All Forum Posts by: Andrew Grace

I am doing a full renovation for a fourplex I am closing on this upcoming Monday. I am looking for contractor recommendations. I have a few already, but the more I can receive the better. 

@Sergey A. Petrov We are doing a full rehab. It is a fourplex, so we are going to be redoing 4 bathrooms, 6 bedrooms, 4 kitches, floors, mini splits AC added, replacing plumbing, roof, repainting the exterior/interior.  It's big and old. 

@Chris Seveney. Thanks I will consider the construction manager. The range for plans is basically the estimate we can get. It was from $8,000-$20,000. I was wondering what CA is?  What is the average cost of a construction manager?

I am under contract on a fourplex. I want to do a full rehab on the entire property. Two units are 2/1 and two units are 1/1. I wanted to know the entire process, what I should expect and have prepared. I also wanted to know what the average cost of architect plans are. I have an estimate, but it seems way to high. 

Any advice would greatly appreciated.

My specific deal is very nuanced, so if anyone wants to hop on a call and talk about it I'll owe you big time. Possibly get a free lunch, or dinner out of it! 

Any contracts, plumbers, shops to buy materials, or anything that could be of value please let me know as well. Trying to put together everything and be as prepared as possible. 

@Jenna Barnes Thanks! Crazy I never knew that. They are making it challenging, but nothings going to stop me. Im doing my research and finding more ways to save! I will update the post and let everyone know what I find. 

@Bill Brandt I have asked about the rate when my roof is done and my impact windows are installed. It decreases it quite a bit best one so far is $12,000. I also have an insurance broker checking if commercial will be significantly cheaper. I do have to ask about raising the deductible. That may have a good impact too. Thanks for the suggestion.  

Btw I am jealous of your cheap insurance rates in Vegas!

@Chris Seveney 880,700

I am under contract for my first fourplex. I will be living in one unit and renting the other three. I am upgrading the roof. All but three of the windows are impact. I will fix those windows and upgrade them to impact once I take ownership. I am going to redo the roof and renovate the entire property after I take ownership.

I received a quote of $19,000 for insurance. He said considering that I will have a new roof and impact windows once I take ownership they could drop it $15,000. This would be a deal killer. I was wondering if anyone has advice in finding a reasonable insurance quote for multifamily properties in Miami Dade county.

I am under contract for my first fourplex. I will be living in one unit and renting the other three. I am upgrading the roof. All but three of the windows are impact. I will fix those windows and upgrade them to impact once I take ownership. I am going to redo the roof and renovate the entire property after I take ownership. 

I received a quote of $19,000 for insurance. He said considering that I will have a new roof and impact windows once I take ownership they could drop it $15,000. This would be a deal killer. I was wondering if anyone has advice in finding a reasonable insurance quote for multifamily properties in Miami Dade county. 

I have an off market triplex that has four units that have been operating as a fourplex for years. It is on one electrical meter and has a zoning of three or more units. However the tax record says three units. Im using special financing and it is great, but for the offer price to be reasonable I need it to be viewed as fourplex. There are no violations, code issues, or liens on the property from our understanding.

I would like to know if it is possible to get a letter from the city to see if it can be grandfathered in or recognized as a fourplex. Or since it has four active units with the proper zoning will it go unnoticed? Any help on how to get this deal closed would be absolutely huge! Im open to any creative ideas, or suggestions. Thanks so much to anyone that has time to give an opinion.