On Thursday, I trucked over to Spokane, to meet with a group of contractors to generate the rehab bids. This was a brand new experience for me. I drew upon every bit of knowledge and skill I’ve acquired over the last 4 years. The Property Manager I met last time had decided to leave property, and we had to wait for keys and were unable to get into all of the units, so I did not accomplish what I needed to and will only be receiving estimated rehab costs instead of specific cost breakdowns.
One of the contractors was insistent about doing things the right way, which I agree with, but it’s adding steps to the process that I was not aware of, but which will expedite my movements forward. They want a “Good Faith Estimate” on the Asbestos potential. Apparently it’s a condition of OSHA and other workplace regulations for contractors. I also need a lead paint inspection.
What did I learn from the walk-thru? The first time I wasn’t paying enough attention to the things that needed to be replaced. There were a couple of items which did not make it on to my rehab spreadsheet that I’ve been shopping around:
- Doors! Internal apartments doors (3 per apartment) and Apartment Front Doors. That’s a big whoops! That’s 144 doors! $6,156 for internal doors and $2,484 for the front door of each apartment! Another $9k to the rehab projections.
- Floor Board Heaters. Surprisingly cheaper than doors! $1,440 for all 36 units.
- Vinyl Blinds. If we are doing this thing, we might as well do it right. Replace them and put new ones in.
- The plumbing in the kitchen is set for a wall mount. They are more expensive and harder to keep maintained, and a rather strange choice for a small efficiency kitchen. So that piping will need to be changed. Plumbing Costs, and drywall costs.
- Nipple Lamps. Might as well replace all the light fixtures while we are at it and put in standardized light fixtures through-out the the units $576 + Bathroom Fixtures $432 = $1,008.
One visit brought the cost of the rehab up another $11,500!