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602 Emma St

Before Rehab

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Rehab Update

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Details:
 
Address: 602 Emma St Lakeland FL 33815
Type of Project: Residential Rental, 4-plex C Class
Purchase price: $59,900
Rehab cost: $25,980
ARV: $120,000
Date of purchase: 04/17/2015
Projected timeline for refinance or sale: 6-12 months
Ground Partner: Andrew Davis
Company: TBC
Contact details: drudavis@gmail.com
 

Documents:

AddressProperty typePurchase PriceRehab costARVDate of PurchaseProjected timeline for
refinance or sale
602 Emma St Lakeland FL 33815Residential Rental, 4-plex C Class$59,900$25,980$120,00004/17/20156-12 months
Date of SaleSales PriceCoCAnnualized
ROI
% Difference of Projected
vs Actual ARV
% Difference of Projected
vs Actual Rehab
% Difference of Projected
vs Actual Timeline
Source of
Funds
N/AN/AN/AN/AN/AN/AN/AN/A
 
Timeline:

03/2017

Sold.

05/17/2016

Working on our FL properties with a potential buyer for Emma.

04/05/2016

The other holding is the Emma, which we gotten order to throw everyone out, that didn’t do any good and we’re planning to sell that property which should be in a loss to EAC and get it out of our books and to talk to real estate agents to do that.

03/22/2016

From Roger Chance:
March 14
The writs of possession have been issued and were sent to the Sheriff along with the checks late last week.

I’ll call the Sheriff tomorrow to get an estimate of their backlog.

Nick is listed on the writs as the point of contact to take possession, so after a deputy posts the order to vacate the premises, he/she should be contacting him any day now to schedule taking possession of the premises.

March 15
I just spoke to a Polk County Sheriff’s deputy and they are out as I write this to serve the writ of possession on Senita Scott at Ave L. Nick has likely been contacted by now.

My understanding is the writs for the Emma properties are to be served today or tomorrow as well.

03/08/2016

The proposed final orders have been mailed to the clerk as per local rule and are awaiting the Judge’s signature. The writs of possession will be issued by the clerk as soon as he signs the orders.

I’ll call the clerk tomorrow to get an update. As soon as we have valid writs I will call the process server to deliver them to the sheriff for service and eviction.

The judge has received the final orders and I’ve left a message with his judicial assistant to update me when he signs them

02/23/2016

The clerk finally got to the defaults on Friday. I have filed the motions for final judgment and proposed final order electronically. By court rule, I also must submit hard copies of the proposed final order for each property with a cover letter to the judge. Those have been prepared and will be sent to the court Monday. I’ll continue to check with the clerk when we can expect the judge to sign the defaults. The writs for possession are prepared and I will file them immediately when I know the final order has been entered. I’ve also alerted our process server to be ready to deliver the writs and your checks to the sheriff to execute the evictions after the final judgment and clerk stamps the writs.

We’re on the court’s and the sheriff’s schedule, now. I’ll keep you informed when significant events occur.

02/09/2016

Everything has been filed. After several days have passed, its coming out then we can get court order to possess that property. Its moving forward, slowly but surely.

01/26/2016

We filed petition for unlawful occupation on property and it will take sometime to get to court’s system and get one out and get ourselves in control of the property.

01/28/2016

Today is a court holiday. The complaints for unlawful detainer for Emma will be filed tomorrow.

12/15/2015

We are still working on getting all the squatters out of there and securing the property.

12/01/2015

We have boarded up the windows and changed locks on a couple of the units. We are getting an ejectment which will allow us to remove the people that are living there illegally.

11/17/2015

– I’ve uploaded the best comp I can find to the dropbox for what I think the property would sell for boarded up & vacant. It’s not an exact match in terms of property type, but it’s the closest in the area.
– I’ve found 8 people that either own multiple properties in the area or are most likely investors (LLC’s and corporations), I have my VA searching for their contact info now.

11/03/2015

We are having a conference call today to discuss our strategy with this property. We are in the process of ejecting all the current people that are living there. Once that is complete, we will be boarding up the broken windows and most likely doing repairs on the property and attempting to get it occupied with decent tenants.

10/20/2015

Working with our new GP and PM to evict current tenants, and get rent ready.

10/06/2015

As may have mentioned on last call, we have “Fired” our last Ground Partner in this area, due to non-performance, and have hired a new GP to take over, Drew Davis. Drew has agreed to take on the 2 properties, and undertaken to seek out a property manager to get them stabilized. What Drew found was a little disconcerting – shabby and uncompleted rehabs, as well as some tenants occupying the units unbeknownst to us and allegedly paying cash to the former GP! Drew has found a very enthusiastic PM who will be able to get these properties turned around and properly rented in short order.

09/22/2015

After some frustration in a lack of communication and performance with our former Ground Partner, we have found a new GP to take over the 2 properties. He expects to pick up the keys, do a review of rehab done on the properties and assign a property manager to get the remaining units rented.

04/17/2015

Date of Purchase