AMDMaddness
Platinum Member
- Sep 1, 2003
- 2,406
- 2
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Hardwood Floors and Carpet throughout - 3 Bedrooms - Living , Dining
Gut and Redo 2.5 Baths
Gut and Redo Kitchen
New Fence, New Deck
Replace All the windows
Landscaping
Replace Heating and Air Conditioning System
New Roof of course
estimate with labor and materials was around 45K
Originally posted by: drwoo123
All the work will be contracted out. Prior to purchase, I did a walkthrough with a trusted contractor. His estimate with labor and materials was around 45K. I am budgeting 60+/- as a safety net. The plan is to be in and out of the property in 90 days. Thanks for the habitat link, I will definitely check that out.
Originally posted by: MikeyIs4Dcats
cheap in cost usually IS cheap in quality.
And good luck at finding a contractor to warranty the work with materials that they didn't supply.If they're going to use your materials, they're going to have to charge you more on labor to make the job worth doing.
Originally posted by: DrPizza
Originally posted by: MikeyIs4Dcats
cheap in cost usually IS cheap in quality.
True. However, it's difficult to determine what "cheap" is, because so many products/manufacturers are ridiculously over-priced. Example: windows, siding. One of my friends just had Sears Home Siding give him an estimate. It was nearly 10k higher than what the local contractors were asking. I had a window company come in to give me an estimate - they wanted roughly $1000 per window installed. Of course, if I bought right then, I'd get 30% off, and they had a $100 trade-in for each of my windows that they'd be replacing. Oh, and they'd finance it right then and there, on the spot. This was 10 or 15 years ago. I can't imagine how much they want now. The local contractors had much better prices for equivalent, if not better quality windows. (Note: I've only hired a contractor twice in my life: once to replace an upper roof, too steep of a pitch for me, plus it was a hip roof with 2 dormers - not the easiest of do-it-yourself projects. Got a great deal (under $3k, about 15 years ago, for a complete tear down & redecking. LOTS of roofing wound up in the attic, which I cleaned up myself, no complaints. Roof turned out great, never leaked, zero problems.
Anyway, if you're looking to do this as extra income, I think (no offense meant) you're delusional. It might work if you're doing the labor yourself. But, if you're paying a contractor, and think you're going to make a profit after paying for all that material, the contractor, etc., I don't think you've quite thought it through. Think about it - if you could hire a contractor to do all the work, and turn around in 3 months and sell it for even a $20k profit, don't you think contractors would be doing this themselves?
Also, contractors don't pay what you pay. You pay $100 for something - they can get it for $90 (or less?) (Some of the contractors on here might be willing to tell you how much of a discount they get.) Of course, they may charge you $100 for that item - it's part of the profit they build in to the jobs they do. If they're going to use your materials, they're going to have to charge you more on labor to make the job worth doing.
Originally posted by: MikeyIs4Dcats
actually for most general goods, contractors don't receive a very big, if any discount. In fact Lowes doesn't discount any and HD just recently started, but only if you use their credit lines, and from my recollection it wasn't enough to warrant the hassle. Sepcilaty contractors do usually save a decent amount on things such as paint from paint stores and flooring, but for the most part lumber and such is the same. Now thats not to say that from the local lumberyard I can't get quotes on a larger project and save a little, but if we walk in off the street we likely are paying the same as you. We do get a good discount on concrete, mostly because usually a homeowner wants a partial load for his front step, and we're buying 10 truckloads.
In my experience, the general public thinks cheap means CHEAP. As in, hey, I want new windows, but I want the cheap. They think that you can get wood windows for what it would in fact cost you to get vinyl. I do commercial and it's even worse there sometimes...people think a lockset ought to cost $45 just like the one at their house, when in fact a commercial grade lockset may run you $100 and up.
Originally posted by: drwoo123
just an update at the end of the project.
we finished and turned and were able to sub out the work. It came out amazing, and people absolutely loved the place.
our total cost 42K.
profit after realtor fees, and closing 77K.
thanks for all the supporters.
Originally posted by: zoiks
Originally posted by: drwoo123
just an update at the end of the project.
we finished and turned and were able to sub out the work. It came out amazing, and people absolutely loved the place.
our total cost 42K.
profit after realtor fees, and closing 77K.
thanks for all the supporters.
Wow. You did well. Congrats.