Getting Your Certificate of OccupancyJun 28, 2021
What should you expect before/after receiving your COO (Certificate of Occupancy)?
You're going to receive an email from the construction team covering a couple of steps to look for when you receive your COO. In that email, there's going to be a link that you can click on to set up an orientation. A lot of investors forego doing an orientation because they're out of state—but if you wish to visit your property and do a walkthrough, you'll have the option to do so.
Remember, when you receive the Certificate of Occupancy that does not mean your unit(s) are rent ready.
Once the COO is received, anywhere from about 2-5 weeks later, there will be touch-ups and final cleaning of your unit. That's what's really going to make it rent-ready.
Once the COO is received, even if it's still waiting for a final touch-up, your building is not just sitting there. Your property management company, in FIG's case, MaxxPM, would have already started to market your property well in advance.
MaxxPM will start to get these units pre-leased, hopefully, before the development is even finished. So once that final cleaning is done, we can get new tenants in your units and get things stabilized as soon as possible.
One last thing. About 60 days before the fourplex community is finished is a good time to get your long-term loan in place. Lane Aldrich will help you through the process of refinancing your construction loan into a long-term 30-year conventional loan.
You've probably talked with him already before. If your building is almost finished or you get to that 60-days-before window, feel free to reach out to him. If not, he'll likely reach out to you soon.
If you have any questions, feel free to reach out to your designated FIG agent, Chase Leavitt, Steve Olson.