Motel to Multi-family Conversion - Under Contract -
Hi BP Community,
I'm currently under contract on a 21 key motel that I plan on turning into about 14 apartments. I'm a fairly experienced investor, but I have never been involved in any sort of development or re-development project. I'm mainly looking for advice on building my team and doing due diligence.
The city is very much on board with helping me make this happen, so no problems there. I have a great relationship with a local bank who will finance it and have a healthy budget for the project, so no problems there either. I'm struggling with the technical steps of figuring out if this project is feasible, redesigning the layout, electrical, plumbing, HVAC ect. Do I hire an architect first to draw up a floor plan, let a GC take it from start to finish, or something else? I have no idea! Help please!
Thank you