Meeting Summary for Virtual Project Walkthrough - 7/5
Quick recap
The meeting began with casual conversation about Fourth of July celebrations before transitioning to a discussion of Quality Builders' renovation focus and their use of Builder Trend for client management. The team reviewed several ongoing construction projects, including structural improvements, utility modifications, and conversion work across multiple properties, with particular attention to challenges like corroded ductwork and material sourcing issues. The discussion concluded with updates on project timelines, including delays due to unexpected discoveries, and addressed specific technical requirements for ongoing structural and utility work.
Summary
Informal Real Estate Deal Discussion
The meeting began with casual greetings and small talk about Fourth of July celebrations and fireworks. Participants discussed their weekend activities, including barbecues and fireworks displays. The group briefly touched on real estate deals, with Lee mentioning a six-unit deal closing and a new primary. The meeting appeared to be an informal check-in, with no significant decisions or action items noted.
Quality Builders Renovation Project Overview
Jonathan, the founder of Quality Builders, introduced the company's focus on interior and exterior renovations, primarily working on 2-3K homestyle renovation loans for house hackers, investors, and homeowners. He explained their use of Builder Trend for client portals and emphasized the importance of pre-construction planning to streamline the process. Dev, the project manager, was on-site and ready to provide a walkthrough of the current project, starting with the basement and moving to the first and second floors. Jonathan also mentioned their involvement with the True Value Boys and Girls Club and encouraged donations to support their youth programs.
Residential Property Renovation Progress Update
The team discussed the progress and challenges of converting a property into a legal residential three-unit building. They highlighted structural issues discovered during renovations, including corroded ductwork and non-conforming elements, which required additional work and plan modifications. Dev walked through the layout, showcasing the new utility room, relocated electrical panels, and structural improvements, such as new beams and posts. The team also mentioned plans to move gas meters and complete the utility closet construction in the coming weeks.
Bronzeville Renovation Project Update
The team discussed a renovation project in Bronzeville involving the conversion of a 2-unit building into a 3-unit property. They reviewed the layout and improvements made to each unit, including new bathrooms, washer/dryers, and structural changes. The project's cost is estimated between $175,000 to $275,000, with rough framing, electrical, mechanical, and plumbing work currently in progress. The team decided not to level floors in certain areas due to the high cost and limited return on investment for rental properties in Chicago.
Construction Project Progress Update
The team discussed the progress of a construction project, focusing on structural challenges and material sourcing. They explained that temporary supports were installed to address cracked beams, and the project is moving forward with plumbing and electrical inspections upcoming. Dev noted that while sourcing materials hasn't been an issue post-pandemic, prices have increased due to inflation and tariffs, though most construction materials are produced domestically.
Structural Work and Timeline Updates
The team discussed the structural work in progress, including beam replacements and column installations, with Quality explaining that the project has taken 8-12 weeks longer than initially planned due to unexpected discoveries and plan resubmissions. They confirmed that while no windows were broken during floor jacking, clients should keep windows open during the process to prevent damage. The team also addressed the need for a utility closet for the new basement unit and noted that while the water service upgrade wasn't initially required, it was necessary in some cases, with the project still 4-5 months from completion pending rough inspections.