Good Resource For Repair Costs???
I've been studying really diligently and getting excited about the whole process. I've been thinking about how I'm going to figure out repair costs because I'm pretty clueless in this area and see how critical this peice is!
I have a lot of freinds who are construction and trade workers). I think I'll ask them some questions. However I would like to know of any good resources for learning more in this area. Thank you for any advice, ME
Maryellen,
When I first started in REI I would have five different companies give me bids on the work that needed to be done. This allowed me to look at the differences of the contracts. I learned a lot about being able to tell certain things just by looking at a house, roof, gutters, ect.
Lori
[addsig]
If you want to learn about construction costs in your area and what is generally paid, here's the best way to obtain unbiased information.
Look in your phone under Insurance Adjusters. Identify a few independent adjusting firms. GAB is a good place to start. Ask for the name of Master Property Adjuster. You don't want a trainee.
Offer to take the guy out to lunch at his favorite eatery, tell him cost is not a factor. Tell him what you want to learn.
He can tell you what the insurance industry pays contractors on loss repair. Get from him such things as cost per sq ft for painting. What they pay electricians per outlet, how much they pay a flooring guy labor per ft or yard. Got the idea?
He can also tell what contractors he works with a lot of the time. They deal only with the goods who will perform at a reasonable price.
These guys also make great bird dogs. The thing a property loss adjuster does is run around all day, everyday, looking at damaged properties.
There is also software called ProBooks that Home Depot offers for free. If you go to the ProServices Desk in the front of your local HMD they should have it out on the counter. Its pretty cool and once you get the hang of it you can move through it quickly.
Hopes this helps some.
neutral
Wow, great advice! Thank you.
I just recently bought one share in an investment coop in my neighborhood. It's for profit but part of their plan is to buy houses on this certain street that needs an overhaul. They rehab it and then sell to owner occupied. I go to all the committee meetings. I just sit back and listen. I really learned a lot the other day because their in the process of getting bids from contractors for electical, heating etc....
Thank you for the great advice.
"where there is a will there's a way"
Being a contractor myself, you may find that having contractors look at the job may not be the way. You'll probably use the same ones once you know them, but once they realize they're not getting any work from you the pricing will not be accurate if they even show up. Now if you're giving them work that's another game. Some guys will give you a ballpark spec sheet to save wasting time. I'm sometimes mislead on pricing a job to their advantage. That's not fun. I say go with friend in the trades or a program as well.