Getting Started In Gut Renovations
I'm looking for general advice on gut renovations.
I'm looking to my first gut renovation. I would buy a run down 3-4 family in a decent enough neigborhood, have the plumbing, electrical stuff updated, have it deleaded (guess that means new drywall and windows), then convert to condos. This would be in the Boston area. Or I might just buy a single family and do a gut renovation on that. I would be paying electricians, plumbers, etc to do the gut renovation, though I'd probably manage the process as I have plumbers & electricians already that I like.
I'm looking for general advice on gut renovations. What kind of property should I look for? How much does it cost (I know it depends but you can just say how much it cost for X type of property in your experience). How do you know if a property would benefit from a gut renovation, both functionally and financially.
My previous experience has been buying a 3 family, fixing it up, and renting it out. I did or oversaw all of the work on that. I knew nothing about home improvement before that but am learning fast.
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