PROJECT TYPE: Value Add / BRRRR
ADDRESS: 1615 North Land Avenue Oklahoma City, OK 73107
CLIENT: Table Investments
We were our own clients on this one. This project was tough from the beginning so we didn’t even offer it to out of state buyers. There were title issues with the lot which needed to be resolved prior to closing, tenants who wouldn’t move out once we acquired it, and the condition of the mechanicals was so patched together that developing a clear scope of work was almost impossible until we opened up some walls. Fun… right?
The hardest lesson we learned on this one was to cut the contractor loose when things start slipping if there is no clear plan to remedy. We should switched contractors much sooner than we did. We hear it all the time to “hire slow, fire fast.” It’s tough when you feel loyalty to a company, especially since we’re a young company and understand growing pains. We’d worked with this contractor for so long and it was tough to step away when the timeline and started slipping on the project. We wanted to believe he’d get caught up.
This project was really two separate projects. The first 1/2 of the project went smoothly. We feared we may have to expand the scope of work when we opened up the walls but the condition was better than expected. That is… until a water line broke, flooded the place from the ceiling down, and set us back to day 1 (from the walls in, exterior was fine).
The second 1/2 of the project didn’t go nearly as smoothly. The contractor was difficult to nail down budget and almost impossible when it came to reworking the timeline. Ultimately, we had to remove the contractor from the project and bring in a new contractor. Not ideal.
Luckily we bought this one right. Even though we lost a lot in wasted time and doubled work we came out ahead on it after the refinance.
GAH. The timeline.
The first 1/2 of the project went so smoothly. Other than a couple minor issues with weather delays and the city needing 2-3 more days to perform inspections it went seamlessly.
The timeline really only fell apart when the water line busted in the attic, causing most of the north unit to be redone. Once the timeline was clearly not going to be hit, it was impossible to narrow down a new timeline with the contractor. We waited way too long to make this transition.
[Photos of the water line break are below]
This property is located on the western edge of Oklahoma City’s urban core. The property is conveniently located right off a major highway. The location makes for a super easy to commute to most major employers. The property’s close proximity to downtown OKC, Lake Hefner, and the Urban Core makes it highly desirable to tenants.
Address: 1615 North Land Avenue Oklahoma City, Oklahoma 73107
Neighborhood Class: B+
Closest Highway: I-44