118 Can’t Stop St.

Updated Progress

Date: 01/15/2025

Plan to pay out the investors. Last week, I explained to him that if he goes beyond the term without having a contract with the end buyer, he’d be looking at a $100/day fee. He got back to me and shared that he’s planning to do a refinance to get you and Jimena paid back.
While he’ll still be late because refis do take some time, I don’t anticipate it going beyond 30 days. Once he has a confirmed closing date, I’ll send you a payoff letter template so you can complete and sign it. We’re getting close to wrapping this one up.

Date: 12/23/2024

Significant progress has been made on the property’s rehab. The bathroom is being extended, and the ceilings are being raised to allow for a properly fitted door, enhancing both functionality and design. Drywall installation and painting have been successfully completed, providing a fresh and polished look to the interior spaces. Upcoming tasks include finalizing the bathroom and kitchen installations, as well as completing the flooring to tie the entire space together seamlessly. Additionally, the roof requires flashing at the addition to address a previously identified gap that allowed water intrusion. Overall, the project is advancing steadily, with each step bringing the property closer to a high-quality finish

Date: 10/07/2024

Regarding the property rehab progress, Ralf has communicated with the contractor and secured the necessary permits; however, there is an issue preventing all the electrical work from being completed. Currently, only the electrical work has been finalized. The project is facing delays as they are waiting for the strake to be lifted, which is hindering further progress. The next significant action will involve the installation of the HVAC system and air conditioning. Budget-wise, things are manageable, but there is still no access to the funds. He is able to send photos for sharing with the PML.