The plans have been officially submitted for review! We have a project number and everything. I’m pretty excited, needless to say! My wife, who works in Development Services for the City, is estimating the plans will be approved in three to four months. That is quicker than I expected but good news, nonetheless. Now I have to identify all the trades and get estimates. One of the first things on the list is to install tankless water heaters for the existing units because the existing tanks are in the laundry room and that will be demolished during the project. I don’t want the tenants to be without hot water for a long period of time. That structure was built on a concrete pad that was poured to anchor clothesline poles. It doesn’t have any footings which is why the structure will be demolished, existing pad removed, footings dug, new concrete, etc. There is going to be coin-operated washers and dryers in the new laundry room.

Now that the plans have been submitted, I feel a sense of urgency to get things done in a timely manner. I now have to start gathering all the items from the “needs list” Anton provided me. I have to get a general contractor lined up in order to get financing. My friend, Russell, is a plumbing contractor and I think he’ll be able to do the general contractor thing. He is also going to install the new water heaters in the near future. He asked to meet at the property so we can decide where to install them. I will meet with him next week sometime.

Another thing happening is we are having the turf removed from the backyard of one of the units and installed in the front yard. It’s a pretty expensive endeavor but it will look nice, and we won’t have to worry about maintaining that part of the yard.

We have also submitted all the tax paperwork to our accountant. I have instructed her to bonus depreciate what she can. I think I’m really going to like accelerated depreciation.

I started the permitting process for the three new electrical meters that will be needed to service the new units and a “house” meter for the common areas. According to Lyla and Bobby, our electrician, the utility company is taking longer than the city to process applications.