Condo Conversion Process
HI,
I am working on locating my first rehab deal (2-4 flat building) and have some questions.
What is the best way to calculate the rehab cost before making an offer on the place?
Also would it be a good idea to get the estimates from contractors working in the area on simillar projects? (since some of them are exact what I want to do with this place) ? Any downside to this idea?
And last, Is condo conversion is simply the layers side of the deal after you ve done the rehab ? or what is the process ?
Thanks. <IMG SRC="images/forum/smilies/icon_confused.gif"> [ Edited by stilyaga on Date 11/19/2003 ]
Best way to know is to get bids or even ballpark estimates from sub contractors. Decide how much you are going to do. Tear out all sheetrock vrs patch and paint, new appliances or repaint the old. You can call a cxarpet salesman for instance and get a price per foot to change carpet, tile and or wood floors without even seeing the units himself. Do this for all trades and you will have a total.
The legal part is pretty simple but will involve a lawyer. We did a 80 unit conversion 20 years ago and the cost was $7000. I am sure you can find a $100 per hour guy to do the documents but it still could cost big bucks. Do not forget carrying costs, title policies, and other closing costs on both buying and selling and commissions too. It aint cheap. You may want to buy a warranty package on the appliances etc if they are used or old.
Hope this helps some
Ted Jr