How to Scope Rehab work for Duplex Rental

Question

Hello, this is going to be a long post with bunch of questions so I'm counting on everyone :)

I got a duplex I'm looking to purchase. My end goal is to create 2 units that are rent ready. Both units needs good amount of work and I'm looking to create a scope of work.

1) Should I create a scope of work for both units in 1 sheet or separate out the 2 units and create a scope of work for each.

2) Who creates the draw schedule? (i'm using a hard money lender)

3) Should I buy new cabinets or re-paint it?

4) Update oil tank to gas unit? (This is a weird situation, 1 unit already has gas, and the other uses oil)

5) Update new windows (windows are pretty busted but i think it'll look nice with new paint)

6) I want to provide GC with floor, cabinets, and vanity I already have one in mind. I want them to only bid labor for those. I also want to do the painting myself. How do I convey this to the GC's where they don't get annoyed and still work on the project?

Thanks in advance. Bigger pockets has been a tremendous help and I hope to share my experience when I get done my first rental.

John

John Moon · Answer

Thanks @Corina Eufinger. The 3rd point is a really good advice. I need to prioritize what is absolutely needed vs nice to haves vs not needed. I think this will make it more clear on what needs to be done.

Do you have any recommendation on how to create a draw schedule?

Corina Eufinger · Answer

Unfortunately most of the questions you asked aren't areas where advice can be given being so removed from the situation.

You have to look at:

#1 your competition in the surrounding block area (like 10 block radius). Are those mostly rehabbed or are there older elements to them

#2- what is your desired rent rate (but be sure its within the market range).

#3 What are your priorities? Mechanics first, then aesthetics? Or vice versa? Prioritize your rehab items and it will become more clear what you should do.