Repair costs - Posted by Greg W.(CT)

Posted by Redline on June 22, 1999 at 14:31:56:

These seem like fair estimates to me based on weather in the NE. Of course this will depend on the sq. of the house and ‘regular’ asphalt shingles.

Also, do you know if the roof needs to be torn down to the wood or can another layer be added? Usually after 2 layers these days you gotta tear down. Tear downs will cost a bit more - but your estimates still seem nice and conservative to me.

Just my opinion,

Repair costs - Posted by Greg W.(CT)

Posted by Greg W.(CT) on June 22, 1999 at 12:50:21:

I’m working on a deal for a two family bank foreclosure. It was listed for 49,900. I bid 42,000 the bank came back at 45,900. The bank will accept 44,900. Before I accept I wanted to feel better about my roof and siding estimate. This is my first rehab and the bank wants an answer by Wednesday. I’m not getting return calls from contractors and would like any help the board could offer. I estimated $5,ooo for the roof and $10,000 for the siding. I thought this was high, but I didn’t want to be caught short. The house should go for $92,000 after repairs. Thanks for any help.

Re: Repair costs - Posted by Dick Schmidt

Posted by Dick Schmidt on June 23, 1999 at 04:06:10:

Here in SoCal I can get a 1,000 ft roof done for about $1200 and we use stuco, not siding. However we don’t worry too much about ice dams and such. Still your numbers seem way high to me. It took me about 6 months of bids to find a couple of roofers who are “good enough” but cheap. I’d do a lot more shopping for both roof and siding. The deal looks great, you have almost $50K in head room and should make out OK. I aim for $10-15K profit in a deal and keep busy. You should have no problems getting that out of this house. Go for it.

Re: Repair costs - Posted by rick

Posted by rick on June 22, 1999 at 16:18:50:

Your bid seems high. I wouldn’t go above 70% retail minus repairs. Too risky…