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Old 12-18-2012, 08:18 AM
 
Location: Philadelphia, PA
4,507 posts, read 4,045,228 times
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One idea we were thinking about is getting a low quality place in either south philly or west philly and having it renovated... In west philly I was given a rough estimate of $120k to convert a ~2000 sqft row home into 3 apartments and in south philly I was quoted $70-110k to just restore one ~1000 sqft place. These seem a little crazy? Also how can it cost nearly the same?
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Old 12-19-2012, 06:49 AM
 
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Its all dependent on the contractor, quality of work, and condition of both places. Could one have had more exterior work vs the other etc. There are many variables and without seeing the estimates/assumptions by the contractor it is really hard to answer your question. Were both quotes from the same contractor?
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Old 12-19-2012, 02:23 PM
 
Location: Philadelphia, PA
4,507 posts, read 4,045,228 times
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No they weren't from the same contractor. Hell, anything above 50k I might as well just go get a part time technical degree in construction and wait a couple years before I buy... The profits will be absurd and I can actually enjoy doing something in my free time.
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Old 12-19-2012, 06:07 PM
 
364 posts, read 732,881 times
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Quote:
Originally Posted by MikeNigh View Post
No they weren't from the same contractor. Hell, anything above 50k I might as well just go get a part time technical degree in construction and wait a couple years before I buy... The profits will be absurd and I can actually enjoy doing something in my free time.
Check out the outer edges of Templetown. You can buy a shell and install with the lowest-grade crap and still become a small-time slumlord for next to nothing.
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Old 12-20-2012, 08:41 AM
 
Location: Philadelphia, PA
4,507 posts, read 4,045,228 times
Reputation: 3086
Ya but the contractors charge so much even for the lowest grade stuff that you might as well buy the place already done. Actually there does appear the be Orleans Tech in NE Philly that offers a 13 months part time renovators program..

The main reason would be just to buy our own place in a good area cheap, then rebuild it to exactly what we want. Having a multi unit would let us cover the taxes... We don't need 2000+ sqft for ourselves. Last time we had just a 2 bedroom the second bedroom was empty and we never were in there the whole stay.

Plus I'd rather improve the area by adding another good home, particularly one with a nice interior etc.
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