All Forum Posts by: Anish Patel

The Multifamily Masters Bay Area Chapter is excited for the first meetup down the peninsula!

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For the Bigger Pockets lurkers out there, here is a summary of my findings. This is really just to serve as a baseline estimate that I would refine further with the input of local vendors / GCs

For the Bigger Pockets lurkers out there, here is a summary of my findings. This is really just to serve as a baseline estimate that I would refine further with the input of local vendors / GCs

@Tim Herman Thank you very much for sharing!

Hello Ohio investors,

I was inspired by this article to improve my approach to underwriting CapEx costs for buy and hold rental investments. Up till now, I've been using a flat 0.75% of property value, but I worry that's too simplistic. I now think of a % figure as a good way to compare deals, but not a good way to evaluate individual deals.

I'm looking for rough estimations through this form to hopefully crowdsource reasonable estimates for an average 2 - 4 unit multifamily in Ohio. Once I reach a critical mass of responses, I would be happy to share back on this thread what I find in aggregate, so you could all have it as reference too.

Best,

Anish

Thanks Curt that's helpful feedback

Hello BP community,

I was inspired by this article to improve my approach to underwriting CapEx costs for buy and hold investments.

I'm looking for rough estimations through this form to hopefully crowdsource reasonable estimates for an average 2 - 4 unit multifamily. Once I reach a critical mass of responses, I would be happy to share back on this thread what I find in aggregate, so you could all have it as reference too.

Best,

Anish

This community is absolutely incredible. Thank you all. As an update that is probably not a surprise to you all, we dropped out of contract. Realized we need to walk before we run. Will be referencing this thread as a bit of a bible for the next BRRRR opportunity that comes our way.

@Tony Gunter - great insights. As an out-of-state investor, I'm struggling to understand how to develop drawings, a detailed SOW, and materials schedule. I was thinking I could collect 5 bids from multiple GCs, gather input from PM / agent to figure out what's missing needed, pull together a frankenstein SOW, and send those out to the GCs that I'd like to move forward with. Is there another approach you would recommend around how to approach this as an out of state investor? @Brandon Sturgill - seems like your answer to this Q is using an architect?

@John Morgan - I like your suggestion to start with smaller jobs and finding people I like to work with before moving onto bigger projects like this. Thank you for that guidance.

@Steven Foster Wilson - Congrats on the successful BRRRRs. Awesome stuff

@Allen L. - great advice. Have you actually found GCs that are willing to comply with those requirements? Not asking for you to share any names, but just curious if I should actually expect to be able to find GCs that check all those boxes.

@Bruce Woodruff - thank you for the insights. I will follow-up with you directly on your offer.

@Brandon Sturgill - thank you again for the help. Trying to learn from mistakes, just not my own mistakes. 

Not harsh at all - this is exactly the type of feedback we're looking for. Thank you for calling out all the other items. I wasn't sure if it was typical for those pieces to be embedded into the estimates are broken out individually (as I type this out I realize we should just be asking for everything to be broken out). 

 Also, great to know that $82 / Sq. Ft is a realistic number. The initial high-level estimates we received all hovered around $100K, but none were directly from a GC. Should be receiving a couple more bids today. 

Really appreciate your response!