How to Extend Your Building Roof Life with Dennis Ghormley - CREPN #218
Commercial Real Estate Pro Network
Release Date: 10/17/2019
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info_outlineHow to extend your building roof life is a value add topic for all real estate investors.
Building owners with composition shingle roofs, Dennis Ghormley with Roof Maxx explains how to extend your roof life and receive a 5 year transferable warranty.
History of Composition Roof Shingles
The history of composition roof shingles begins with the raw materials. The shingles are a petroleum based product. Originally, they were made from waste product of the oil refining process. Over time, oil processing has become more efficient and so has reduced the amount of waste byproducts. That’s good for the environment and the oil business profits, but not for the composition roof shingles.
The improvement in oil refining lessened the quality of composition shingle, so much that the roofing manufacturers had to start with raw crude oil in order to create a finished product that would last as long as prior products.
Unfortunately, the concentration of raw material used for roofing shingles is lessened when unable to start with the byproduct. Because the new roofing raw product started with a pure raw material instead of a waste product, the cost of the material and the end product naturally increased.
Cost of Capital Improvement
Capital improvements are just a part of owning property. The substantial cost of capital improvements requires property owners either inject additional capital into the property or reduce cash flow distributions to pay for the improvements.
How to Extend Your Building Roof Life
Roof Maxx is the manufacturer of the all natural, soy-based, environmentally safe product that is sprayed onto your composition roof. The product penetrates your old shingles and gives them improved flexibility and the ability to keep your building’s roof free from leaks.
Depending on the condition of the roof, age, pitch, etc, will depend on the potential outcome from a Roof Maxx treatment. Ideally, a property owner treats their composition roof in the first 5-7 years. The expected roof life of a composition roof can be extended from 5 to 15 years depending on when the roof is first treated and the number of subsequent treatments. The treatment comes with a 5 year transferable warranty.
Cost to Extend Building Roof Life
The cost to extend the building roof life when applying a treatment of Roof Maxx is significantly less than the cost of a new roof. Typical treatment cost between 10-15% of the cost of a new roof. The product is relatively new to the market, but has been very well received.
Roof Maxx will not save every roof, but for those that qualify, the 5 year transferable roof warranty will provide the buyer confidence that the roof will last at least 5 years from the date of application. The cost savings of a treatment versus a roof replacement can buy the property owner time to budget for a replacement, or to transact the sale of the property.
Environmental Benefits of Extending Roof Life
The environmental cost of re roofing is not small. By extending the roof life of your building, you are reducing the consumption of wood and petroleum products required to reroof a building. Additionally, you are eliminating the disposal waste that is added to landfills when you reroof. Annually, it is estimated that over 10 million tons of roof material is kept out of landfills by the usage of Roof Maxx.
BIGGEST RISK
Each week I ask my guest, “What is the Biggest Risk Real Estate Investors face?”
BIGGEST RISK: The longer a roof is on the structure, the more risk that that property owner has. If we can keep the roof on the property longer, and mitigate the risk of leaks and other issues that come from the failing roof and also the risk to the environment where we can keep the roof waste out of landfills.
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(503-766-3729) and (360) 207-4572