unless you have extensive experience in renovations, i would recommend using a GC. without one, you'll very likely make enough mistakes in the project management department to cost you way more than the 15%, plus you'll have invested lots of time and headaches into it that you can never get back. the tricky thing is finding a GC that you can really trust. you'll want to get lots of suggestions from people who have used GCs locally in the past, maybe even ask the building inspector for the town who they'd suggest, and make sure your written agreement is airtight. deadlines, fees for missed deadlines, payment schedule..
Do you have time to manage the construction yourself? If you have detailed steps from the contractors then I would suggest to schedule time to visit the property every other day to make sure the work is being completed. Also I believe you should first, gather multiple quotes from different contractors to gain a clear understanding of the average cost for the desired project. Then, research each contractor’s reputation and previous work through online reviews and references. When meeting contractors, ask detailed questions about their methods, materials, and projected timelines. A written contract that outlines all expectations, costs, and project specifics is crucial. I would make sure to carefully read and understand it before signing. Regular communication throughout the project helps maintain transparency and address any concerns promptly.
unless you have extensive experience in renovations, i would recommend using a GC. without one, you'll very likely make enough mistakes in the project management department to cost you way more than the 15%, plus you'll have invested lots of time and headaches into it that you can never get back. the tricky thing is finding a GC that you can really trust. you'll want to get lots of suggestions from people who have used GCs locally in the past, maybe even ask the building inspector for the town who they'd suggest, and make sure your written agreement is airtight. deadlines, fees for missed deadlines, payment schedule..
Do you have time to manage the construction yourself? If you have detailed steps from the contractors then I would suggest to schedule time to visit the property every other day to make sure the work is being completed. Also I believe you should first, gather multiple quotes from different contractors to gain a clear understanding of the average cost for the desired project. Then, research each contractor’s reputation and previous work through online reviews and references. When meeting contractors, ask detailed questions about their methods, materials, and projected timelines. A written contract that outlines all expectations, costs, and project specifics is crucial. I would make sure to carefully read and understand it before signing. Regular communication throughout the project helps maintain transparency and address any concerns promptly.
I wish I had the time to manage the contractors on my own but I do not. I thinks it's valuable to have a manager who knows the industry and can get competitive bids out and quality workers. I'm happy with choosing a manager and he is well regarded in the community!
unless you have extensive experience in renovations, i would recommend using a GC. without one, you'll very likely make enough mistakes in the project management department to cost you way more than the 15%, plus you'll have invested lots of time and headaches into it that you can never get back. the tricky thing is finding a GC that you can really trust. you'll want to get lots of suggestions from people who have used GCs locally in the past, maybe even ask the building inspector for the town who they'd suggest, and make sure your written agreement is airtight. deadlines, fees for missed deadlines, payment schedule..
Hi Kyle, Congrats on the 9 unit Multifamily. I am interested in analyzing some deals in the Boise area. Did you come across any other off market deals?