It's been a total disaster, but we're finally making some progress.
The Problem:
We bought this building because it was conveniently located next to the largest apartment i already own. I felt it was a good investment because it allowed me to control the improvements of the block a little more and allowed me to keep my investments close. But as soon as we started tearing into it, the problems started piling up. Hidden issues under the floors, old walls that were falling apart, and shoddy work done by previous owners (even 75 years before). It's been a nightmare. There are literally layers of different designs and styles on every wall and floor going back decades.
The Challenges:
Contractor Delays: We've had so many delays due to contractors being booked up or not showing up at all. It's really slowed down the progress.
Hidden Costs: We keep finding more and more problems that need to be fixed. This is eating into our profits.
But We're Not Giving Up!
We're determined to turn this apartment into a beautiful and profitable property. We're taking it down to the studs and doing it right this time. We're also lucky to have access to some resources that have helped us save money and time.
Our Progress:
Demolition: We've already thrown away 8 full dumpster loads and over 10 tons of demolition material in just thisnlast week. It's a lot of work, but it's necessary to get the units in good shape. It definitely helps to have a dumpster business to save on the time and costs associated with demolition.
We're still a long way from finishing this project, but we're confident that we'll be able to turn these units into a beautiful and profitable property to be proud of. That's what I care about most. I never want to be seen as a slum lord. I am excited to share the process with you along the way. Stay Tuned!
If you're thinking about investing in real estate, I encourage you to do your research and be prepared for the challenges. But if you're willing to put in the hard work, it can be a very rewarding experience. This is not the worst property I've bought, and it's in no way a bad investment but it's one of the largest projects for sure and the stress multiplies when things aren't going as expected or promised. But that's business. Just have to keep pushing forward.
Thanks for watching! I'll be back with another update soon. In the meantime, please subscribe to my channel for more videos about real estate investing.
15 сен 2024
