Rehab costs for 4-story multi-family property

[Mei Bae Wu]

Hi there!

I am interested in investing in a fixer upper but am not knowledgeable about how to estimate costs. 

Can someone help me round out how much a full gut rehab would cost and then build a 4bd 3ba unit on each of the 3 floors plus basement? Including installing an elevator?

I’m new to the real estate investing world and live out of state so I will greatly appreciate everyone’s suggestions!

xoxo

Mei Bae

[Asim Purses]

Don't take this answer as calloused - but your question is too broad and probably unrealistic. It highly depends on the type of building, what zoning/code allows and a hundred other variables.

There are multiple books on amazon about estimating rehabs - but from your questions, it's probably best to start talking to an architect about what is even possible.

You also need a strategy for *why* you are doing these improvements. There's a balance of work for every type of real estate investment - you can choose the $1 tile or the $10 tile. Asking about putting in an elevator is like asking if you can put a Ferrari engine in a Toyota Tercel. Money can do a lot, it just doesn't mean it's the smartest thing to do.