All Forum Posts by: Mala S.

@Scot Fang I just wanted to add to my post above since you are probably wondering how much the above will cost you...

Energy Compliance - This is standard now and should have been part of the initial architectural set you submitted to building dept. This wasn't standard 10 yrs ago, but it is standard now. So your architect should provide this.

Plumbing - Bring your architect a nice lunch and smile and they can help you sort this out

HVAC - you may need to pay a small fee to get an engineer on board (or maybe not - ask your architect)

Electrical - if this wasn't part of your initial contract with architect you will likely have to pay extra for this. It will take man hours to document existing condition and proposed changes if this was not part of the initial scope. 

@Scot Fang No need to over complicate this, this is a 2 unit residence. 

Energy Compliance and Electrical drawings are routinely done by an architect. Your plumber can sketch out the plumbing diagrams - or ask your architect about this - its not that complicated. 

Your architect will likely have an engineer they already work with that can do the HVAC drawings. Ask your architect. 

Electrical drawings will probably take the most time/effort to complete.

The other items are minor. 

Thanks @Zain B. I would have to check my records regarding the kitchen cabinets and get back to you.

The countertop is Quartz Master - Calacutta Rhino https://www.quartzmasters.com/portfolio-item/qm972...

We added in-unit washer dryers in both units. Stacking them in a closet is a great space saver. This was an expensive line item though and we debated on doing it. We needed to build out waterproofed concrete base with curb and drain for each and vented up to the roof. 

Overall I am taking it as a learning experience. I think we spent too much money in general because of the design choices I made in an attempt to do a really good job. Some items were worth it and other items, no one even notices and were not necessary.

The washer/dryer installation was expensive but got the best positive response when showing to tenants and i think will be a good selling point if we ever decide to sell...

Thanks @Mark D. !

Yes, its nice to see other architects on here. We need to be using our skills to make some money for ourselves and not just everyone else!

My contractor was great but I've been working with contractors for 15+ years and never had an experience where the contractor didn't make mistakes on a daily basis. Even if the GC is good, his employees are often inexperienced, rushing or wanting to do it the easy way instead of the right way. If you don't know how it should be done, how do you make sure your contractor is doing everything right? I'm talking about everything from flashing a new window installation correctly to prevent future water damage to making sure all finish work is properly aligned and looking clean. 

Please see my answer above regarding financing the deal. Another option we looked into was the Home Possible Loan  http://www.freddiemac.com/homepossible/

Its only available for properties in the designated areas but you can qualify with 3% down and lower MI payments. It looks like a much better deal than FHA. There is an income cap to qualify however, so we were not able to do it.

Thanks @Joseph M.

Unfortunately we were not able to get an FHA loan since at the time of purchase the estimated rental income of the property did not meet the 75% rule - 75% of rental income must cover the entire mortgage including MI. This is because MI was quite high due to the high price point (around $600/mo if i remember correctly), estimated rental income was very low because house was vacant (no rental history to rely on), missing appliances and generally not in a rentable state. The house would more than qualify now after the renovation.

There were other avenues we could have tried, but since sellers were difficult (it was an estate sale with multiple heirs that did not get along), we decided to keep it simple and do a conventional loan with 20% down and just get to closing table asap.

@Benjamin Haberman I am an architect. For my day job I design large scale multifamily (100-1000 units, highrises 35-55 stories) buildings in Manhattan, Brooklyn, Queens & the Bronx. Both condos and rentals. So drawings and construction management I handled myself. 

I used Life Art Cabinets, they are good quality RTA, purchase through a kitchen designer. I debated buying them online since I didn't really need a kitchen designer but the prices were comparable and it was nice having another person on site making sure install was going correctly since I have a full-time job.  He did a great job, let me know if you would like his contact info. 

thanks for the feedback @Ryan Struthwolf and @Jeremiah Harrington

Thanks @Sean Wang!

We weren't sure that we were going to close on the property until the day of closing (it was an estate sale with multiple heirs that didn't get along...) so we were not as prepared as I would have liked to be to hit the ground running. Anyways, this is how the timing played out:

2 weeks to prepare drawings and find contractor

5 weeks to get building permit once drawings submitted to building dept

8 weeks for 95% of renovation & passing inspection (the last 5% of reno continued even after tenants moved in).

15 weeks total. 

We advertised rental during renovation and were able to have tenants move in immediately after completion.

I can definitely see ways we could shorten the time in future projects. 

Some things that took extra long included chipping out tile throughout and preparing subfloor for new hardwood floors. The tile did not want to come out! 

Thanks @Mike Hanneman !

The numbers are not great but good enough to be able to do it again. 

This is an A class neighborhood 10 minute bus ride to NYC. 

purchase price = 800k

reno cost = 100k 

recent appraisal = 1.05M