Diary of a Gladiator - Feb. 22, 2009

Diary of a Gladiator - Feb 22, 2009

People have been asking me to document a project from start to finish for a long time, so what the hell, lets do it!!!!!

 The Team:

1. All projects are managed by "codeRed Project Management"
2. Properties are Sold via the "Gladiator Investment Network"
3. Property Management provided by Dawn. (More on her later!)

  

Project Details:

• REO property located in Indianapolis, IN
• Fix and Sell 60 Day Turn Around from Close Date
• 3BR/1.5BA - 1,430 SF - .80 Acres - 2 Car Detached Garage
• Aqusition Price: $18,900
• Estimated Cost of Repairs: $14,000
• Carrying/Closing/Commission/Misc Costs: $5,000
• After Repair Value: $72,000
• Zero to 5% Down Sale Price: $48,960
• Rental Rate: $800 per month
• Potential Profit: $11,060.00
• Closing Date Scheduled - February 24, 2009
• Construction Scheduled to Begin - February 24, 2009
• Construction Completion Date - March 10, 2009
• Property to be Under Contract with New Buyer - March 17, 2009
• Final Close and Cash Out Date - April 24,2009

As you can see, a little profit for us and a solid "Zero to 5% Down" long term investment for end buyer.

Our goal is to create win-win situation for all parties, and we have worked our butts off to create one of the best systems in the country!

This weeks schedule so far:

Monday:

• Pre-rehab codeRed contractor meeting scheduled for A.M. 

Tuesday:

• Pre-closing walk-though of property
• Closing Property at Title Company
• Locks changed
• Brief codeRed team and tear out begins!
• Fingers crossed, all utilities should be on. (We are lucky, as REO listing agent had utilities already on, and we are just transferring.)

Wednesday:

• All plumbing.heating, and electrical sytems are checked.
• Inspect attic and crawl space
• Order Water Heater, Furnace, or anything else needed from checks
• Siding installed on house, garage, and outside shed (Note: It has already been ordered)
• New Garage Door installed
• New Service Door for garage installed.
• Any carpentry work should be done
• Install exterior Railing for steps
• Interior Drywall work/repairs done

Thursday:

• Snake drains
• Windows needed should be delivered
• Kitchen Cabinets should be delivered
• Cabinets Installed
• Windows installed
• Front and side metal exterior doors installed
• Painting started
• Schedule Carpet guys for Tuesday

Friday:

• Painting should be completed by end of business today 
• If Needed, Water Heater/Furnace delivered and installed

Saturday

• Hardwoods in home sanded and finished

Sunday

• codeRed guys scheduled day off

Keep in mind that this schedule is fluid and many things can change. This is just something that has to be expected when it comes to electrial, plumbing, and material deliveries. However, I wanted to give folks a snapshot of how the "perfect" schedule looks, then how it will actually play out in the real world! 

They key to a successful rehab is in your ability to makes changes and adapt to any situation.

 I am off to hit the rack.......and will give you updates and photos as we go!

Harrison Painter