessing her draws, which has slightly slowed construction progress. After discussing the situation with her, she shared that she plans to visit the property on 12/13 to gather updated photos and connect with the new contractor’s team for more detailed updates. She’s actively working on implementing a more efficient system to manage all the contractors across her three properties. She also mentioned that she had been managing the projects remotely over the past two weeks due to a personal matter but is now fully focused on getting things back on track. She appreciates your patience and understanding as she works to bring everything up to speed.

11/10/24

We’re almost done with this phase. Then they’ll begin working on framing in the doors and interior windows that we’ve decided to take out and drywall (it had an excessive number of doors – some bedrooms had 3 entry doors) and will start drywalling, doing ceiling work and electrical/ Interior lighting drops.

11/01/24

She shared that construction at this address is scheduled to start on Monday. She personally visited the site, where contractors have already begun the demolition work. Everything is proceeding smoothly, with no delays or issues to report, and the project remains within budget. She plans to capture and send progress photos, which will be shared with the PML via your email.