Help me avoid falling into a money pit!
Hi BP Members!
We are purchasing our first deal from a wholesaler, set to close on Tuesday. The house is the biggest project we've taken on so far, and I am hoping to manage this mostly on my own. It is a duplex, built in 1900, with virtually NO updates since. The heating system is this old drum barrel & presumably an ancient forced hot air system. I've never seen anything like it. All heating, HVAC, and plumbing systems must be replaced. Lead is most likely rampant in the entire house, so we need to fully GUT the place. I estimated 123,000 in renovation costs, purchase at 81k. We are making this purchase in cash, so I'm also curious if this is a deal we could "BRRR". As I tried to run the numbers, I got extremely confused.
I have to hire labor, so in your experience, what might be the most direct/best way to handle this kind of renovation??
My thinking is that hiring a lead certified contractor to handle the mediation of Lead should be hired solely for the gut job, and separate GC company should be brought in for systems and finishing touches.
Thank you for your time in advance!