Livin' La Vida Luna y Luca
Doing Puzzles at Paris Baguette on a rainy morning.
June 2025 Project Updates
Let's try something new... I want to do a Project Recap the first Sunday of every month.
I'm hoping to achieve two things:
- Update my investors on a more defined cadence
- Look back at this years from now like it's a journalistic photo album
Project Silver Spring:
We're in the final leg of the race. The house has been professionally cleaned. We passed most of our final inspections.
We just need to refinish the driveway and add some more fire-blocking to the basement and garage. Once that's complete, the buyers will have the home appraised and reinspected.
We're expecting to tie a bow on this house and deliver it on or around Tuesday, 7/15/25.
Project Oliver:
Same here. We passed all of our inspections. The only thing remaining to obtain our Certificate of Occupancy is the Property Tax assessment.
Unfortunately, the Property Tax Assessor was OOO until next week. We're expecting to close and hand the keys over on or around 7/15/25.
Project Fairmount:
We're humming along at Project Fairmount. We completed tile and trim. The first coat of paint is also on.
Floors are going in next, and cabinets are scheduled for delivery the second week of July.
All signs point towards meeting our expected delivery date of 8/31/25.
Project Weston:
We ended the month by putting Project Weston on the market. The house is fully framed, and the roof is on. Windows aren't in yet, but we started roughs.
We've had one private showing so far and hoping that buyer writes an offer on or before July 9th. The new New Jersey Mansion Tax kicks in for contracts written after July 10th.
This shit is bananas. It's one of the very few times I feel like the government is really getting in the way of my small business.
The previous Mansion Tax was a 1% fee on the buyer for properties over $1M.
The new Mansion Tax is tiered and on the seller. So on Project Weston, instead of the buyer paying 1% of ~$2.25M ($22,500), I will have to pay $45,000 to complete a sale.
😩 Definitely did not account for this in our underwriting.
Project Townsend:
We hired an agent and submitted for Permits in June.
We're expecting to have approved plans in hand sometime in July.
In the meantime, I'm working with the agent's creative team to develop renderings.
Project Willow:
We bought Project Willow on June 26th. The seller left the house on July 4th.
Our architect is putting construction drawings together as we speak. They said it would take 3 weeks from the day we finalized the floor plans, which was June 16th.
Ideally, we receive and submit the permit set by ~July 11th. Since this is just a gut renovation, I think we could get approved and start work by the end of July. 🤞🏽
Project Kice:
We closed on Project Kice on June 25th. Our architect has so far provided draft floor plans and site plans, but we have yet to receive front and rear elevations.
Our stretch goal is to submit for permits by the end of July.
Hopefully, next month's update confirms we were able to do that.
✌🏽
