Multi family renovation cost? considerations? bidding process?

Question

Based on pics , could you please advice how much am I looking at to renovate this home ..

Also, if it were you, how detail is your bidding forms?

could you please let me know how much am I looking at in terms of cost of renovation (paint, laminate flooring, fixtures, lightening, cabinets, etc).. this is a 3 unit (18 bed, 9 bath multi family home).. will be inhabited mostly by college graduate students.. suggestions, advice recommentations are welcome.. also please advice me on contractors bidding process..

Gaspare U. · Answer

I have no idea, but will give you one piece of advice. Try to have everything “indestructible”. For example in the shower/tub area don’t use tiles. Have one of them one piece plastic shower inserts. No tiles to crack, no grout to clean and most important, no leaks on seams.

In the kitchen I would consider going with a cool, modern look and use metal shelves with little to no doors. Use metal anywhere you can get away with it.

Also, get Quickset locks with smart key change technology. It has a small slit that allows you to change keys on the fly. No longer spending $$$ to change keys when a new tenant comes.

Good luck!

Nida Hussaini · Answer

hi Greg/TJ, thanks for taking time to respond.. Do you mean to say that I create the list the types of finishes and fixtures  and/or design plan I want and then request the contracting companies to provide their  detailed cost estimate for those items?? Is there any template that I could use to create the list? and any precautions to take while reaching out to contracting companies?

Tj Hines · Answer

@Nida Hussaini, it really all depends on what you plan to do with the property. That comes down to your overall business plan and exit strategy. Most definitely get bids from at least 5-7 contractors in your area if you don't access to any right now. This will give you a general idea of how much it would cost line by line item for the exterior and interior. Good luck

Greg Dickerson · Answer

@Nida Hussaini the best thing for you to do is get bids from contractors. They will need to walk the building and take measurements.

You need to make a detailed list off everything you want to do room by room including specific details on the types of finishes and fixtures you want them to use. This is called a scope of work. The more detailed the better and you will be able to compare multiple bids easily.

Make sure to ask the contractors break out the estimates to match the scope of work do you can compare line items.