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CallJ&K RemodelingServicesToday!
Phone: 1-727-798-8772 or 727-798-8775
CBC#1253003
Licensed and Insured.
"Quality Work At Fair Prices."
FloridaRehab/Remodeling & Home Improvement Experts
serving the Tampa Bay area and Central Florida Area.
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FloridaRehab/Remodeling
Professional & Reliable for Condo Conversions/PROJECT MANAGEMENT
CONVERSION PROJECT EVENT
J&K RemodelingSERVICES hasassembled a professional team for the remodeling, preparation ofthe sale of the condominiums.
The process is detailed from start to finish below.
1. Contract toRemodel A Property
2. Due Diligence Process
a.Professional Site Inspection
b. Inspection Report
c. Condominium Conversion Report
d. Commitments
e. Environmental Assessment Report
f. Survey
g. Title Work
h. Cost estimates for conversion improvement process
i. Management operations review / staff interviews
3. Closing (2-4 months after due diligence)
4. Construction Renovation Program Commences – Exterior 3-6 months
a. Roof Replacements
b. Exterior repairs to building
c. Exterior repairs to amenity buildings and common areas
d. Exterior Painting
e. Overlay or sealing of parking and paved areas
5. Model Preparation – Decorating and Setup – 3-4 months
6. Condominium Document Preparation – Survey Exhibits 3-6 months
7. Commencement of Vacating Turnover Units – At closing
8. Remodeling Vacant Units – to be sold “as is”
a. New Carpet
b. New AC Units / Water Heaters / Appliances (Any over 5 years old)
c. New tile or vinyl flooring
d. Complete repainting of walls
e. Refinish bath ceramic tiles as needed
f. Refinish counter and cabinet surfaces as needed
g. Replacement of broken or damaged doors as needed
h. Updating kitchen electric plugs to GFI as needed
i. Replace broken bath fixtures as needed
9. Remodeling Vacant Units – to be sold “remodeled”
a. All of the items above in section 8
b. Replacement of cabinets with new wood cabinets
c. Replacement of bath vanities with new wood cabinets
d. Spray knockdown on walls to refinish drywall
e. Respray ceilings as needed
f. New Counters, doors and trim
g. New light fixtures
10. Speed of Sales, Remodeling and Sale of Units – Program is typically set to proforma over a three year investment period, depending on project size. Most projects are set up to sell remodel and close 15 units per month which is conservative. This allows for continuity of rental income on the unconverted units until such time as they are ready for remodeling. Large projects with lower priced units target 20-25 sales per month.
11. Active Sales Commence (Approximately 4-6 months after acquisition closing)
12. Sales staff coordinates purchaser financing approvals with relationship mortgage company which processes and prequalifies the purchasers early in the sales process.
13. Closings take place sequentially, renovations continue and sales should complete well before the three year proforma date.
14. Arrangements for prepackaged in house financing made with a mortgage company to quickly prequalify, process and close the loans.
15. Arrangements for prepackaged title services to expedite and handle closings.
16. Progressive Payoff of bank loan from sale proceed
17. Distribution of profits to partners once bank loan is paid off.
CallJ&K RemodelingServicesToday!
Phone: 1-727-798-8772 or 727-798
-8775
"Quality Work At Fair Prices."
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J&K RemodelingServices