contractors

I think the 30.oo per hour is nuts considering most contractor will do free estimates in hopes of gaining the business. I would contact some more contractors and let them know you are investor and would like to use their services (if they check out ok) and explain to them that you may need them to give estimates on quite a few properties but in a timely fashion because you have time restrictions. Be blunt, lay it on the line and if they are interested in getting you business they will work with you in effect becoming and integral part of your team.

I have 9 brothers and 6 are contractors and I have never seem them charge for an estimate.

Hi,

Thank you for your input...You are in a lucky position with all those brothers girl! I am investing out of town and it can prove challenging to say the least! Thanks again.

Best,
Angie

none of my brothers live near me except or one and he is a special agent man...lol so I do this on my own. You know what you are looking for in a contractor so find him/her and women are great too

Thanks I will take your input and put it to use...I will start looking for someone who is a better fit for our team...

This is a pretty tough question actually. Here are my thoughts.

1) If you are buying right then you only need to be worried about the major systems: plumbing, electrical, HVAC, roof. And even if one of these needs to be replaced, there may still be room in the deal to handle it.

2) After a while, you will get a feel for what carpet, paint, other repairs cost so you can do a ballpark estimate when looking at a property.

3) Get to contract. It doesnt MATTER what it costs to fix if the seller isnt willing to deal. Always write up your contract subject to inspection. If something unexpected or too costly comes up then you are back to the negotiating table or you walk away.

That is how I handle it.

Hi,

Thanks for your response...I am investing from out of town and with REO's. My agent checks them out first and I run the area by my property management guy to see if the area is good. As for having the estimates done prior to the offer it is important since I have to rely on my team to let me know what is needed. I am focusing on duplexes and sometimes the meters and additonal furnace & water heaters are needed to make things go smoother. It is complicated but I was wondering if you have ever had a contractor say yes to working with an investor (knowing they would be going to several) then coming back a few weeks later and wanting to charge for their time...if we get the offer (all REO's I have put an offer on have been up against multiples)...then the guy is going to get the work. Thanks again!

Oh and these are for rental properties only not flippers

Best,
Angie

Think about it from the contractor's POV. He may be the best contractor is town.. doing work twice as good and twice as fast for 1/2 the price of anyone else.

So let's just assume that you know this and he knows that he actually would get all the work. (Because he MIGHT give you an estimate only to have you give the work to someone else.)

Currently, you do NOT have any work to give him because you do not own any property. He might run all over town for 3 weeks giving you estimates on 100 properties only to have the bank turn down ALL of your offers.

I have looked at it from his POV as well. I do understand what you are saying. I spoke to him upfront about him seeing several properties at a time and he was cool with it...the problem is he has only seen 1 a week (even though I have had 3 in the same area at one time for him to see) all w/i 5 minutes of were he lives...and the last deal my agent and I believe we would have gotten had our offer gone in only 2 days earlier...it took him 5 days to get to it and I put the offer in 30 minutes after I got the estimate...do you think he just may have gotten into something that he doesn't/want have the time to handle? All work would be going to him no other contractor has been considered up to this point...he was aware of this when I first spoke to him about what I was doing...

i am a contractor and i have always given free estimates but in this case i think that i would have to ask to be paid i would ask for $50.00 per estimate but i would give that back if i got the job also i can do "ballpark" estimates with pics and that has been working out for me if i am going to work on a lot of properties for one owner than i set up a base fee for items like we might use the same carpet and i might install it for say $25.00 per yard and i might use the same paint and can set a price for that by the sq foot

I really appreciate your point of view since you are a contractor...can I ask you what would be a reasonable time frame if you were being paid to actually see the house or multi unit and come back with an estimate? Also, do you think that asking to be charged per hour plus expenses, paid from the time I leave untile the time I return to my point of departure plus time researching prices is a little excessive? He said he would charge $30 an hour and that based on the estimates he has done so far he suspects about $75 each. My agent has been with him on all of them and most have taken between 1/2 hour and 1 hour tops and have been within 10 minutes of either his home or work (estimate during lunch)...the numbers just aren't adding up, what do you think? Thanks!

I hope you are including the carpet for $25 bucks a yard. At that price, you better be using good stuff...Top of line being around 35-40 installed.

i use mid-grade loop or Berber it holds up better and yes that is pad carpet labor and removal if you look at the total cost if you have good tenants you should get 3-5 years out of a mid-grade vs 1-3 years for low-grade but if it is a flipper than there is some less pricey builder grade that is in the middle 2-4 years the key with the low priced is good pad the thinner the carpet the thicker the pad i use 4lb under mid-grade and 6 lb under low or builder grade it makes the carpet feel better

What is reasonable for painting? Both inside rooms of house or duplex and outside for a full house or parts such as a garage door or something. Maybe trim? Just curious and since this is what you do I figured you are a great person to ask so I have baseline to compare it too. Thanks!

I was able to work out a flat rate with the contractor for both local and out of town rates. I also have a back up contacting company now for full inspections plus estimates for all work with photos for a set rate and they will also do ballpark figures for me if I just need that. Thanks for everyones help!

a 12'x 12' room with 8' ceilings 1 window 2 doors and standard 2'x 6' closet same color walls and ceiling (flat) different color on trim (semi-gloss)mid grade paint $275.00-$350.00 depending on prep needed same room with walls ceiling and trim all different $325.00-$400.00 exterior 2 color 1000 sf ranch with power washing prep $2500.00-$4500.00exteror 2 color 2000 sf colonial with prep and power wash  $4800.00-$6000.00
the prep is where the cost is it is mostly labor a good painter should
power wash the house
sand (as needed)
caulk and fill cracks holes
repair damaged wood ( this is an extra)
prime and paint
clean windows and screens

Wow that was so helpful to me I will print it and keep in my records for the future. I am sure you helped a lot of people who have simular questions! Thanks again! Best, Angie