Rehab costs questions

[Daniela Sanchez]

Hi all,

I'm thinking of getting a fixer-upper multifamily property to house hack but am afraid of the costs, especially the unforeseen costs of doing this and how difficult, stressful, and time-consuming it may turn out to be. I want a fixer-upper because of the appreciation benefits but I'm skeptical because I've been hearing a lot from people that materials have significantly increased in cost after COVID. I also don't know how to even begin estimating any given property's rehab cost. And finally, a co-worker bought a fixer-upper house last year and I witnessed just how difficult and stressful it was for her. The renovation lasted 7 months, cost a ton of money, the contractor was a difficult person to deal with, and the contractor had a difficult time findings workers to work on the house, another point that I'm also concerned by given the labor shortage the government aid has created during the pandemic. What are your thoughts on these points? Also, keep in mind I live in Westerchest NY, a high-cost area not just for real estate but I would imagine for rehab costs as well. 

Thank you in advance!!!