Wednesday, October 05, 2005

2nd Philadelphia Rehab - 3bd / 1ba

2nd Philadelphia Rehab 3bd / 1ba Posted by Picasa


10/5/2005 - Spoke with my partner. The contractor working on this is asking for $2k more to "finish" this. It will take at least $8K to complete this job and he says he will "honor" his word to finish this job. It is hard to believe as this job was supposed to be finished in July! It is obvious that he has given up on this project and has even misappropriated the funds for the heater. Supposedly he is waiting for his "friend" to fix it. There are alot of lessons to be learned here. Right now looking for a new contractor to finish this up.

5/12/2006 - Partner and I have been busy and now we have a reliable but not the best contractor to finish this up. It is a pain but we are looking to sell or rent out for a year and then sell.

12/19/2006 - We have finally made all the necessary repairs. This deal has been a very challenging one due to budget overruns and lack of a good contractor who does a complete job. We needed to hire handyman / laborers to get the job done. There is alot to be learned. We are using one of the top realtors in Philadelphia to market this for 3 months to see if we can snag a good buyer.

9/12/2007 - FINALLY the property sold... BUT at a loss :( Due to many things especially the budget, time, and rip off contractors this was a very painful lesson. It convinces me more to be on top of my game. I was marketing in the various papers in Philadelphia and most of the residents in Philly do not have cash or do not have the credit to close. The cash was the most important part. Right now it is a long arduous thing. I can't believe it is 2 years since we did this.