Retired Builder/remodeler

CharlesD

Hello,
I think I finally have this forum up and running on my computer. I won't be posting much but do enjoy reading what others are doing.
I'm retired after being in construction for 40 years, 20 plus of which I was a remodeling/building contractor. We did the usual things like kitchens, bathrooms, add-ons, siding, windows, whole house remodels, concrete work
and painting when I had too. We also did convenient store fronts and canopies, plus some store finish outs. My son is still in the business.
Sometimes it is tempting to get back in the business. I honestly miss it at times. (Somebody whack some sense in my head with a hammer!)
Remodeling usually picks up when new starts slow down.
I wouldn't classify myself as a great businessman but I do have quiet a bit of knowledge that hasn't escaped out of my head yet and would be glad to share anything that would help anyone. I'm not up on price structures now.
Thanks,
Dave

Cole

Welcome, Dave!

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elvinstheman

Hi Dave. Please feel free to post. We could use your wisdom and seasoned insight.

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YourWayPainting

Welcome Dave.

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A good paint job isn't cheap. A cheap paint job isn't good.

JPhelps

Mr Henderson, yeah we probably are cousins or something haha. Asked papaw if he said he knew ya, says he does, his name is Wandell Phelps, married Sue Bell Lindsey, and her dad was Hayward, grew up and lived by Don Lindsey's grocery store on Hwy70 I think? Hehe, small world huh. Have a great day--JP

CharlesD

Yes, I know exactly who you are talking about. One of the Lindsey boys married my first cousin.
I don't know many people in Ky unless they are fairly close relatives. We moved away as kids. I still have aunts and uncles there who I visit semi-regularly. Seems like I go back home alot for funerals.
I guess it's ok with forum rules to post my email address. DaveHenderson644@aol.com. Send me an email sometimes.

JPhelps

I just wonder if its my uncle(2nd) Stan Lindsey, hey thanks for the address, mine is Kycarpenter1977@yahoo.com . Out of curiosity where do you live now?--JP

DoubleJ

Dave,

I could use your help. I posted the following on the Business portion of this website, but didn't get any answers, other than talk to my insurance agent, or get a business plan. I've talked to multiple insurance agents and I have a business plan. Maybe you can help.

John

Need Advice for New Residential Contractor in Florida
I'm just starting up a new residential contractor business. I contacted SBA and SCORE to get advice from folks who have been doing this for awhile. Neither were any help. I'm looking for general or residential contractors in Florida that can advise me on insurance and costing. I'm a one person operation and plan to sub out all work. I plan on building one to five homes per year.

Insurance: Reading the policies is clear as mud. Any help would be appreciated.

Florida only requires $300K liability and $50K property. Should I get more, or stick with these limits? If I go higher, I understand my subs will have to match the higher amount to keep me covered. If I get higher coverage, aren't I limiting myself with subs who have less who would bid on the job because of the higher insurance requirement?

Since liability insurance is based on labor payroll, what estimate percentage do you use for labor on a single home?

Should I get Occurance with Contractor's Special (5 yrs), Occurance with a Sunset Clause (2 yrs), or Claims Made (coverage only as long as you have it)? Since Florida only requires you to cover any warranties for one year, is there an advantage to having longer than a year coverage?

Reading the policy, it appears I'm only covered if someone other than a worker gets injured, or if construction related property is damaged. Does the liability cover defects that occur later? Since the property owner will have builder's risk, what really am I covering with my liability policy? I don't have construction equipment, so should I keep the property coverage as low as possible?

If I have a partner who's working the business side, do I need Worker's Comp?

Profits:

I'm reading on this website that markups of 20-30% are common. Then you add in overhead costs for things like your insurance costs, office, etc. Then you typically add 10 -25 % for profit. What do you typically use in each of these areas?

What would be an average percentage figure to use for a finders fee for someone who brings me a customer that actually builds a house with me?

Sorry for the long list of questions, but I'd appreciate any answers I can find to my questions. Thanks.