Spokane Apartments: Contractor Bids

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:

  1. 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.
  2. Floor Board Heaters.  Surprisingly cheaper than doors! $1,440 for all 36 units.
  3. Vinyl Blinds.  If we are doing this thing, we might as well do it right.  Replace them and put new ones in.
  4. 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.
  5. 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!

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