Author Topic: When to replace a roof on an income property?  (Read 1444 times)

Jon Bon

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When to replace a roof on an income property?
« on: September 06, 2018, 10:47:16 AM »
I feel like I am constantly chasing leaks on my rental properties. $200 here, $500 there.

When do you guys just give up and replace the roof?

I think the most expensive repair I have had was around $800 bucks and I probably spend < $500-$1000 a year on keeping these roofs water tight. I would say they have about 1/3 of their useful life left. They all look fine from the ground, and look good enough when you get up there to look at them. I would say a new roof would cost me in the neighborhood of $6000.

What say you internet hive mind?





JLee

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Re: When to replace a roof on an income property?
« Reply #1 on: September 06, 2018, 10:48:41 AM »
$6k is cheap. I paid nearly $10k for a roof in Phoenix this year.

If you're averaging $750/year on roof repairs, you'd have a whole new roof paid for in 8 years. Might as well fix it properly and get it over with.

waltworks

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Re: When to replace a roof on an income property?
« Reply #2 on: September 06, 2018, 10:49:20 AM »
Fix it now. What happens when you don't find a leak fast enough and it does major damage to some other part of the house?

-W

Jon Bon

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Re: When to replace a roof on an income property?
« Reply #3 on: September 06, 2018, 10:54:10 AM »
Fix it now. What happens when you don't find a leak fast enough and it does major damage to some other part of the house?

-W

Insurance?

I mean I keep a pretty good eye on these. I notice a few missing shingles driving past one and climbed up there and nailed a few back on.

I think they used cheap ass materials (3 tab etc) so the roofs are still in their useful life but they just dont hold up to wind sheer or tree branches like a decent quality roof would.

$750 might be over stating it a bit, but I do often fix easy to access leaks myself. So if I did pay someone to do all of this I would probably be looking at $1000 a year.




Jon Bon

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Re: When to replace a roof on an income property?
« Reply #4 on: September 06, 2018, 10:55:42 AM »
$6k is cheap. I paid nearly $10k for a roof in Phoenix this year.

If you're averaging $750/year on roof repairs, you'd have a whole new roof paid for in 8 years. Might as well fix it properly and get it over with.

This is a good point, plus I would sleep better at night knowing my house is weatherproof for a long time. I could be wrong on price, but I do have a good roofer I trust.

Granted it would be like 13 years with time value of money and all.

waltworks

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Re: When to replace a roof on an income property?
« Reply #5 on: September 06, 2018, 11:52:50 AM »
Insurance?

Sure, but insurance claims are by no means a free lunch. You will likely see a significant rate increase down the line if you make a big claim or two for damage from a roof leak.

-W

Jon Bon

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Re: When to replace a roof on an income property?
« Reply #6 on: September 06, 2018, 12:02:52 PM »
yeah I hear you.

Just looked it up, roof is 8 freaking years old! I bought the house 4 years ago and have had 3 repairs on it professionally, and done 2 myself.

Also fun fact, no tar paper underneath, but it does have brand new sheeting. What the hell people?! So whats the threshold on the next repair? I am thinking a $800-1000 repair would probably push me over the edge.




waltworks

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Re: When to replace a roof on an income property?
« Reply #7 on: September 06, 2018, 12:05:30 PM »
Wow, that sucks. And it means you should pull the trigger on a new proper roof ASAP.

We have a 10 year old roof that I think will only last another 5-10 years because it was a crap job. But I knew that going in, at least.

-W

therethere

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Re: When to replace a roof on an income property?
« Reply #8 on: September 06, 2018, 12:11:49 PM »
Just get it replaced. Soon your tenants will be annoyed that it keeps leaking and requiring repairs. They may not call leaks in because it's a known ongoing issue you aren't completely fixing. I can say from experience.

AccidentalMiser

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Re: When to replace a roof on an income property?
« Reply #9 on: September 06, 2018, 03:13:32 PM »
Get it replaced.  It's defective and has been since installation.  Get metal.  A leaking roof is the quickest route to severe structural damage, mold issues and a whole host of problems which will make the 6 to 10k you will spend on a new roof look like pocket change.


ilsy

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Re: When to replace a roof on an income property?
« Reply #10 on: September 10, 2018, 03:47:37 PM »
I replace roof before I even place a property in service, that's usually my number one repair after the purchase. Gives me time to see if there is any problem after the roof installation and before I have tenants and can easily get the company there to fix the issue, since I'm there all the time and watch for things go wrong anyways. I hate fixing newly installed drywall, so the new roof is done before the finishing touches.

theoverlook

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Re: When to replace a roof on an income property?
« Reply #11 on: September 11, 2018, 07:56:56 AM »
Nothing is more important to a structure's life span than a leak free roof and good clean gutters. Water is an insidious element that will destroy a house if it's not kept away! Do it now.

tralfamadorian

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Re: When to replace a roof on an income property?
« Reply #12 on: September 11, 2018, 04:28:08 PM »
Just get it replaced. Soon your tenants will be annoyed that it keeps leaking and requiring repairs. They may not call leaks in because it's a known ongoing issue you aren't completely fixing. I can say from experience.

