Thanks to Tom for being on the show – and for everyone who listened!
Some of the highlights:
tj and the bear asked about ballpark costs, and Tom broke his general remodeling expenses per room.
He does the work himself on these rooms:
Kitchens – $10,000 to $12,000
Bathrooms – $2,500
Engineered hardwood floors – $4,000
Work done by contractors:
New 200 amp eletrical service – $5,000
New plumbing – $5,000
Roof – $4,500 to $6,000 (comp shingle)
Jeeman called in and described his struggle to get a reasonable quote for an overall remodel, and we agreed that it is good to get plans done first, then have general contractors gives quotes so you can compare apples for apples.
Tom mentioned several TV shows who have approached him looking to document his ‘team’, and fabricate some drama. Tom is willing to tell it like it is, but no takers for that package so far.
Tom also said that he sees plenty of deals on the MLS, though it is hotly competitive. He is a believer in cruising the neighborhoods looking for possibilities, and that the South Park project was a result of such an effort. He had to drive to Lakeside a few times to track down the owner, but finally prevailed.
The South Park project requires a two-car garage per the city, so the remaining buildable lot only allowed for a 1,350sf house. Tom changed to a two-story, 2,000sf plan instead, and hopes for a completion date in Fall, 2012.
The Bay Park remodel hasn’t hit any snags, and is a lighter project because no square footage is being added. We talked about Bay Park being an up-and-comer neighborhood, and that there could be pockets of appreciation in certain areas like it.