Mike’s Apartment Blog

by Scott Ableman on Flickr

Ain’t nothing like coming inches to the finish line only to be clotheslined out of nowhere by some unassuming fan.  Rough.

Found out today that not only are the legal addresses to our buildings transposed, but the building has been incorrectly zoned.  Luckily, we are grandfathered in, but that means if we do any major work, we may be forced to original zoning.  So no additional units…

We may also be forced to pull permits for the work that was done prior to us moving in on the building.  Ouch… that could prove expensive and time costly.  If nothing else, it pushes back our CO and ability to get tenants moved in.

All part of the allure of investing in real estate.  If things were easy, everyone would do it…

We have nearly completed the top half of the units in Cirese Court.  There was a delay as we ran into plumbing issues we hadn’t anticipated.  This put us about 1 month behind schedule, however we are well on our way to leasing the building up.

Expectation is to fill the rent-ready units by beginning of the next month.  Construction costs appear to have increased due to these mechanical issues, but we are still far under fair market value for what we have into it.  This little building should turn out to be a very good move.

Check out the management team, www.reboundllc.com.

We have finally fixed all the leaks in our first building.  If you remember, we were rehabbing Cirese Court in two phases of three months per phase.  We encountered major plumbing problems in the first building which put us over the budget and timeline.  We have fixed those and are now on track to having the building half leased by the beginning of the month.

This project has been coming along well and is in an area where we either have close connections with the other landlords or we own the neighboring real estate.