Good morning fellow BP members!
I am currently working on getting my 5-unit rehabbed. This is my first experience with multi-family and with rehab of this scale. This property is 2744 sq ft with a mixture of one efficiency (200 sq ft), two of 1 Bedroom (350 sq ft and 55 sq ft), and two of 3 bedroom (880 sq. ft) apartments. This property was a shell to begin with and I am getting an extensive rehab done on this (close to 100 k). Some of the major rehab involves Siding, portion of roof, new sidewalk, splitting electric (new panel boxes and meters), heating (new furnaces and re laying of duct work), water (new water heaters), portion of broken sewer pipe replacement, replace electric wiring to 2 units, new kitchen, bath, flooring, windows, doors (interior and exterior) in all units. I know it is a job for a well experienced rehab person and I knew that going in.
I have a good GC that I have worked with before on SFR rehab. This time around though I am not able to calculate the time it should take to finish this rehab. Our initial estimate suggested that it would take 6 months with 2-3 people working full time and subcontracting dry wallers and siding guys. But I feel we are seriously behind already!
I am just trying to get a feel of the time it should take for a job like this. Will appreciate experienced BP'ers to chime in on this and suggest how you have done rough estimates of the timeline and what time a job like this would have taken you to finish.
@Amit G. I would have said 3-6 months. But if you are already behind, maybe its time to bring in additional crews. Do you have an exterior and interior crew going at the same time? I would have the crew fix the roof, and doing siding while the plumbing & electrical rough in work is being done.
Its hard to rush or speed up the process during the rough in stage. But once that's done, get a large experienced drywall crew going. Then bring in extra hands to paint and do flooring.
Thanks @Andrew Kerr ! Managing resources is actually handled by my GC and I don't want to pay additional money to sub contractors hired in addition to what I am paying my GC. I have discussed with him about getting more resources because of the timeline.
@Amit G. It shouldn't cost you more money to have two crews going for the exterior and interior. And yes it might cost a little more for extra hands when doing drywall, flooring, and paint, but it really isn't that much more. Your materials are fixed, and a painter might be $125 a day, and a floor guy might be $150 a day. Adding a couple of those could be cheap compare to an extra month of carrying costs. Do the math what an extra month would run and see if it makes sense.
Also, do you have any time based incentives or penalties in your contract with the GC?
@Andrew Kerr that's a great suggestion! I think I'll do just that when it comes time to do the interior.. Thank you! I don't have penalty or incentive in contract. I am more of an incentives guy :) and I think I'll discuss this with him too.. I am sure it will be a motivation for him to get things done in time. I have seen incentives work more often than not in other aspects of my life too! Thanks for your invaluable suggestions!
@Amit G. I am more of an incentive guy also, but having a drop dead date with penalties can be helpful. You don't want the penalty to be too quick where they rush and don't do quality work. But if the timeline calls for 6 months, you can set the penalty at 6 months and two weeks, sot hey have some buffer then add the incentive if the finish in 5 months. Since work has already started, its to late to add the penalty, but think about adding it in for future contracts.
As a point of reference, I had a $110 per day penalty on my most recent construction contract if the work went past my drop dead date.
Will surely add Penalty and Incentives for my future contracts @Andrew Kerr ! And I have also been thinking about construction status based payments, which I didn't put in! This is probably contract 101!
Above I️ see $110 penalty suggestion. Does anyone offer incentives and if so how much?
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