Speaking of funding, we tried a lot of the bigger banks and found that they don't really lend on investment properties because it's too risky, they got burned on it in the past meltdown, and it doesn't fit into a nice easy bucket to resell for them. We started to go to smaller banks, but many of them were even more risk averse and didn't get OTR and the direction it's headed. We've decided to go with the Cincinnati Development Fund since they seem to be the only real option out there that does things like this.
Our first step is getting ballpark estimates from contractors and out of 8 we called, only 4 responded. One said upfront they were too busy to even talk about the project until the spring and 3 others have done a walk-through. Only one has returned his numbers yet and it's at $108k with what looks to be a decent amount that we could scale back to save on. That puts us at a $120k cost basis, which we'd be more comfortable at $100k for resale in order to guarantee some profit. The area is so undeveloped right now that we don't want to get into it too deep without a reasonable way out. It does't kill the project if it comes in the lowest, but we're hoping others give us something better.
We're going to start getting architectural drawings on the structural portion and rooftop balcony as well as a basic idea of what the rest of the building will be. Once we have them, the GCs will have a better idea of what they need to do and can give us more apples to apples comparisons. In hindsight we probably should have done this before calling them all. Live and learn I guess.
Outside of that I've been keeping an eye on the tarp and installed a temporary downspout to control the water so that it stays away from the foundation. The basement where the mold was has dried out mostly and is killing itself while we get things going.
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