233 E. GROVE ST.
Updated Progress
04/04/25
Exciting progress on this property! Now officially on the market as a rental, opening the door for the next phase. Once a tenant moves in, the focus shifts to securing a DSCR loan for the exit strategy. Everything is lining up for a strong finish—just a matter of time before the next big step falls into place. Momentum is building, and the results are looking solid!
04/03/25
Exciting progress—everything is completed, and now just waiting on refinancing to move forward! With all the hard work wrapped up, attention shifts to the next big step: an open house, scheduled for today or tomorrow, to welcome potential renters. A fantastic opportunity to showcase the space and lock in the right tenants. Momentum is strong, and things are lining up for a great outcome!
03/13/25
The borrower talked to Ralf for refinancing terms.
03/05/25
Exciting progress is being made as the finishing touches are applied! The space is almost ready for tenants—just 90% complete but already looking fantastic. No delays, everything is on track, and its nearly time to make it available. Though not quite on the market yet, the preparations are all coming together smoothly. The final steps are coming quickly, and once done, tenants will be able to move right in! Everything is moving forward as planned, and the wait will definitely be worth it.
01/21/25
The rehab progress is nearing completion, with the scope of work (SOW) finalized except for moving the mast. A full budgeted refund is requested at the earliest convenience. Current efforts focus on touch-up work, addressing additional improvements not included in the original SOW, such as replacing trim, door handles, and bathroom exhaust fans. A reallocation of $500, originally budgeted for the mast as a marginal inspection item, is proposed to cover these updates. Discussions with agents are underway to determine the best course of action, with plans to either list the property within two weeks or pursue a refinance.
12/23/24
The General Contractor reviewed the plans and proposed adjustments that align better with the overall project scope, working closely with a partner to ensure optimal execution. The updated approach remains near the original budget projection. Any potential differences will be addressed to maintain progress without disruption. Efforts are underway to cover the project expenses entirely through a credit card, enabling funds to be allocated directly to the project while minimizing draw fees. This approach is expected to streamline funding and support continued progress. The project remains on track with a focus on efficiency and cost-effectiveness.
1st Month
