Can you offer some advice on how to negotiate with this contractor ?
Hi Folks,
We have recently purchased a rental property and are eager to get a contractor in there to renovate and make the house rent ready.
It's a lower end 1960s home that will generate under $1,000 monthly rent . I have just had a contractor bid at $6,500- 7,000. He's a young fellow and he has very good quality of work. I would like to contract him , however I think he has quoted me a price that may be too high. We are just starting out and money is very tight . How should I go about this ?
I've included below what he sent us in explaining his bid .
Painting:
Sand rough trim to smooth acceptable condition , caulk any areas needing it.
-Walls 2 coats of sheen of your choice
-Trim 2 coats of Oil Base Enamel SemiGloss
$1,750 labor only
$2,300 material provided (Sherwin Williams) and touch up paint left for your property
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Repairs:
Material cost estimate $60-100
(Labor Only)
Plumbing repairs and tie in - $400
Minor Carpentry - $100
Wire bathroom switch - $50
Repair broken window - $50
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Floor Repair/Level/Floor Installation:
Labor for subfloor, caulking cracks in foundation, laying moisture barrier, and installing underlayment and laminate
$2,400
Remove existing flooring and subfloor and rafters.
Lay moisture barrier and seal house of leaking cracks
Install and level new rafters 2x10 pressure treated, and install 3/4" subfloor.
Lay laminate underlayment and install laminate to match surround floor height.
Install Baseboards, quarter round moulding, and floor to floor transition moulding.
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Floor materials estimate
$1,200-1,400
Concrete sealer 100
Underlayment. 60
Laminate. 270
Shoe moulding. 50
Caulk. 60
Nails. 50
Screws. 60
Rafter 2x10x16 PT. 350
OSB subfloor 3/4" 200
Moisture Barrier. 55
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Total project estimate $6500-7000