INV Ref – PRX9475

1342 SW WILLIS MILL RD

Updated Progress

04/10/25

The Willis Mill Road property recently received a site visit from the project manager and Realtor, who had been out of town and was able to capture updated photographs just yesterday. Those images can be viewed here: https://drive.google.com/drive/folders/1IA6gVqLjhDwADh66GZgV1eBrejTjT1Ie. Due to ongoing permit delays, progress since the last update has been minimal. That said, efforts remain focused on keeping all stakeholders well-informed and engaged. While a Zoom meeting at the property isn’t possible at the moment, both Jim and another team member will be available to join the call and provide a clear overview of the current status and next steps.

Great progress is happening, with major milestones already checked off! The outside elevation permit is actively in the works, drywall is fully completed, and framing kicked off this week. Wiring is also underway, keeping everything right on track. Some delays popped up due to issues with other properties, but momentum is picking back up, and things are moving forward.
 
Permitting has presented a few challenges, but production is set to begin this week. The estimated timeline for elevation is three weeks until the work is wrapped up. The ultimate goal is a smooth and successful payoff before listing the property. Efforts are also underway to sell two properties in Colombia to help clear outstanding balances. With everything coming together, that milestone is well within reach!

The property rehab is progressing well, with key milestones being completed. Permits have been secured, though there was a slight delay with the HVAC permit, requiring a couple of weeks for approval. Installation is underway, allowing work to begin on the second-floor attic. Exterior improvements, including windows, are in progress, with framing already taking shape. Once the rehab is fully completed and the property is sold, proceeds will be allocated accordingly, including settling outstanding investor contributions. Everything is moving forward smoothly, ensuring a successful outcome.

The permit was successfully obtained last week after a three-month process, marking a key milestone in the property’s rehabilitation. With the permit secured, the next steps include painting, landscaping, framing, window installation, and completing the electrical work. Progress remains on track, and the project continues to stay within budget.

The property rehab progress has been carefully initiated with $20,000 personally funded for the initial phases. Progress continues steadily, with each step being closely monitored to maintain alignment with the project’s timeline and goals. Though still in the early stages, the improvements are expected to align seamlessly with broader objectives, contributing positively to the overall portfolio. Appreciation is extended for the continued trust and support that make these endeavors possible.

Significant progress has been made in the property rehabilitation. The initial draw of $21,000 has been submitted, with key milestones such as completing the demolition, installing a new furnace, and replacing several windows already achieved. Although there have been delays due to pending permits, plans are in place to accelerate the timeline once the permits are secured. Upcoming efforts include refining the interior layout to accommodate a new floor plan, designing a modern kitchen, and converting and finalizing the garage. Exterior repainting is set to commence promptly, followed by interior work. The project remains on budget, and photos of the property are available to share with the PML for an update on progress.

The rehab progress is moving as anticipated, despite initial delays with plan approvals. While no key milestones have been completed yet, they are poised to make significant progress with the demo starting this week and the exterior work to follow. There are no issues or delays, as both the Project Manager and Contractor have expressed no concerns. They are on track with the budget and have scheduled material purchases for this week. Photos documenting the progress will be shared soon, as they are still in the early stages of the rehab. Regarding the property’s future, the plan is to list it on the market once complete.

Jennifer’s architect ran into a slight hiccup with permitting, but the good news is they’ve been given the green light to start on the 19th. In the meantime, her crew has been busy getting a head start by demoing the property. She mentioned they’re working hard to make up for any lost time, which is great to hear. While Jennifer didn’t snap any photos during her last visit, she assured me she’ll grab some on her next trip and send them over.

3rd Month

6th Month

SUPPORTING DOCUMENTS

SIGNED HHA

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RECORDED MEMORANDUM

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PERSONAL GUARANTEE

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PROMISSORY NOTE

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PRELIM TERM SHEET

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SIGNED PRELIM TERM SHEET

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BUILDER RISK INSURANCE

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SCOPE OF WORK

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RENOVATION ARV

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OPERATING AGREEMENT

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MEMORANDUM OF JVA

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SIGNED JV

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SIGNED HHA

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JV AGREEMENT

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HHA

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DEAL ANALYSIS CALCULATOR

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EXPERIENCE WORKSHEET

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LOAN DETAILS

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SIGNED OPERATING AGREEMENT

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WIRING INSTRUCTIONS

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SIGNED MEMORANDUM

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