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Contractor payment question
Posted on 11/14/16 at 10:27 am
Posted on 11/14/16 at 10:27 am
I have a home in Sherwood that flooded. I had no insurance and little FEMA assistance. I have a contractor that wants to do the job. He checks out with good reputation. He would prefer that I pay all of the M/L direct and that he get a flat fee upon completion. There is about 55K in repairs.
What is a reasonable amount to pay him? He would oversee everything as I travel and will not be able to be there much.
TIA
What is a reasonable amount to pay him? He would oversee everything as I travel and will not be able to be there much.
TIA
10
Posted on 11/14/16 at 10:29 am to foj1981
Hire an estimator of your own and explain you already have a contractor in mind but you'd like a fair and accurate assessment. You won't get sound advice here about what you should pay unless someone here is a contractor that has seen your home personally.
Ask the contractor for his estimate and the line items on it to see where he is getting that number and find place you can negotiate with him on it.
If you have a portfolio of comprehensive images of the damage and non visible repairs necessary and would like to email them to me I can ask my brother in law for his ball park estimate. He is a VP for KBR and was a superintendent and project manager for 15 years so he has a fair amount of insight.
Ask the contractor for his estimate and the line items on it to see where he is getting that number and find place you can negotiate with him on it.
If you have a portfolio of comprehensive images of the damage and non visible repairs necessary and would like to email them to me I can ask my brother in law for his ball park estimate. He is a VP for KBR and was a superintendent and project manager for 15 years so he has a fair amount of insight.
This post was edited on 11/14/16 at 10:34 am
Posted on 11/14/16 at 10:58 am to foj1981
I mean this in a serious way and not as a typical OT bullshite response.
It is worth a significant amount if you can trust the guy. Especially if you travel and won't be there. I have been vetting contractors for over a year for a major reno job and I have yet to find one I would give the keys to my house. Half of them can't make the first appointment on time much less be responsible enough to do the job.
It is worth a significant amount if you can trust the guy. Especially if you travel and won't be there. I have been vetting contractors for over a year for a major reno job and I have yet to find one I would give the keys to my house. Half of them can't make the first appointment on time much less be responsible enough to do the job.
Posted on 11/14/16 at 11:09 am to foj1981
~15% for cost plus, assuming he is a trustworthy contractor and can get the gob done on time and on budget. Get fixed cost estimates from him up-front on everything, and stay on top of it when the bills start to come in. Check to make sure the bills and the estimates are the same, unless YOU approved any change orders.
Posted on 11/14/16 at 11:11 am to foj1981
12-15% in my opinion. Probably closer to 15% given $55,000 isn't a lot of money. Not a contractor. All I know is we paid our home builder 11%.
Posted on 11/14/16 at 11:15 am to shiphascomein
quote:
~15% for cost plus,
I'm not in BR but that seems low to me, I'd expect 20-30%. I'm having about a $30k project done and that is what I've gotten bids and a friend/ neighbor of mine that is a GC said that's what he'd charge. Especially with the flooding and them all being busy. From what I've seen 15% is more in line with new builds when you are talking $200k+ projects.
Posted on 11/14/16 at 7:50 pm to baldona
What say you night crew?
Posted on 11/14/16 at 7:59 pm to foj1981
I understand 25% plus in my neck of the woods
Posted on 11/14/16 at 8:06 pm to baldona
In prairieville it was 11-13% I was seeing for 300k projects. After second thought I would agree that a good person would earn a higher than 15% markup.
Posted on 11/14/16 at 10:24 pm to foj1981
I think 15% is more in line with new construction or large remodels, that's only $7500 on a $50k job so he would have to have others going and then you aren't getting his full attention. It all depends upon how he runs a job as to whether that works for you, if he has a trusted worker for your job then it may be fine but if he calls the shots then it is bad. For this reason you can normally assume that as the job gets smaller the markup gets larger. If you agree to pay the agreed percentage on all invoices plus his payroll then you can best control costs and also change orders while in progress. As long as the guy is reputable he won't present you with any false bills, he makes his margin for overseeing it and you get a great job.
Posted on 11/15/16 at 12:49 am to foj1981
Tree Fiddy
Posted on 11/15/16 at 12:59 am to foj1981
15% and get insurance next time.
Posted on 11/15/16 at 5:41 am to foj1981
That's a question that can't be answered based on your info.
Have you asked him for a labor only price? Does he have a license and GL/WC insurance? If you are unsure of the price, get another quote.
Have you asked him for a labor only price? Does he have a license and GL/WC insurance? If you are unsure of the price, get another quote.
Posted on 11/15/16 at 5:57 am to elprez00
quote:
That's a question that can't be answered based on your info. Have you asked him for a labor only price? Does he have a license and GL/WC insurance? If you are unsure of the price, get another quote.
I agree with this. OP, have you had other quotes?
Posted on 11/15/16 at 6:31 am to foj1981
FWIW I was talking to a co-worker in the office this morning who's getting bids like yours. He was kind of just bitching about the process but did say that the guy he likes earns 20% but he didn't know if that was high or not. But like your case he was talking about the guy seeming very legit and trustworthy. Similar scope size. 65k.
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