Starting Out: Renovating a Brooklyn Townhouse
BP - Hope all is well!
I'm a new investor and I'm tackling my first deal - albeit a big one. I've purchased a 4 family house hack in Bedford Stuyvesant Brooklyn!
The property needs a pretty thorough renovation. I'm currently out bidding for work to be done. However, I'm receiving such a wide variance in prices (from $500,000 - $1,500,000) and it's hard to know where to spend money to unlock the true value of this property. I have the comps, but when it comes to evaluating the construction process, I'm a fish out of water. However, I'm fairly certain that developers are NOT paying 300/sq ft for high-rental grade renovations.
It would be great to also speak to someone who either routinely develops in this area, or has gone though this process before. I'm grateful for any advice that members might have!
Sincerely,
Travis