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Request For ProposalsNow is the time to get accurate proposals for the scope of work and specifications you have determined as needed. When you know what you want done to the roof, as in repair or replace, and you know what sort of material you want used, it is time to send a request out to at least three contractors to get a price. When you have the price in hand, you can determine who will do the work, and even if you will do the work at all.Say there is a property which has a serviceable roof in place. It will go for another three years. Do you repair it or replace it? Well, if the cost to repair is more than you feel you can spend to make sure you get the profit from the flip that you want, then let a subsequent owner perform the work.You will need to make arrangements with the current owner to have a contractor look over the property. This will likely mean access. Most people selling their house do not want a bunch of people going through their house while they live there. So do not expect too much cooperation from current owners or tenants. That's the reason a vacant house might be a better candidate for a flip. But not always.Be advised that the estimated price you get from contractors for work you request will vary depending on the amount of work they have to do for others at that specific time. When I was a contractor, I always added more money to a proposal if I was very busy than if I have nothing to do. Think about it. If you knew that by providing a price you would not be able to watch your favorite television shows, not have dinner with your family, and do have to work week ends, wouldn't you want to charge more?So part of getting good contractor prices is to find that one contractor who needs the work, has a good reputation, and is available. Good luck. This selection process might be more like two out of three than three out of three. Worst case, one out of three.Make every effort to visit a job where the contractor is currently working. If a contractor is reluctant to tell you where they are working at that time, then cross them off the list of possibilities. They are attempting to hide something. It can not be good. Reputable contractors are proud of their work.Take the lowest bid at your own peril. The lowest price may be just right for the quality of work you expect. Then again, the price you can afford will be a determining factor. Many people would like to drive an Escalade. But many settle for Windstar. The price is the price. You fly with what you can afford.
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Prepared 2006-2010 David Ullian Larson |