I have been evaluating one of the brrr properties. I want to get a baseline norm of some of the cost. I would like to share your experience in Massachusetts rehab. This is a multifamily asset.
1. How much does it usually cost to have a General Contractor come down and itemize each cost (roof, siding, plumbing, floor, paint, electrical, .... etc)? I would envision he generates a standard formal report afterward that I can bring into the bank office.
2. For a 3-plex 2999 sq, would it be safe to approximate 10k-15k roof with labor+materials?
3. For a 3-plex 2999 sq and colonial, would it be safe to approximate 20k plumbing with labor+materials (new plumbing throughout)?
4. For a 3-plex 2999 sq and colonial, how much does it cost to update minor electrical items?
5. For a 3-plex 2999 sq and colonial, how much does it cost to update heating system?
@Chan K. There's a little more to it than that.
Chan, if I remember correctly, you're in Lowell. Give me a call, I'm on a job in Lowell for the next couple of days, maybe I can swing by the property and take a peek. I can let you know what to expect.
Hi Chan,I'm a GC in Ma. We would need more info to even ball park those numbers.
@Mike Hurney Hi Mike, I know. I am at the initial/evaluating step. At the moment, I want a report that I can bring to the bank for financing. Without an estimate, I could not have details conversation, except the 25% down and 100% rehab money.
@Derreck Wells I just sent you private message. Let me know what is the process and if you can come down. Do I need to notify my agent or the seller agent? I want you to get in ... I know there is plumbing leak and roof issue for starter.
@John Tower What information do you need? Feel free to ask me for details here or private message me.
"I want to find out overall cost, and an itemize report that I can bring to the bank.
If I end up moving forward with it, I might sub-contract out the roof, plumbing, or any electrical work. My maintenance guy and I will do the cosmetic rehab ourselves like floor, paint, bathroom, porch update, .... etc. "
I have been in the landlord environment for about 2-years. So far, all my acquisitions have been turned key with minimal update required when tenants moved out (paint, carpet, sink .... etc - nothing behind the gut, heat, or wiring).
The property is a B/C, and I am not looking for anything fancy, but something that works.
@Mike Hurney Hi Mike, we have been exposing to each other for a while now, and I just notice that you are a wholesaler. Can you please add me to your mailing list for lead for any multifamily? Thanks, -Chan-
Hey Guys, SOrry to but in but I am also a Flipper and Realtor from Lowell. Just finsihed my 4th flip which was a condo conversion. I am looking to sit down with some GC's and get some labor numbers and just network. Would any you guys have some free time next week to meet over coffee. Investors also ?