How to start out on a BRRRR

[Brett Riemensnider]

Hello everyone.

I am set to close on my first property (4plex) and am looking for advice on rehabbing the place. I did trim for years but besides that I’m not the most handy guy there is. 

I got quoted about $15-$20k for a rehab on just one of the units and that just doesn’t fit my budget whatsoever. I’m hearing that’s pretty high so I’m looking to see if any of you experienced investors have any advice. 

A little info on the property. The unit I will be renovating is a 3 bed, 1 bath and 750sqft. Would need new floors, cabinets, stove, fridge, installing a ceiling in the kitchen (currently a drop ceiling), trim, and running a water line to be able to install a washer/drier. 

How would you tackle this? Would you try to do everything yourself or hire it out? I worry that taking on more myself and figuring it out as I go will take longer and end up possibly even costing more than hiring it out. If anyone has any recommendations on contractors and handymen in the area too I would love to get some more references. Thanks! 

[Benjamin Aaker]

Looks like you'll be doing a lot to that unit. Depends on the level of finish you are wanting, you might find yourself in that range that was quoted. You need to get at least 2 more bids on it. Though, if that price doesn't fit your budget at all, this place might not be worth it to buy. DIYing the place can help save money, but for someone that doesn't have all the tools and know how, it'll probably take longer and might cost more. Time is money in rentals and every month is a loss.