Gettinig Ready To Buy A Muti-unit Building And Need To Know ?
HI,
Rehabed some foreclosure auction properties in the past (mainly townhomes, condos ...). Now getting ready to get a multi-unit (2-4) house and wondering about couple of things?
First: How do I go about calculating rehab cost before buying ? Can I get with a contractor before the purchase???
Since it is not as as simple as a couple of baths and kitchens, carpet and etc. There are more factors ... (roof, HVAC, electrical ...)
Also whould anyone know anything about condo conversions? On wht is the process? seems like there is not a lot on this topic here ....
Thanks
<IMG SRC="images/forum/smilies/icon_confused.gif"> [ Edited by stilyaga on Date 11/19/2003 ]
I would most definitely get with the contractor before the purchase to find out what the costs would be in doing the job. As far as condo conversions you will need to contact your local code enforcement office and zoning board, they will have pamphlets and books that can be obtained.
Good Luck,
Kyle
What we do is subcontract everything we cannot do, such has plumbing, heating, air and electrical.
We'll do windows, roofs, drywall, paint, doors, fixtures, etc.
By acting as our own contractor, we save about 20 to 30%.
After working with the same subcontractors a while, you'll come to know what they'll charge.
I don't know anything about condos or town houses other than we don't fool with them.
Thanks,
OnTheWater
I suggest you get Robyn Thompson's or Dave Lindahl's course materials. They are fantastic, and will help you with your estimates.
This will make it three part harmony. I get a contractor in as a condition of sale. I also try to get a written bid for the work.
You might also consider a property inspector if it looks like there is extensive work. They tend to find and list more than a contractor will. At least you will be able to cherry pick.
Condo conversion is essential property subdivision. Find a real estate attorney in your area. If he/she can't assist you he/she should be able to refer you to someone who can.
I started a cooperative conversion some years ago and it was reasonably involved and expensive. We decided not to go through with it, but had most of the entities and legal work done.