Renovation Base Budget for Multifamilies

[Felix Torres]

Hello Everyone,

I have a few questions on renovations and long-term profitability.

Do you have a base line on what you should spend on renovations?

How do you develop your budget?

Do you under or over estimate your renovation budget? I like to over estimate.

Do you adjust your budget based on the size of the property or keep it the same? I ask because you can have 3 properties, the same size, but can be a single, duplex or triplex and all will require a different budget.

What strategies do you have when determining the profitability of a property for the long term.