All Forum Posts by: Himanshu Jain

Here are some pictures from before

So I used this cost sheet to get bids from three GC, this helped me to compare them quickly and I picked the GC to work with. We agreed on the scope, and start date of late Jan to accommodate their schedule. As per our agreed terms the labor was around 60% of the total agreed price and 40% for the materials. They pulled the permit and we met again in Jan to discuss approach and formalize contract. This is when the unexpected happen. During the discussion they started to cut on all the material cost and said that they can only allocate 15% of the cost for material thus forcing me to go to a substandard finish that was not acceptable to me. So I decided to part way, and immediately went to plan B.........

It did not came out the way I wanted, anyway please reach out to me if anyone is interested in the spreadsheet.

Let me start with first sharing on the approach I took to go about the rehab and then I will get to the unexpected!.

So I put together a master spreadsheet and captured all the activities that I can think of in one worksheet as project plan, I captured activities to be executed in my costing sheet and then my rehab team in the third worksheet. I reached out to my team of specialty contractors in St Louis (plumbing, electrical, roofing, painting etc.). Then I used the costing sheet to get bids from different general contractors to bid on the GC work for the complete rehab.

Attaching the spreadsheet that I used.........

This is my first big rehab in a nicer are of St Louis, I am excited to share my journey with all hoping that it will help other professionals like me to learn, to get motivated and excited about their own similar projects. Here are the details of how all this started.

I Bought this property via auction and sometime in December and then started interviewing with lots of different general contractors and identified to do the work. They were suppose to start in early January. So I met with them again in first week of January to go over the work and then the unexpected happen. Will share more soon..........

I rely heavily on the path of progress (ongoing constructions) and demographics for the area. I look for specially the population trends, median income, percentage below poverty line, break up by age, school districts, access to public transportation, I also look for the breakup of the population by job or occupation for the zip code, that gives an idea if it would be a good place for my targeted renters.

Here is a good read for Multifamily investors Multifamily markets to watch for, would be interested in peoples take on this report.

Do you have any estimates on how much it would cost to fix it up?