Rehab Advice for an Non-Rehab-Savvy LTR Investor

[Alexandra Jimenez]

I recently bought a multi-family in Louisville, KY and was expecting to keep the 3 leased units as LTRs and turn the 1 empty unit turn into an MTR. Unexpectedly, one of the LTR tenants moved out and left me with a MASSIVE rehab project I was not expecting to tackle immediately. The tenant had lived there for 30 years. I have no idea about rehabbing a property and I do not have interest in doing so. I normally buy turn key properties to avoid that.

Can someone please give me insight on how I should piece together the rehab? I'm confused about the order. Who should I hire first? The demo of the kitchen needs to happen first but should the floors get refinished afterwards, then the kitchen cabinets installed, and then the paint? I have no idea where to start.


- The kitchen cabinets need to be removed and replaced. I have a quote for $5k

- The hard wood is in terrible shape but I'm recommended that they are refinished in order to preserve the building's historical integrity and because new flooring would be more expensive. I have a quote for $4k

- I'd like to keep the bathroom as-is, but if I renovate everything else, then the bathroom will look bad. I was quoted $5k for the shower+vanity+toilet 

- Plaster and paint for entire unit is $6k

Would you hire one contractor to do it all or do I hire different companies for each item? The quotes are from different companies.

Note: I admittedly went in over my head on this one and the entire purchase was not a good deal. Several factors involved but I mostly bought for appreciation long term. I wish I could put it on the market, but I don't think it would sell. The entire exterior needs to be re-done - paint, siding, box gutters, etc so that alone is going to cost me like $100k. it's a very expensive lesson learned.