Ovation Development
Progress To Date: January 16, 2007
We own it! On Friday, January 12th Christine and I settled on the loan to purchase the property at 1407 Park Avenue. We learned, at settlement, that the tenant in Unit 3, the 3rd floor 2 bedroom apartment, moved out that day without paying the last month’s rent (we have her security deposit). We were handed an armload of keys, with tags and list of the remaining tenants and their scheduled payment dates. On MLK day, I wrote a letter of introduction to the tenants informing them of where to send the rent and Chris and I went to visit the property. We discovered that the front door lock was broken and that none of the keys opened the vacant unit. While we thought over what to do, we knocked on doors and found the 4th floor tenant and the 2nd floor tenants at home. In conversation we got a short list of repair requests from the tenants we spoke to and promised to get back to them. We found a locksmith and had the lock drilled on Unit 3 and went in (he was unable to repair the front door lock). The unit was in surprisingly good condition and is ready to rent. We posted a “For Rent” sign on the building, left the front door unrepaired and returned to D.C.
I plan to replace the front door lock and to take care of the short list of deferred maintenance this week. In other activities this week, I have set up the business account for the LLC and met with our architect, Saskia Van Groningen to start the design work required for the next stage. I will send you a copy of the settlement statement and the plan for historic certification, renovation, and conversion next week.
Please call me if you have questsions.
Yours in the spirit,
Lou Steadwell
Progress To Date: January 16, 2007
We own it! On Friday, January 12th Christine and I settled on the loan to purchase the property at 1407 Park Avenue. We learned, at settlement, that the tenant in Unit 3, the 3rd floor 2 bedroom apartment, moved out that day without paying the last month’s rent (we have her security deposit). We were handed an armload of keys, with tags and list of the remaining tenants and their scheduled payment dates. On MLK day, I wrote a letter of introduction to the tenants informing them of where to send the rent and Chris and I went to visit the property. We discovered that the front door lock was broken and that none of the keys opened the vacant unit. While we thought over what to do, we knocked on doors and found the 4th floor tenant and the 2nd floor tenants at home. In conversation we got a short list of repair requests from the tenants we spoke to and promised to get back to them. We found a locksmith and had the lock drilled on Unit 3 and went in (he was unable to repair the front door lock). The unit was in surprisingly good condition and is ready to rent. We posted a “For Rent” sign on the building, left the front door unrepaired and returned to D.C.
I plan to replace the front door lock and to take care of the short list of deferred maintenance this week. In other activities this week, I have set up the business account for the LLC and met with our architect, Saskia Van Groningen to start the design work required for the next stage. I will send you a copy of the settlement statement and the plan for historic certification, renovation, and conversion next week.
Please call me if you have questsions.
Yours in the spirit,
Lou Steadwell
posted by Lou Steadwell @ 3:30 PM
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