+1

It sucks that the roof was not installed properly to begin with but it's a sunk cost.

dragoncar

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Re: When to replace a roof on an income property?
« Reply #13 on: September 11, 2018, 11:37:55 PM »
preferably before the first leak and definitely after the first one

brian.ellwood

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Re: When to replace a roof on an income property?
« Reply #14 on: September 13, 2018, 11:03:40 AM »
whoa, what market and how big of a house? I can get a new roof in Tennessee for $3,500.

It sounds like you're spending too much to keep it from leaking. Wondering about the handywork that installed it in the first place?

Either way, sounds like replacement time.

ilsy

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Re: When to replace a roof on an income property?
« Reply #15 on: September 14, 2018, 12:11:55 AM »
whoa, what market and how big of a house? I can get a new roof in Tennessee for $3,500.

Whoa, how big is the house with new roof for $3.5k. Only if I buy shingles and nails and everything myself and find guys on CL to install, it might be $3.5k for new roof install (including old roof disposal). Plus, I don't think, as an owner, I can pull a permit for roof replacement. And, no warranty, or piece of mind that it won't leak 2 years down the road.

JLee

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Re: When to replace a roof on an income property?
« Reply #16 on: September 14, 2018, 09:47:49 AM »
whoa, what market and how big of a house? I can get a new roof in Tennessee for $3,500.

Whoa, how big is the house with new roof for $3.5k. Only if I buy shingles and nails and everything myself and find guys on CL to install, it might be $3.5k for new roof install (including old roof disposal). Plus, I don't think, as an owner, I can pull a permit for roof replacement. And, no warranty, or piece of mind that it won't leak 2 years down the road.

That seems really cheap.  I had a roof replaced in Phoenix (tear off / re-roof), 1825 sq ft house plus a back porch, and my quotes ranged from ~$9k to ~$12k.

brian.ellwood

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Re: When to replace a roof on an income property?
« Reply #17 on: September 14, 2018, 12:51:55 PM »
This would be a 3 bedroom house, around 1,200 square feet.

I think part of it has to do with overall prices. I'm sure houses in Phoenix are more expensive than what i'm buying.

I generally buy a house for 70K or less. A 50K house that rents for $900/month. So everything is cheaper in these areas, but rental income is still strong and predictable.

Can you get cashflow from properties in Phoenix?

JLee

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Re: When to replace a roof on an income property?
« Reply #18 on: September 14, 2018, 01:23:48 PM »
This would be a 3 bedroom house, around 1,200 square feet.

I think part of it has to do with overall prices. I'm sure houses in Phoenix are more expensive than what i'm buying.

I generally buy a house for 70K or less. A 50K house that rents for $900/month. So everything is cheaper in these areas, but rental income is still strong and predictable.

Can you get cashflow from properties in Phoenix?

I'm sure it's possible, but nowhere near $900 out of $50k.  I was getting $1120/mo from a house I paid $140k for in 2013, but I just sold it for $250k and rents haven't really gone up much.

ilsy

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Re: When to replace a roof on an income property?
« Reply #19 on: September 16, 2018, 10:02:31 AM »
This would be a 3 bedroom house, around 1,200 square feet.

I think part of it has to do with overall prices. I'm sure houses in Phoenix are more expensive than what i'm buying.

I generally buy a house for 70K or less. A 50K house that rents for $900/month. So everything is cheaper in these areas, but rental income is still strong and predictable.

Can you get cashflow from properties in Phoenix?

No, I don't think it's the price. You don't have real winters, so you don't need water and ice sheild barrier installed and inspected by the city. You can just slap on a metal roof and call it good. I bought a house for $17k, it was a total gut job, all the work that didn't require a permit from a professional, I did myself (total after repair $57k, but everything's brand new), rents for $850 (2bd, 1 bath). Roof quotes were from 8k to 12k including the gutters.

frugalone

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Re: When to replace a roof on an income property?
« Reply #20 on: October 04, 2018, 01:41:41 PM »
Fix it now. What happens when you don't find a leak fast enough and it does major damage to some other part of the house?

-W

Insurance?

I mean I keep a pretty good eye on these. I notice a few missing shingles driving past one and climbed up there and nailed a few back on.

I think they used cheap ass materials (3 tab etc) so the roofs are still in their useful life but they just dont hold up to wind sheer or tree branches like a decent quality roof would.

$750 might be over stating it a bit, but I do often fix easy to access leaks myself. So if I did pay someone to do all of this I would probably be looking at $1000 a year.

Three tab shingles aren't even offered where I live.  They were popular 20 years ago but the dimensionals are so much thicker.