Calculating Construction Costs as a New Investor

[Ori Holzman]

Hey!

So I've read quite a few books on REI, read forums, Etc. Etc. and I am currently trying to buy my first property in Waterbury, Connecticut. I plan on house Hacking one of the units, but will probably be putting down 20%, so not quite sure it actually qualifies as a house hack :).

It's a two family house, built in 1930, and needs a lot of work. I am trying to break down the construction costs to see if the numbers even make sense, but being a new investor, I am not good at calculating costs.

I currently work a full time job in NYC and live in Brooklyn, and I will have to drive down to see the property on person. I plan on moving and working in waterbury once the house is bought, but until then, I'm working mostly from long distance. That being said, which of these options make the most sense for me?

1) Don't get near the property until I become well versed in calculating Construction Costs.

2) Learn the basics on over the next few days to give me a rough idea of the numbers. (I'm concerned that won't be enough to get a good estimate)

3) Bring down professionals to calculate the costs. (Would that mean 10 different professionals? Someone for plumbing, the roof, exterior, flooring, painting, electricity, Etc.)

4) Get an experienced investor to come down with me. (I don't know anyone who would be able to that right now, and I don't have what to offer someone in return right now while being tied down to the job I'm still on. I don't want to do the classic "Hey, I choose you to be my mentor" :)

5) Something else.

Thanks for your time!!!

Ori

[Scott Wolf]

@Ori Holzman, I agree with @Joseph Bass.  You should look for General Contractors in the area, and get a few bids.  They should be able to provide detailed numbers for you in every area.  That way you don't need to bring in someone for electric, another for plumbing, etc.