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1/ When it comes to real estate investing, we focus on several strategies.
One of those strategies is the “value add” in luxury apartments & homes.
We started one such project this week and this thread is going to update you guys on our progress from start to finish.
One of those strategies is the “value add” in luxury apartments & homes.
We started one such project this week and this thread is going to update you guys on our progress from start to finish.
2/ The old town, central locations, which in some cases can be as old as 200 years, are protected by the local heritage office and create very sensitive working conditions.
Demolition in progress. You destroy a little, then you clean a little...
Demolition in progress. You destroy a little, then you clean a little...
3/ ...and slowly, an environment that will soon be ready for initial works to begin.
Sensitive locations don't attract many investors due to many hurdles one must jump through, including approvals & permits. This creates a higher barrier of entry & extremely low supply (
).
Sensitive locations don't attract many investors due to many hurdles one must jump through, including approvals & permits. This creates a higher barrier of entry & extremely low supply (
).
4/ Demolition continues.
Some more pictures as we smash the old wall render and finish destroying a key wall to open up the living room / kitchen area.
Some more pictures as we smash the old wall render and finish destroying a key wall to open up the living room / kitchen area.
5/ During this process, I plan to visit Prague on 3-4 occasions. In other words, I won't be there for 99% of the works.
The goal is to turn these rehab deals location independent — like the rest of my business — so I can continue traveling & enjoying my life.
The goal is to turn these rehab deals location independent — like the rest of my business — so I can continue traveling & enjoying my life.
6/ How does one achieve something like that?
You create a local team of highly specialized people who have proven themselves to you already, thus you can trust.
It is on Saturday afternoon that I receive pictures like these, where I know everything is done with quality.
You create a local team of highly specialized people who have proven themselves to you already, thus you can trust.
It is on Saturday afternoon that I receive pictures like these, where I know everything is done with quality.
7/ Demolition has been completed.
The real work is about to begin over the coming months.
The real work is about to begin over the coming months.
8/ We spent a lot of time waiting for approval from the heritage office to allow us to destroy an old wall that separated two rooms,
enabling us to create one big open living plan, which is very sought after & in extremely limited supply in very old cities like Prague.
enabling us to create one big open living plan, which is very sought after & in extremely limited supply in very old cities like Prague.
9/ We now have a 1560 square feet (145m2), 12-foot ceilings, shell & core condo as a canvas to do some really nice magic, using very high-quality materials & finishes:
• Italian marble tiles, slabs & benchtops
• Solid oak parquet (chevron pattern)
• German appliances (Miele)
• Italian marble tiles, slabs & benchtops
• Solid oak parquet (chevron pattern)
• German appliances (Miele)
10/ Framing and wall partitions have started.
Wall render will start soon. Eventually, floor leveling will be done.
In the background, a lot of money is being spent ordering high-quality cabinetry, solid oak parquetry, and marble slabs & tiles.
Wall render will start soon. Eventually, floor leveling will be done.
In the background, a lot of money is being spent ordering high-quality cabinetry, solid oak parquetry, and marble slabs & tiles.
11/ Interior framing (continued).
12/ Render work has started on the main walls.
13/ Heating pipes going in for radiators. Sewerage pipes already in for bathrooms and WC.
14/ Wall rendering & ceiling work continues.
It's slowly coming along!
It's slowly coming along!
15/ It’s that annoying sound any neighbour loves to hear! 
16/ It is integral to have a contractor who is extremely experienced and thinks ahead, planning & organising the next steps ahead of time.
Otherwise, you’ll forget something important from the technical side, and spend additional money out of the budget adding it later.
Otherwise, you’ll forget something important from the technical side, and spend additional money out of the budget adding it later.
17/ The render work is slowly coming together.
Nice, clean, modern lines are now starting to appear in all the major rooms.
Nice, clean, modern lines are now starting to appear in all the major rooms.
18/ The electrical plan has been executed in recent days. Initial works for power outlets, lighting, and switches have been made.
19/ More technical works have been finished including water & heating.
We always monitor the construction process & observe how our contractor executes works & whether they keep it site neat & tindy afterward.
It's usually a good tell for the overall organization.
We always monitor the construction process & observe how our contractor executes works & whether they keep it site neat & tindy afterward.
It's usually a good tell for the overall organization.
20/ Haven't updated this in awhile.
We have started the work on the floor, which should be done by mid next month.
We have started the work on the floor, which should be done by mid next month.
21/ The electrical plan has been executed without any delays or problems.
Here is the picture of the main living room + kitchen, where one can see wall plugs, switches, lights, plumbing, and so forth.
Here is the picture of the main living room + kitchen, where one can see wall plugs, switches, lights, plumbing, and so forth.
22/ By the end of December, the apartment should be almost ready for the installation work of final cosmetic finishes.
At the start of the work in 2021, we will be doing chevron pattern oak parquet and Italian marble tiles in the bathroom.
At the start of the work in 2021, we will be doing chevron pattern oak parquet and Italian marble tiles in the bathroom.
23/ By the time Christmas rolls around and the working year ends, my site visits will amount to... 0 times.
Whoever said real estate is a major location-limiting factor should consider putting more time & effort in developing a great team which they can trust in execution.
Whoever said real estate is a major location-limiting factor should consider putting more time & effort in developing a great team which they can trust in execution.
24/ Today is a special day. It's the marble slab orders day.
Usually, I would go to the quarry and make the order in person by looking at these slabs, but due to Covid-19, we are doing it all over the internet these days.
Look at those beauties!
Usually, I would go to the quarry and make the order in person by looking at these slabs, but due to Covid-19, we are doing it all over the internet these days.
Look at those beauties!
25/ Preparing the floors throughout the apartment.
The basic chipboard is installed on top of the screws with a perfect level, at which point we will be ready to start the laying of parquet in late January of next year.
The basic chipboard is installed on top of the screws with a perfect level, at which point we will be ready to start the laying of parquet in late January of next year.
26/ Waterproofing work has now been completed in both bathrooms (shower areas) as well as in the small powder room (WC).
27/ The overall bathroom flooring still has some work to be done, with the floor heating system being installed this week.
Once laid, self-leveling concrete comes in next, after which we will be ready for the marble tiles.
Once laid, self-leveling concrete comes in next, after which we will be ready for the marble tiles.
28/ Meanwhile, the machines at the mines are busy cutting our marble tiles order, which will be used on the floor of the bathrooms.
Our dimensions are 30x10cm and we have opted for high quality selected tiles with a honed finish.
Our dimensions are 30x10cm and we have opted for high quality selected tiles with a honed finish.
