Rehab Journal: Joralemon St. Project (Ride Along)

[Ibrahim Hughes]

Good morning folks! I'm starting a rehab journal to assist those new to rehabs and give them a bird's eye view of the rehab process from A to Z. We've been in business (collectively) for over 20 years so we've learned, like anything else in business, a lot of it comes down to systems and how organized you are in planning as well as implementation. We just picked this one up in Belleville, NJ and will be doing a complete rehab. All new kitchen, baths, roof etc. as we turn a 3/1 ( bedroom, 1 bath) into a 4/2. Yes architectural plans are needed to add the bathroom. My business partner Sam Colon (he's on BP but having a little trouble with his account - I'll tag him in shortly) is in charge of managing the renovations and designs on our projects. He is currently developing @Brian G. (who also wholesaled us the deal) to become our project manager on renovation projects. This will allow us to continue the company's growth.

We still have a wholesale business (plus a couple of buy and holds) so I'm working with the rest of the team ensuring that we're still generating wholesale revenue (And any one of the deals can possibly become another rehab project for us). Plus I'm responsible for the administrative duties on these projects (keeping the books, BP Rehab Journal plus any backup running around Sam may need me to do).

Our last 2 rehab projects were huge successes and so we were able to bring the private lender from one of those projects onto this one. He's making a great return in one of the safest vehicles out there so he's super excited. You can view our previous projects using the following links:

www.540Trinity.com

www.649Summit.com

So ask away regarding any questions and hopefully Sam, Brian or myself can get to them all. Thanks for reading!

[Ibrahim Hughes]

Week 24 ( November 24, 2015 - COMPLETION OF RENOVATION!!!)

Finally! It took us a bit longer than we had hoped to finish this project. A couple of things hurt us including the time it took to get our permits and plans approved, framing issues from work done by past owners, "miscommunication" with town inspectors and a slow contractor. All a part of the life of a rehabber. But we will be making some changes going forward including revising our contracts with contractors that allow us to go and spend some of their due money to bring another contractor in when they're dragging their feet. Nontheless, I think the project came out pretty good.  And our investors are pretty pleased as well!

We listed the property this past Thursday the 24th and already have an offer close to asking price. Let's see what the rest of the weekend brings.

Here's the website for the property for anyone whose interested: 213Joralemon.com

@Kenneth B. and @Ashraful Karim  - We have an open house tomorrow from 1-4 pm. I think you guys have my cell.  But if not, inbox me and I'll get it to you.

Ibrahim