cost of renovating multifamily

[Diem Tran]

Hi,

I'm guessing the best way to get the cost of renovations in apartments is to get quotes from several contractors.  But of course, you will need access to the property, or be in due diligence, etc, etc.  But what if I'm not in that phase yet?  I'm still shopping and sometimes I ask "How could I effectively submit an offer without knowing the cost of renovations?"   I've asked theses questions  before, and I always get an answer like this, "Well it all depends.  I have to look at it first."  I was wondering if there is a book or something? Thank you! 

[Michael Tempel]

This is our situation in most cases.   We normally figure out pricing per unit on lighting, appliances or any physical purchase.   

We then run through with a general contractor, electrician, roofing company or any company that will be part of the overall renovation cost.   We can usually do this and have very solid numbers within a few hours or less based on the number of units.   We do a lot of this work, so in many cases we already have the formula and simply need to check measurements and panel limits (electrical limits).      

Apartments are great because once you figure out one floor plan you can simply duplicate the process throughout and hopefully save a lot due to economies of scale.