Newbie doing Condo Live-in Flip

[Sarah Enero]

Hello everyone!

I'm in escrow for a one bed/one bath condo I want to do a live-in flip. I know going into this, I will have to deal with HOA but because of budget, I can't afford a property to house hack in San Diego and I figured a condo will help me get started given I'm also a 1st time homebuyer.

After inspection there were no red flags, just minor repairs that the seller is taking care of now. As someone who's very new to this, (and doing homework by reading BRRRR book among other RE books and listening to BP podcasts), I have some questions that I would like your thoughts on.

1. Might be too silly (like I said I've very new to this). I wanted to change windows, sliding doors and new paint done before moving in. Do I get one contractor to get such minor job? Do I get different people to do different jobs? Which is more cost and time efficient? Can someone lead me to the right direction how to go about this?

2. Eventually, I want to get the kitchen and bathroom done. I might have to get one area/room done at a time depending on budget. When I get bids, can I ask for a bid for both even though I know I might have just want to get one area/room done at  a time? 

3. With inflation so high, should I wait to get the updates done and see where things land? With the talk of possible recession, am I right in thinking there may be less renovations/remodels in the future, less demand for materials and more workers available which can lead to these updates being less expensive? or am I overthinking it?

Closing date is in a week. Then I plan to live in this condo for 2 or 3 years depending on the market then planning on turning it into a rental. Thank you for reading! 

[Chris Davidson]

@Sarah Enero 1. You can start getting bids now while in escrow. I would recommend this if wanting to get done prior to move in. It is easiest to get them once you have closed as you have access when ever you want. However the sooner you can get them the sooner you can schedule it. Windows sometimes are a month or two out. I would look at getting individual contractors to bid each job, and you might use the same contractor or might have a few different ones. Just have them itemize the bid out by projects.

2. Get bids when ever just be upfront on when you are planning on doing the work. If you aren't getting it done soon may just look at getting a ball park so you can plan it out

3. Usually in recessions there is less renovations and remodels thus can get contractors easier. However when you tie in Inflation those cost usually go up. However when there is less demand for labor those cost usually go down. But no ones has a crystal ball. Make a decision you feel good with and keep rolling

Congrats on taking the big step keep after it!