Per unit budget...can we see yours?
Ugh....I’m really struggling with this! Probably because I’m going about it all wrong, but...I need to get numbers to the bank to determine my project financing. I’ve been interviewing contractors, shopping for materials, trying to do my best to prevent the unexpected from happening.
I have 20 units, circa 1972, red shag carpet and avacado appliances anyone? Structurally sound with good roofs, newer windows and vinyl siding. Inside, they need everything.
What’s everyone’s typical approach to this? I know I could get a remodeling contractor to just deliver me a turnkey apartment, but I feel that I’ll get more for my money looking for specific contractors such as flooring, paint, doors & trim, etc. I also love to shop for bargains and getting the best deal on 12,000 feet of LVP and a full appliance package is something I’m not sure I could trust with anyone else.
I started out with a good round number for this project, $10k per unit. I was going to attempt to replace HVAC, all new appliances, new flooring, new kitchen cabinets, new vanity, faucets, lighting, etc.. I’m starting to see that I’m going to be closer to $16k per door.
What should I be more focused on here, the increase in my loan payment or the higher rent these improvements will generate?
Please share your opinions.
Thanks!