BRRR Suggestions & Questions

[Luis Marcelino]

Good morning all, 

How is everyone approaching the rehabbing of a property? How are you getting your contractors to price with accuracy? Are you hiring an architect? How much is that usually? 

Additionally, are there any GC suggestions in the Philadelphia area? 

I would love to pre-qualify some general contractors and architects? 

I would appreciate the input.

[Brandon Sturgill]

@Luis Marcelino I manage multimillion dollar capital construction projects, so using an architect, engineer and professional construction cost estimator is standard. For my own reno projects, it took years to learn accurate construction costs and assemble a scope of work. I use a database now and can routinely get to within 5% of actual costs on about any reno project...but again, it takes time.

One thought is to interview multiple contractors and get bids. 3-5 bids should show you an appropriate range for the work. I would not automatically select the lowest, but seek value and craftsmanship. I would also be sure to ask for proof of insurance or a bond...referrals, images of past projects, etc. Remember, you are the boss and this is your project and your money. A good contractor will understand this and have everything you need to make a decision to proceed. 

One last thought would be to use a virtual assistant to call and vet contractors...I use UpWork, but there are sever VA firms that could do it...pay $50 and come home to a nice tidy spreadsheet with contractors information awaiting your approval.