Cambridge, MA · Member since 2015 · 10 posts · 2 votes
Hello friends,
I'm preparing for a gut rehab a triple decker to convert to condos in the Boston area. I will need to hire an architect and a GC to convert to three middle to high end condos. I'm looking for how to factor in for labor and materials/sft for the rehab. The structure is sound, but needs reconfiguring the layout, new roof, siding, and maybe adding a bathroom on each floor and finishing the basement.
Thanks for the responses. I'm getting appointments with some GCs, but was looking for some rule of thumb numbers, since this is my first. Will let you know what I find
Since you bring up my parents, my parents also taught me to not say anything when I have nothing useful to say. I'm sure yours taught you the same. Perhaps you cant recall anymore.
Since you bring up my parents, my parents also taught me to not say anything when I have nothing useful to say. I'm sure yours taught you the same. Perhaps you cant recall anymore.
Take care.
I do recall that they taught me not to lie. Apparently yours forgot that lesson.
I will add that I own a triple decker in MA. Labor costs are absurd there. After analyzing many properties in that state, being that is where I am from until I smartened up and left, I came to the conclusion it would be cheaper to fly guys from here, to there, put them up in a room and have the do the work for me. The last triple decker I looked at rehabbing, the bids I got from 3 contractors all came in higher than my cost per square foot to build new in this state.
The funny thing I learned about the average labor person in Mass, you know, the husky dudes wearing flannel, is that they would prefer to sit in their basement smoking pot all day or hanging out at their basement bar with their buddies bitching about having no work and playing video games or still thinking the crappy band they are in is cool because they get to play the local PNA or Elk's lodge once every few months. Then when I offered them work, they expected to be paid a king's ransom. That is why I no longer buy property in that miserable state.
Real Estate Investor · Boston, MA · Member since 2009 · 2k+ posts · 542 votes
10y
@Joe Schmoe Rule of thumb for rehab in MA? Double the price your subs give you and X 1.25 for how long it will take. Using GCs, maybe less.
I'd listen to @Aaron Mazzrillo can't hurt for a little more input..... You don't have to use anyones advice (you're the RE Investor, Conductor) but it could help avoid mistakes, save time and money?
Rental Property Investor · Providence, RI · Member since 2015 · 1k+ posts · 594 votes
10y
If your looking for a hands off approach seek out a solid GC. If your getting astronomical numbers, get on board with a local lumber yard. Get most of your materials from them. They can most likely recommend a solid GC who hustles and is reasonable.
Milton, MA · Member since 2016 · 88 posts · 27 votes
10y
Boston Wealth Builders has some great project walkthrough opportunities. The developers are always very informative and provide numbers and everything. In fact there's one happening tomorrow ...
Fellow Wealth Builders!
Just a reminder that Ray Hurteau and Dan Rubin from HRV Homes will be hosting a walkthrough this Saturday, September 24th at 11:00AM at 36 Rossmore Street in Somerville to show everyone their final product. The presentation will detail the acquisition, costs, construction, challenges and any other questions you many have.
Real Estate Agent · Boston, MA · Member since 2015 · 319 posts · 80 votes
10y
@Joe Schmoe I know a developer who uses roughly $100 per square foot. As @Maureen F. mentioned, I would highly recommend attending this event. You could literally walk away with an answer to your question, as well as have further conversation with the developers who did the project. If you need more information about the event or the group, shoot me a message.